You mention scapegoats... And I am seeing antisemitism on the rise, Jews being blamed for all the world's ills, for all America's ills, for every real and perceived financial badness... You didn't list Jews among the scapegoats, but this ugly bit of history, dating back well over a thousand years, is rearing its ugly head, again, and it's getting angrier and more hateful with each passing day.
Why is it than when we the right talks about cutting federal jobs, the left always talks about teachers, cops, and firefighters, which are state, county, and local jobs?
I find him to be missing the point of shrinking government. It is not remove public works but to shrink the size of government on a federal level that deals with regulations. Many things the government places regulatory actions on become over regulated and many companies either go out of business or have to move overseas because they cannot function properly with all the enforcements
@triox64 Function properly with all the enforcements? I beg to differ. These companies function just fine with all the regulations. It's just harder for them to take advantage of the average person who does know any better. And regulation makes it harder for these companies to scam local, state, or goverment funding. Just think, if it wasn't for some of these crooked business there wouldn't be a need for so much regulation now would there? Overregulated...says who... .
@triox64 right so the "job creators" can make more money than they already have and then magically make more jobs and make life better for all of us. Give some real life examples where this was sustainable.
The most propserous time in this country from the 1950s to the 1970s, happend when the tax rate on the top 5 percent of income earners was 70 to 90%. It's not a "socialist lie" it is fact.
@triox64 Many companies go overseas because they can achieve better scams there. That's the result of a shareholder's economy. #1 priority is maximizing profit. In a somewhat more workers-based economy the biggest priority would be to keep jobs for the workers. Which, by the way, does not mean the world becomes a socialist conservative's noghtmare. Companies would still have to be run in a sensible way or else the workers would still end up jobless.
@RiverwaIker i dont know he says your the liar and you pop up from under a rock and say he lies...maybe you would break down some details about this video if you were telling the truth
Heres a man who has seen the stats, felt from the top, the change in policies and the effect on equality throughout the nation. Common sense would grasp that taxing say, 30,000 at 26%, vs the lowered taxing of 2-20-30 million + at 10-15%, is where 15-30% of debt or the decline of economy minimum, stems. All those tax dollars suddenly not circulating to roads schools, paychecks...Why so much rich while the number of poor increases? America IS taxes (communal), and bad tax codes drain us dry. duh.
Robet Reich is the biggest moron on TV nowadays. I don't want to work too and the government can feed me with other people's tax money, there is your American dream.
@ArgentThug Unemployment is pretty high . . . all those people who lost their jobs in the recession, they're not working because they're lazy? They don't need or deserve your help? You don't want to help feed their kids with your tax money, because you might have to work a little harder? So who's lazy now?
@GammonAndSpinach 1. I never said people lost their jobs because they are lazy, they would be if they want to share other people's wealth. 2. Enlighten me why they deserve my help? As an American, I have the freedom to choose to keep every penny I've earned and not to feed other people's kids, even if they are struggling. From an economic perspective, what's wrong with that? 3. The purpose of the government is to protect my freedom and my property rights, nothing less, nothing more.
Is the republican party bigger than WE THE PEOPLE? It they can tell you who is unelectable before people have a say they must be. IF YOU DON'T KNOW TO VOTE FOR RON PAUL PLEASE DO OUR CHILDREN A FAVOR AND DON'T VOTE.
I still don't see why anyone would disagree with Robert Reich on what's happening to the US economy or how it's destructive to democracy, yet there are a few who still do. I have to wonder if they aren't protecting themselves against allowing others to achieve economic opportunity and better equality. Perhaps it's the 1% revealing their identity.
I'm wondering why he isn't using a childish voice and swastika props before he starts crying, like Glenn Beck does. What's with all of this guy's facts and figures? Isn't he supposed to just make shit up, like the GOP? (Sorry Tea Baggers, if you've already "thumbs-upped" this - it's called sarcasm)
This is great! Now people, quit playing the game of they are going to win and get on the websites of the conservatives congress members and tell them.PASS THE JOBS BILL NOW! tAX THE WEALTHY NOW! Then get out and vote for the first President who has tackled the hard job of trying to move this country along and make a more even, prosperous economy. Someone has to stop the Koch Brothers cabal and President Obama can do it!
The golden age of America was before the Federal Reserve came into existence- pre 1915. Educations was 100 times better up to that point! IT WAS ALL PRIVATE!!! MORE TEACHERS, BETTER TEACHERS, BETTER EVERYTHING! Then the mega elite bought out politicians & forced Govt to take over education so they could dumb down the public w/ wrong history & terrible education. It's called crony monopolistic tyranny. Choking out education so masses remain as ignorant as possible!!
@QuantumBunk You wrote "The golden age of America was before the Federal Reserve came into existence- pre 1915. Educations was 100 times better up to that point! IT WAS ALL PRIVATE!!"
Totally different era. That was the height of the industrial age. Back then you could buy a house, a car and support a family of 5 with no more than a 3rd grade education. Try doing that today, not happening! 60% of all new jobs require post high school training. Not mention we're competing in a Global economy.
@luvitluvitbaby Look, you don't even know what you're talking about. I'm not going to debate someone who's a 3rd grade level of understanding of politics & U.S. History. Educated people regard your statement the way a college professor would regard a 4th graders wisdom. You have no idea what you're talking about. Sorry. Go back & study for another 10 years & come back. You have no idea what you're saying.
@QuantumBunk Wow what an astute retort lol! You are the one who sounds like a 3rd grader. I bet next you're gonna break out the "yo mamma jokes" because the only way you can debate is by hurling insults. I'm not saying college is the only answer. Trade school is definitely an option, but to believe that college done the right way is a scam is stupid. People fail because they don't research. They spend $50k on a bachelor's degree in Philosophy and wonder why they can't find work.
