See also the wonderful second video :
Economy classroom with Robert Reich !
Uploaded by TYTInterviews on Jun 13, 2011
MSNBC host Cenk Uygur speaks with former Clinton Labor Secretary Robert Reich on President Obama needing to decide if the focus should be on spending cuts or job creation.
'Borderline Crazy' Jobs Plan - Robert Reich
Uploaded by AntiSchiff on Jun 15, 2011
Most Americans have been accepting a dilution of their share of national output for more than 30 years.
This is pretty simple. If the economy is growing per-capita, it means it's getting more efficient. Efficiency means that there is more output for every input. Hence, Americans should be able to enjoy higher real wages and/or work less without undermining their overall standards of living.
Instead, primarily through automation, but also through losing jobs overseas and immigration, Americans are losing higher paying jobs and accepting lower wages and/or longer hours. This is offset somewhat by lower consumer prices(more recent supply-side inflation trends aside), but most of the gains from higher profits have gone to the owners of the capital and the companies that control it. That is, overwhelmingly, stocks and other financial assets representing ownership in productive output are owned by the wealthy, with a perhaps surprising portion owned by the top 1%.
So, like it or not, whatever you think of the morality of it, government redistributive policies are needed. Yes, we need more socialism.
I prefer income subsidies for working adults, along with subsidies for healthcare and childcare.
Robert Reich Explains Why We Need More Socialism, Generally
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