@luvitluvitbaby It's people like you who give democracy a bad name- idiots who simply use their right to free speech not because they're educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks.
@QuantumBunk You wrote "It's people like you who give democracy a bad name- idiots who simply use their right to free speech not because they're educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks."
What an articulate way to describe yourself. I didn't know you had it in you! LOL!!!!
@luvitluvitbaby I love that you pointed out everything that the other commenter was saying was more accurate about him than you so, after making a comment about free speech SOMEONE marked your retort as spam :)
This comment has received too many negative votesshow
This guy is so F.O.S.!! I wanna puke!! He's a moron & the people who believe this idiot are just as stupid, uneducated & ill-informed. Period!! I can't even listen to this moron. First if Govt is so great why is the best education all coming from private schools?!! Huh?!! Why do the smartest, best people go to private schools. Cause Govt sucks. Then he doesn't tell you that big Govt job sector in educaton is nothing but a fake paradigm veneer actually limiting quantity & quality of education!!!
No, it's actually because the wealthy and corporations aren't paying their fair share anymore, so the best and the brightest can't get a living wage at public schools. In addition the private schools have vastly more money to spend. Of course, private schools charge vastly more and can pick and choose from the highest scoring students with money.
The only problem here, Is the comments. Everyone is entitled to an opinion, but empowered amatuerism doesn't make you an economist. This video is not politics. this video is not fox news. This video is a cabinet level economist talking economics, not opinion, not politics. Economics. "Medicare is the most efficient health care system in the world." There is no argument to refute that.
Thank you Robert. The Tea Partiers, Birchers and Republicans can cry all they want but a new day is on the horizon. Thank You Occupy 900 hundred cities in a months time, your times up fools!
Is this guy serious? Ok he's right about lie 1, 3, and 6, but the rest?? This Keynesian fraud has gone on long enough. If the government can create jobs then let me know where the government gets the money to create those jobs? Oh wait it takes it from entrepreneurs that create jobs without all the administrative costs.
The problem with our economy is too much idle money. When money is spent it creates jobs whether that money is spent by individuals, businesses or the government. When it is idle it doesn't. Wealthy corporations and individuals have accumulated an enormous amount of money and they aren't spending it. The middle class is left with so little money that they can no longer afford to buy enough to keep the economy moving.
@TheLoveMonkey Hey LoveMonkey, idle money may be one problem, but a much smaller one. The main reason our economy is not growing any longer and will never grow again (it will actually depress considerably) is because we have reached peak oil. We have reached a point in oil production where the EROEI (energy returned on energy invested) has peaked and can only decline from here. People can kick and scream all they want, but we will have to become less affluent (considerably)....back to basics!!
@TheLoveMonkey Those wealthy corporations and individuals aren't doing anything because of uncertainty. Not knowing if the capital gains tax is going to change, and how employment costs will change because of health insurance changes is causing them to wait. Once congress makes up its mind, businesses will resume hiring and investing. That is what I have been hearing from the heads of the top 500 corporations for about 4 years.
@jaeLAX23 But they have been cutting nurses, teachers and firemen.
Rules and regulations are there to protect us. They make sure that our food is safe to eat and our homes and bridges won't collapse and that our planes won't fall from the sky.
If the money government collects in taxes is money that would not have otherwise been spent then the government is actually putting that money back into circulation where it can create jobs.
It is weird to hear Robert Reich state that it's a lie that smaller government equates to job growth, when the best job growth in the last two decades occurred when government spending went down as a share of GDP and it happened on HIS watch as Labor Secretary.
@davidmaren2000 haha davidmaren2000 you do not know much about economics it has been proven again and again that Tax breaks fro the rich does not create jobs. DEMAND creates long term permanant jobs not Tax cuts and deregulation.
haha robert reich you donot know much about economics it has been proven again and again that government spending does not create jobs. the private sector creates long term permanant jobs not government. stimulus never works and huge taxes never helps the economy. this man is fool ask me i am a canadian and our health care system is a mess long waiting lines going broke
@davidmaren2000 You don't know who Robert Reich is, do you? He knows a little about economics. And when was it "proven" that government spending doesn't create jobs? Show me your source.
@SlashGoddess yes of course i know who he is and is is accepted economic theory that government spending does not increase gdp in the long run look it up.
g4macdad says, "The wealthiest 25% of Americans own 87% of the nation's total wealth.
Shouldn't they be paying at least 87% of the taxes?"
Wealth and income are two different things, which is why your calculus makes no sense whatsoever, which is why you'll never hear Obama or Pelosi say something like that. Incidentally, we could confiscated ALL the wealth from the top 25%, you still wouldn't make a dent in a $14 trillion debt. And then what? How do you propose to create new wealth?
@icouce Assuming the figures on wikipedia are accurate, the total net wealth of the US was $54.2 trillion in 2009. For the wealthest 25%, then, 87% would be $47 trillion, significantly more than the national debt.
I'm not saying I think we should actually do that, just that we should all be careful about the factual assertions we make.
@g4macdad When they say cut government jobs they mean administrative jobs, not nurses, teachers, firemen, etc. Big adminstration always leads to lots of rules & regulations, which lead to decreased efficiency. Also government cannot create jobs without capital. Thus, they either need to take money away from someone or print money. Either way the individual has less purchasing power. Jobs are created when new industries are founded, which can only come from innovators trained in science/math.
g4macdad" Try and engage ideas instead of insulting people. It's just makes you look like a petulant child or a moron unable to think for himself. I'm not saying you are those things, I'm saying that's who you appear when you insult people with whom you disagree. I don't know if you've heard, but equally intelligent and educated people can disagree without calling each other names.
g4macdad" If the private sector is sitting on $2 trillion it won't invest, because of the uncertainty government has created, why would they move on a $450 billion "stimulus package"? It's illogical. Rule changes from all the healthcare and financial legislation are still coming down the road and have not been integrated into their business plans, because no one knows the details yet! That's government distorting the market and then blaming the market for not getting with the program.
"DECADES of failed policies the GOP has brought to us." I'm sorry, the New Deal, the Great Society, The War on Poverty, the federal Dept. of Education, in fact, that last 70 years have been dominated by socialist policies that are utter failures!-- and expensive ones. Even Nixon instituted wage and price controls at one point (with disastrous results).
They can't educate our children; they can't control borders; they're obvious incompetent money managers; they've increased poverty. Well done!
@g4macdad, Google "Romer and Romer 2010." It's an academic paper written by Christina Romer, Obama's ex-head of the Council of Economic Advisors. The paper is on the effect of taxes on the economy. It's an awfully inconvenient truth for the idiots who now say taxes don't affect entrepreneurs. Obviously, they have never written a business plan, or they'd know taxes form part of the cost structure of any firm and MUST be addressed in a business plan if you expect investors to take you seriously.
@g4macdad, Incidentally, Obama's 2012 budget, which he submitted last January, was voted down in the Senate 97-3! Neither party could stomach it, but he has never submitted a comprehensive, revised budget, only ad hoc changes which are recycled items from his failed 2012 budget!
Now , if you want to be a bully and attack me personally, that's your prerogative. However, if you have an pretension to having a brain, try addressing the issues instead.
@g4macdad, Incidentally, Obama's 2012 budget, which he submitted last January, was voted down in the Senate 97-3! Neither party could stomach it, but he has never submitted a comprehensive, revised budget, only ad hoc changes which are recycled items from his failed 2012 budget!
Now , if you want to be a bully and attack me personally, that's your prerogative. However, if you have an pretension to having a brain, try addressing the issues instead.
@g4macdad, Insulting people's intelligence is the rhetorical refuge of those with no ground to stand on or who are a) stumped b) a nitwit c) an asshole d) all of the above. It's called an "ad hominem attack." It's a logical fallacy. Something an educated person would know.
The "ridiculous propaganda" here is the absurd notion that government is going to create millions of jobs with a $450 billion package that was designed to fail, so Obama could use it as a beating stick for the campaign.
Complexity, knowledge, experience, cause and effect phenomena completely escapes the very superficial intelectual "abilities" of those that vote for the Tea-publicans. Read "the after shock" by Mr Reich to get a big picture of the DECADES of failed policies the GOP has brought to us.
Republicans suck.Reich is right on it.Trickle down obviously doesn't work,wealth disparity is at an all time high in my lifetime thanks to Reaganomics and the GOP continuing to push it.Republicans only care about wealthy people and to hell with everybody else.That's the way I see it anyway,it's what I feel in my heart.They're awful,greedy,selfish people.
Mr. Reich is the propagandist, not me. His statements are full of lies x medicare is the most efficient health care delivery system. The propaganda is that the rich don't pay enough; the propaganda is that government runs the economy and is responsible for creating jobs. The number I cite are from the IRS and CBO. If you don't like the facts, go argue with them.
Incidentally, according to the IRS, the top 10% of earners pay nearly 70% of all income taxes. The richest 1% pay 31% of their income to the federal government, while according to the CBO the average worker pays less than 14%. That doesn't seem too unfair, does it?
Note that rich people earn most of their income through capital gains and dividends, income which we don't want to punish, because we want to incentivize people to invest. Rich people's money doesn't just sit in Scrooge MacDuck's money bin, it goes to work.
My brother and sister-in-law gross around $300K per year. They live in Marin County, CA. If anyone is familiar with the area, they know these are not "fat cats". They are people who worked their asses off; who were prudent; who didn't have 20% to put down, so they didn't succumb to greed and buy a house they couldn't afford, because they thought they could flip it in a year or two. Punishing people who play by the rules and work their asses off; I'm sure THAT will get America moving again.
It is true that in the '60s marginal rates were 70%. However, Mr. Reich leaves out one extremely important fact, viz., it was 70% on incomes above $400K (IN 1965 DOLLARS!). The inflation adjustment, is a factor of 6.84. Therefore, the equivalent today would be $2,736,000, not households earning over $250K, not even $1M. Moreover, the stagnate decade of the '70s starts exactly because of the profligacy of the '60s; another salient fact Mr. Reich leaves out.
2000- The dot com boom comes to end near cripling the US economy.
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."- Progressive Economist Paul Krugman
Alan Greenspan takes that advice and blow up another bubble
2007- Housing bubble pops thus creating our current predicament.
1990s- Clinton and Republican congress raise marginal income tax to 39%. but cut capital gains taxes to 15%, The cut in capital gains encourages investment in NASDAQ in newly appeared dot coms.
20million jobs created. not because of government but because of Microsoft inc's "Windows 95" which made America's productive ability much easie. POS, Manganment. PCs where put on every desk in America making work easier and more efficient.
1980s- Reagan cuts taxes and spurs investment in PC market. To help PC market growth. Reagan begins to privatize arpanet technologies and the telephone lines that where all government owned. This paves the way to internet boom of the clinton years
@Salvysahagun no they just shipped those jobs overseas as our trade agreements are useless, they pay about 2% on tarifs to ship goods here, they put about a 20% tarif on our goods going there, thats why there are no jobs, we dont make anything anymore, that creates unemployment, the pc business can only create so many jobs, but theyve been shipped to chins, korea, its time to raise taxes on the rich, get rid of tax loop holes & subsidies....
@Salvysahagun well its not that simple, poeple have to do the manual labor that a pc cant, & there arent that many who make computers in this country, a computer doesnt make the products people do, we just dont make anything anymore, u cant run an economy on pc's, u need goods & services.................
PC's have made every bodies life easier. Before the 90s employeers would often have to give workers not just Spring break off but the entire month of April because filing 1040s was a hassle. Thier is a reason spring break is at the end of april.
Office work is able to be done much more effienlty. We can now do find a document in less than half a second that in th 70s would take 20 minutes.
1920s- Depression of 1920 (1st year of this depression was worse than the first year of the great depression) Warren Harding addes several more Brackets IRS and even widens them. Then downsizes government activity in the economy. Fastest Economic recovery ever...
1930s- Herbert Hoover imposes the largest peace time tax increase ever. 23% to 63%. Forced Migration of 100,000 mexicans back. Increases spending three fold. Every other nation revocerd in 1932 america didn't recover until after ww2.
Carter was a one term president because Reagan committed treason by cutting a deal with Iranian militants to keep American hostages until after the election in exchange for Tow missiles. The right wing then used the issue to torpedo Carter. He was one of the best presidents in terms of ideas we've ever had. Both Bush's (who also committed treason) and Reagan were intellectual midgets beside him.
Yeah this is true for government, make government smaller and u will shrink jobs, but if you privatize those same jobs to the private sector your gonna create 3 times fold the jobs.
Lets start with an easy one. Go to the SEC and look up the definition of a Ponzi scheme. You won't find a time limit, like if you make it past 26 years, it isn't a ponzi scheme. If Maddoff kept going for 30 years, would that have been legal then?
Capitalism is Ponzi scheme and that's why we have Bankruptcy, if George W. Bush would have let the Banks and Wall Street go Bankrupt instead of his lame-duck "bail-out" we would be in better shape today. Our founding fathers and past Congress's going thru Civil War, Depressions, and War, passed laws that provided for Bankruptcy. Let the Rich go Bankrupt like most of the middle and lower classes in the U.S. -- That is what redistributes wealth without the battles we have seen between the classes
There are some common threads among the leading GOP candidates: Bust Unions, Privatize Medicare, Maintain tax loopholes that offer incentives to move jobs offshore, End tariffs on imports that are being dumped on our markets.. in the name of "free trade". Allow bankers to remain unregulated. Oppose infrastructure projects that employ middle class workers, Further reduce taxes on billionaires. End tax breaks for the working poor.
20 people are inbred retards that subscribe to the Cato and Mises "institutes".
Ron Paul exposed his John Birch Society leanings quite clearly recently, and ANY hope that these Koch Industries front groups had in 2012 was utterly RUINED.
TEA-PARTY HAS NOW BECAME THE NATIONAL WHITE SUPREMIST MOVEMENT, PROMISING DISCRIMINATION AGAINST THE MAJORITY MINORITY, PROMISE TO DOWN-GRADE THE ECONOMY FURTHER WITH HOLDING IT HOSTAGE, KILLING SENIORS, DISABLED PEOPLE AND POOR PEOPLE.
AMERIKKKA, THE FASCIST KKK, RIGHT-WING, RADICAL CHRISTIAN ZEALOT COUNTRY.
The top 2% now have complete control of over 50% of Americas wealth, the highest amount in US history and it's growing
With the GOP and current Bush failed economic policies we will soon become a 3rd world nation. Many Americans are now already living in tents with their children
The President has been OBSTRUCTED by the GOP house and lack of 60 votes in the Senate, to pass even ONE change in over two years of Bush's failed economic policies. There has been NO CHANGE due to the GOP obstruction
UpTakeVideo has another version of this same video, but with 1 minute 18 seconds devoted to criticizing President Obama and the stimulus plan failures, etc. Look it up
@MidNiteR32 they are sitting on a huge amount of money that should be invested into their business instead of holding it out, or paying it in stock dividends.
@MidNiteR32 Yes they do, and should, but not at the expense of everyone else's fruits. Why does a millionaire need so many tax cuts while someone who makes $30,000 a year and trying to raise two kids have to pay more to pick up the millionaire's slack? America gave the millionaire the chance to make millions, it's time for them to give back to America. And most of them WANT to. Warren Buffet has said repeatedly that he didn't ask for the tax breaks, doesn't need them & wants to help out.
@MidNiteR32 Funny. I am no where near the top 1% but I was pretty sure that 60 hours I put in working 2 different jobs counted as work
In fact, it seemed that without the guys at the bottom (who the right calls parasites0 there would not be enough people working low wage jobs without benefits or buying stuff for the rich to stay rich
The rich have profited from our country & the work of those not as lucky as they
Asking they give back is not stealing. It's payment for services rendered.
It's called stealing, it's not your wealth. It's theirs, they worked for it. You may not like it, but it's the truth. Reich is that kinda person (if you want to call him that) who loves to get people fighting with each other, you don't think Reich himself is a "rich" person? He surely make more than 95% of the country makes in a year. He's not calling tax hikes on the rich, he's calling tax hikes on the middle class. I bet his definition of rich is someone making $90-150k a year.
@MidNiteR32 Without MY work, they dont' have any wealth.
Without my taxes to pay for subsidies and infrastructure, the rich dont' have any wealth
Without me buying things, the rich don't have any wealth.
You need a dictionary. Expecting someone to help[ maintain a society they benefit from is nto stealing. No matter how much you proclaim it's "the truth" (more like truthyness)
& you clearly didnt' bother to listen to what Reich said. Which is a whole other conversation.
You contradict yourself. How did you get your money? Surely it doesn't grow on trees...Oh yeah, those "rich" (aka business owners) people who employed you, who give you health care etc, are the ones who are paying you. Again, you don't understand economics.
Taxing people's income by over 90%, is what Reich wants -- IS STEALING. Period, it's immoral for you to take 90% of people's wealth simply because they have wealth and you don't. It's classic class warfare, which Reich wants.
@MidNiteR32 I didnt' contradict myself. You just ignored the parts of my post that didnt' fit what you wanted to beleive
How did I get the money? Simple, people bought stuff. People who were overwhelmingly NOT rich
This is how the rich got wealthy, those not wealthy bought stuff from them
Something I understood when I became self employed. IF I waited around for some rich guy to give me money, it would never happen. The rich werent' where I was going to get my sales to make my business work
No you need to go learn or get an econ. book because you fail to understand when you give someone your money for a service or product, that's an exchange. Your mind is that money is still yours even after the exchange. I would love for you to claim property that you've given or sold, back from those people without being arrested.
They didn't steal anything from you, you want to steal from them; money that they've earned simply because you're either selfish or greedy, probably both.
Typical, blaming someone else for your problems. Class warfare at it's finest. Millions are "scraping" by because they are not financially educated about money or how it works.
Typical, blaming someone else for your problems. Class warfare at it's finest. Millions are "scraping" by because they are not financially educated about money or how it works.
Reich said corporations are making record profits - that's not true. Multinational corporations are, and the smaller companies and small businesses are struggling. How can this be? Hundreds of federal regulations are added each month, regulations usually written by lawyers working for the multinational corps, designed to hobble small business competitors. Small businesses provide most of the private sector employment, and govt regulations are destroying them.
@jetbtkng Which "top american corps"? You mean multinational corporations, such as ExxonMobil or GE? Read my previous comment again - the multinationals are doing great, but smaller corporations and businesses are struggling. And this "more taxes on the rich" mantra aims to hurt small businesses even more, and almost certainly won't touch the multinationals, they're got too much political pull.
@megagagnon1 American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago,
go to the commerce department & look it up, it has a list of us owned companies......
@jetbtkng So what do you think this means? Exactly what i was saying - the multinationals are doing great. Small businesses in the US are struggling mightily - or haven't you noticed all the boarded up storefronts and "going out of business" sales?
@megagagnon1 no these are american owned co's, they have investors but are american owned, small businesses are suffering because because of unemployment caused by the unfair trade policies that allow them to sell thier goods with 2% tarrifs while foreign countries charge us about 20% tarifs on our goods, thats why corps are shipping jobs overseas, raise the tarifs & it wont be economically viable for corps import goods here & then the jobs will come back as it will be cheaper to make here...
@jetbtkng I agree with should have protective tarifffs - 30%. I suggest you look up "multinational corporation". Companies like GE and ExxonMobil have their headquarters in the US, and perhaps are largely owned by americans, but they're multinational corporations. Trade policies are hurting small businesses, after all our "free trade" agreements are actually managed trade agreements written for the benefit of multinationals. But just as crippling to small biz are govt regulations.
Compare the increase of wealth of the top .01%, and the decline of job creation in the US. They're almost a perfect mirror image of each other. Calling those people "job creators" is pure baloney. The numbers are out there (I wish I could share the links to them here). Go find them. The wealthiest fraction of a percent, who have seen their share of wealth and income increase over 250% in the last 30 years, are the biggest job killers in our economy.
OMG I can just imagine socialists listening to this and then trying to argue with anti-keynsians. Oh, baby... austrians would just wipe the floor with them.. like Peter Schiff did in his senate testimony a couple days ago. There was that PhD lady, Boushey... He cleaned her clock for good.
This man is full of Keynsianism, economic theory that has never worked anywhere in the world. The video makes him look sound like a fool, it is so sad, I thought he is a bit smarter than this. Poor guy.
Conservative words: "It's Obama's fault everyone is poor! it's Obama's fault no one has a job! Trickle-up Poverty is working!"
Conservative actions: Give corporations making BILLIONS of dollars in profit tax breaks and cuts so they can pocket that money in executive bonuses...because they want the work done for them, but are too lazy to be responsible for their employee's health or pay anyone to do it.
@artisanrox That makes Obama a conservative. He gave our money to companies (more than one) who are filing bankruptcy, quid pro quo.
Corporations and ALL Americans are holding onto the money that they have, as this admin has caused to much uncertainty. When they are gone, Nov. 2012, people will begin with the plans they have been holding back on.
Socialist/Liberal words: "It's not Obama's fault, he inherited..blah, blah, blah".
Reagan inherited a worse economy, and did much better.
@ladylordess oh bloomer baby your so full of shit, obama did inherit the gop's mess, 2nd carter created 10.3 million jobs in 4yrs & set the stage for reagans economy in which reagan tripled our debt from $900 billion to $3.2 trillion, u keep spewing this bullshit ever where u go, u should actually listen to this vid u might learn something, what a marron............
You mention scapegoats... And I am seeing antisemitism on the rise, Jews being blamed for all the world's ills, for all America's ills, for every real and perceived financial badness... You didn't list Jews among the scapegoats, but this ugly bit of history, dating back well over a thousand years, is rearing its ugly head, again, and it's getting angrier and more hateful with each passing day.
NotMuchNU 5 days ago
Robert Reich is perfect here
timber2403 1 week ago
OBAMA 2012
timber2403 1 week ago
46 Republicans have watched this vieo too....
stonytina1 1 week ago
He didn't really debunk anything he just disagreed.
cooljj82 3 weeks ago
Why is it than when we the right talks about cutting federal jobs, the left always talks about teachers, cops, and firefighters, which are state, county, and local jobs?
cooljj82 3 weeks ago 3
I find him to be missing the point of shrinking government. It is not remove public works but to shrink the size of government on a federal level that deals with regulations. Many things the government places regulatory actions on become over regulated and many companies either go out of business or have to move overseas because they cannot function properly with all the enforcements
triox64 3 weeks ago 3
@triox64 Function properly with all the enforcements? I beg to differ. These companies function just fine with all the regulations. It's just harder for them to take advantage of the average person who does know any better. And regulation makes it harder for these companies to scam local, state, or goverment funding. Just think, if it wasn't for some of these crooked business there wouldn't be a need for so much regulation now would there? Overregulated...says who... .
kdeezo326 3 weeks ago
@triox64 right so the "job creators" can make more money than they already have and then magically make more jobs and make life better for all of us. Give some real life examples where this was sustainable.
The most propserous time in this country from the 1950s to the 1970s, happend when the tax rate on the top 5 percent of income earners was 70 to 90%. It's not a "socialist lie" it is fact.
mwells219 2 weeks ago
@triox64 Many companies go overseas because they can achieve better scams there. That's the result of a shareholder's economy. #1 priority is maximizing profit. In a somewhat more workers-based economy the biggest priority would be to keep jobs for the workers. Which, by the way, does not mean the world becomes a socialist conservative's noghtmare. Companies would still have to be run in a sensible way or else the workers would still end up jobless.
stonytina1 1 week ago
MoveOn...nothing here except more socialist lies.
RiverwaIker 1 month ago
@RiverwaIker i dont know he says your the liar and you pop up from under a rock and say he lies...maybe you would break down some details about this video if you were telling the truth
hapz3000 3 weeks ago
This has been flagged as spam show
for a serious refutation of Mr Reich's statements: lfb.org/today/seven-lies/
rojasrod 1 month ago
Heres a man who has seen the stats, felt from the top, the change in policies and the effect on equality throughout the nation. Common sense would grasp that taxing say, 30,000 at 26%, vs the lowered taxing of 2-20-30 million + at 10-15%, is where 15-30% of debt or the decline of economy minimum, stems. All those tax dollars suddenly not circulating to roads schools, paychecks...Why so much rich while the number of poor increases? America IS taxes (communal), and bad tax codes drain us dry. duh.
elementalfascination 1 month ago
A room full of people who are brain dead.
ArgentThug 1 month ago
Robet Reich is the biggest moron on TV nowadays. I don't want to work too and the government can feed me with other people's tax money, there is your American dream.
ArgentThug 1 month ago
@ArgentThug Unemployment is pretty high . . . all those people who lost their jobs in the recession, they're not working because they're lazy? They don't need or deserve your help? You don't want to help feed their kids with your tax money, because you might have to work a little harder? So who's lazy now?
GammonAndSpinach 1 month ago
@GammonAndSpinach 1. I never said people lost their jobs because they are lazy, they would be if they want to share other people's wealth. 2. Enlighten me why they deserve my help? As an American, I have the freedom to choose to keep every penny I've earned and not to feed other people's kids, even if they are struggling. From an economic perspective, what's wrong with that? 3. The purpose of the government is to protect my freedom and my property rights, nothing less, nothing more.
ArgentThug 1 month ago 2
This has been flagged as spam show
Is the republican party bigger than WE THE PEOPLE? It they can tell you who is unelectable before people have a say they must be. IF YOU DON'T KNOW TO VOTE FOR RON PAUL PLEASE DO OUR CHILDREN A FAVOR AND DON'T VOTE.
GovernMentalFreedom 1 month ago
What a totally MORONIC video as all of his are!
Brantloc 1 month ago
I still don't see why anyone would disagree with Robert Reich on what's happening to the US economy or how it's destructive to democracy, yet there are a few who still do. I have to wonder if they aren't protecting themselves against allowing others to achieve economic opportunity and better equality. Perhaps it's the 1% revealing their identity.
Hodenkat 2 months ago
Sigh the main problem here is financial illiteracy.
WTFpidgeonNIPPLES4 2 months ago
Middle class making under $50,000 a year better take notice ASAP!
mikelgravez 2 months ago
This guy is mostly full of shit.
usvislandboy 2 months ago
Isn't that just like a conservative? Make a broad statement with nothing whatsoever to back it up.
constantinerex1 1 month ago
Both of CaliforniaBoys statements are incorrect.
FactCheck2009 3 months ago
@FactCheck2009 Agreed
bvdwidepants 3 months ago
Reich seems like a pretty smart guy.
geocas1960 3 months ago
4 of his 6 explanations are incorrect.
Good speaker but no substance.
CaliforniaBoy1000 3 months ago
I'm wondering why he isn't using a childish voice and swastika props before he starts crying, like Glenn Beck does. What's with all of this guy's facts and figures? Isn't he supposed to just make shit up, like the GOP? (Sorry Tea Baggers, if you've already "thumbs-upped" this - it's called sarcasm)
.
jik4446462 3 months ago
This is great! Now people, quit playing the game of they are going to win and get on the websites of the conservatives congress members and tell them.PASS THE JOBS BILL NOW! tAX THE WEALTHY NOW! Then get out and vote for the first President who has tackled the hard job of trying to move this country along and make a more even, prosperous economy. Someone has to stop the Koch Brothers cabal and President Obama can do it!
57Mellie 3 months ago
The golden age of America was before the Federal Reserve came into existence- pre 1915. Educations was 100 times better up to that point! IT WAS ALL PRIVATE!!! MORE TEACHERS, BETTER TEACHERS, BETTER EVERYTHING! Then the mega elite bought out politicians & forced Govt to take over education so they could dumb down the public w/ wrong history & terrible education. It's called crony monopolistic tyranny. Choking out education so masses remain as ignorant as possible!!
QuantumBunk 3 months ago
@QuantumBunk You wrote "The golden age of America was before the Federal Reserve came into existence- pre 1915. Educations was 100 times better up to that point! IT WAS ALL PRIVATE!!"
Totally different era. That was the height of the industrial age. Back then you could buy a house, a car and support a family of 5 with no more than a 3rd grade education. Try doing that today, not happening! 60% of all new jobs require post high school training. Not mention we're competing in a Global economy.
luvitluvitbaby 3 months ago
@luvitluvitbaby Look, you don't even know what you're talking about. I'm not going to debate someone who's a 3rd grade level of understanding of politics & U.S. History. Educated people regard your statement the way a college professor would regard a 4th graders wisdom. You have no idea what you're talking about. Sorry. Go back & study for another 10 years & come back. You have no idea what you're saying.
QuantumBunk 3 months ago
@QuantumBunk Wow what an astute retort lol! You are the one who sounds like a 3rd grader. I bet next you're gonna break out the "yo mamma jokes" because the only way you can debate is by hurling insults. I'm not saying college is the only answer. Trade school is definitely an option, but to believe that college done the right way is a scam is stupid. People fail because they don't research. They spend $50k on a bachelor's degree in Philosophy and wonder why they can't find work.
luvitluvitbaby 3 months ago
@luvitluvitbaby It's people like you who give democracy a bad name- idiots who simply use their right to free speech not because they're educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks.
QuantumBunk 3 months ago
This has been flagged as spam show
@QuantumBunk You wrote "It's people like you who give democracy a bad name- idiots who simply use their right to free speech not because they're educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks."
What an articulate way to describe yourself. I didn't know you had it in you! LOL!!!!
luvitluvitbaby 3 months ago
@luvitluvitbaby I love that you pointed out everything that the other commenter was saying was more accurate about him than you so, after making a comment about free speech SOMEONE marked your retort as spam :)
DoovieMIK 1 month ago
@DoovieMIK Yeah...some people can't stand the truth. What can I say?
luvitluvitbaby 1 month ago
@luvitluvitbaby You mainstream pile of rubbish.
QuantumBunk 3 months ago
This comment has received too many negative votes show
This guy is so F.O.S.!! I wanna puke!! He's a moron & the people who believe this idiot are just as stupid, uneducated & ill-informed. Period!! I can't even listen to this moron. First if Govt is so great why is the best education all coming from private schools?!! Huh?!! Why do the smartest, best people go to private schools. Cause Govt sucks. Then he doesn't tell you that big Govt job sector in educaton is nothing but a fake paradigm veneer actually limiting quantity & quality of education!!!
QuantumBunk 3 months ago
No, it's actually because the wealthy and corporations aren't paying their fair share anymore, so the best and the brightest can't get a living wage at public schools. In addition the private schools have vastly more money to spend. Of course, private schools charge vastly more and can pick and choose from the highest scoring students with money.
Malooga4 3 months ago 3
my hero
cyborganic99 4 months ago
Please run for present so my generation will have hope.
Nnennia4ever 4 months ago
The only problem here, Is the comments. Everyone is entitled to an opinion, but empowered amatuerism doesn't make you an economist. This video is not politics. this video is not fox news. This video is a cabinet level economist talking economics, not opinion, not politics. Economics. "Medicare is the most efficient health care system in the world." There is no argument to refute that.
johnbeingjohn 4 months ago
@johnbeingjohn Medicare has several trillion dollars in unfunded liabilities.
cooljj82 3 weeks ago
Thank you Robert. The Tea Partiers, Birchers and Republicans can cry all they want but a new day is on the horizon. Thank You Occupy 900 hundred cities in a months time, your times up fools!
rogerjab 4 months ago 2
This has been flagged as spam show
@rogerjab Here's one way to look at it. Based upon 2011 tax rates, filing single.
First guy make $100K and owes $18,957 Fed Tax -- He must work almost 10 weeks to earn.
Second guy make $20K and owes $ 1,150 Fed Tax -- He must work almost 3 weeks to earn.
If 3 weeks is a "fair share", then is the guy working 10 weeks paying his?
If 10 weeks is a "fair share", then is the guy working 3 weeks paying his?
If someone disagrees, I'd like to know why?
kbar8888 4 months ago
Robert Reich is the Honey Badger of political economy - he just don't give a fuck!
lankyFool 4 months ago
Is this guy serious? Ok he's right about lie 1, 3, and 6, but the rest?? This Keynesian fraud has gone on long enough. If the government can create jobs then let me know where the government gets the money to create those jobs? Oh wait it takes it from entrepreneurs that create jobs without all the administrative costs.
midtra52 4 months ago
The problem with our economy is too much idle money. When money is spent it creates jobs whether that money is spent by individuals, businesses or the government. When it is idle it doesn't. Wealthy corporations and individuals have accumulated an enormous amount of money and they aren't spending it. The middle class is left with so little money that they can no longer afford to buy enough to keep the economy moving.
TheLoveMonkey 4 months ago
@TheLoveMonkey Hey LoveMonkey, idle money may be one problem, but a much smaller one. The main reason our economy is not growing any longer and will never grow again (it will actually depress considerably) is because we have reached peak oil. We have reached a point in oil production where the EROEI (energy returned on energy invested) has peaked and can only decline from here. People can kick and scream all they want, but we will have to become less affluent (considerably)....back to basics!!
ryanbrooks11388 4 months ago
@TheLoveMonkey Those wealthy corporations and individuals aren't doing anything because of uncertainty. Not knowing if the capital gains tax is going to change, and how employment costs will change because of health insurance changes is causing them to wait. Once congress makes up its mind, businesses will resume hiring and investing. That is what I have been hearing from the heads of the top 500 corporations for about 4 years.
cooljj82 3 weeks ago
@jaeLAX23 But they have been cutting nurses, teachers and firemen.
Rules and regulations are there to protect us. They make sure that our food is safe to eat and our homes and bridges won't collapse and that our planes won't fall from the sky.
If the money government collects in taxes is money that would not have otherwise been spent then the government is actually putting that money back into circulation where it can create jobs.
TheLoveMonkey 4 months ago
Robert Reich tells it like it is. He is of the people, but way smarter than most of us. A Pro.
4Rachy 4 months ago 2
It is weird to hear Robert Reich state that it's a lie that smaller government equates to job growth, when the best job growth in the last two decades occurred when government spending went down as a share of GDP and it happened on HIS watch as Labor Secretary.
jtreffe 5 months ago
Richard Reich = CHARLATAN
This man only cares about his government job, obviously.
jaeLAX23 5 months ago
This has been flagged as spam show
@davidmaren2000 haha davidmaren2000 you do not know much about economics it has been proven again and again that Tax breaks fro the rich does not create jobs. DEMAND creates long term permanant jobs not Tax cuts and deregulation.
TheVigilanteinc 5 months ago 2
haha robert reich you donot know much about economics it has been proven again and again that government spending does not create jobs. the private sector creates long term permanant jobs not government. stimulus never works and huge taxes never helps the economy. this man is fool ask me i am a canadian and our health care system is a mess long waiting lines going broke
davidmaren2000 5 months ago
@davidmaren2000 You don't know who Robert Reich is, do you? He knows a little about economics. And when was it "proven" that government spending doesn't create jobs? Show me your source.
SlashGoddess 5 months ago 5
@SlashGoddess yes of course i know who he is and is is accepted economic theory that government spending does not increase gdp in the long run look it up.
davidmaren2000 5 months ago
@davidmaren2000 *look it up* is a Tea-hadist cop out when they don't have any sources.
thatguyontheright1 5 months ago 8
@davidmaren2000 I'm Canadian and only had to wait a week to get my biopsy i had to get the other day.
thesirenrayne 4 months ago
oh .. finally ONE intelligent american!!! :-o
xfbeni 5 months ago 2
g4macdad says, "The wealthiest 25% of Americans own 87% of the nation's total wealth.
Shouldn't they be paying at least 87% of the taxes?"
Wealth and income are two different things, which is why your calculus makes no sense whatsoever, which is why you'll never hear Obama or Pelosi say something like that. Incidentally, we could confiscated ALL the wealth from the top 25%, you still wouldn't make a dent in a $14 trillion debt. And then what? How do you propose to create new wealth?
icouce 5 months ago
@icouce Assuming the figures on wikipedia are accurate, the total net wealth of the US was $54.2 trillion in 2009. For the wealthest 25%, then, 87% would be $47 trillion, significantly more than the national debt.
I'm not saying I think we should actually do that, just that we should all be careful about the factual assertions we make.
noahrichards 5 months ago 9
This has been flagged as spam show
Those who insist on military might are neo-cons.
Those who think neutrality in foreign affairs is ill-advised are neo-cons.
Many news media outlets have a neo-con agenda.
Are you a neo-con?
Ron Paul says neo-cons are NOT CONSERVATIVES!
Definition and names of neo-cons: /watch?v=nuefjIYKkjE
More on the history of neo-conservatism vs libertarianism /watch?v=45JSYIuTk0Y
vechorik 5 months ago
This has been flagged as spam show
Ron Paul's plan will balance the budget in 3 years without raising taxes!
Social programs remain untouched as the BIG problems are resolved.
Government employees will be phased out as they quit/retire or moved to other jobs. Learn more at /watch?v=IQAHziV3HoM
vechorik 4 months ago
@icouce
We would need to add 285,000 jobs every month for five years to return the employment rates to normal.
There are 25 MILLION people unemployed currently. How will cutting government jobs hasten recovery and get those people back to work?
You speak ridiculous GOP indoctrination. Learn to read books and take some classes, then come back.
-This is my actual comment word for word. Did you think you were going to just make shit up unchecked?
g4macdad 5 months ago 4
@g4macdad When they say cut government jobs they mean administrative jobs, not nurses, teachers, firemen, etc. Big adminstration always leads to lots of rules & regulations, which lead to decreased efficiency. Also government cannot create jobs without capital. Thus, they either need to take money away from someone or print money. Either way the individual has less purchasing power. Jobs are created when new industries are founded, which can only come from innovators trained in science/math.
jaeLAX23 5 months ago
@icouce He never said "Shouldn't they be paying at least 87% of the taxes" in his comment. Stop putting words in peoples text bubbles
thesirenrayne 4 months ago
g4macdad" Try and engage ideas instead of insulting people. It's just makes you look like a petulant child or a moron unable to think for himself. I'm not saying you are those things, I'm saying that's who you appear when you insult people with whom you disagree. I don't know if you've heard, but equally intelligent and educated people can disagree without calling each other names.
icouce 5 months ago
g4macdad" If the private sector is sitting on $2 trillion it won't invest, because of the uncertainty government has created, why would they move on a $450 billion "stimulus package"? It's illogical. Rule changes from all the healthcare and financial legislation are still coming down the road and have not been integrated into their business plans, because no one knows the details yet! That's government distorting the market and then blaming the market for not getting with the program.
icouce 5 months ago
"DECADES of failed policies the GOP has brought to us." I'm sorry, the New Deal, the Great Society, The War on Poverty, the federal Dept. of Education, in fact, that last 70 years have been dominated by socialist policies that are utter failures!-- and expensive ones. Even Nixon instituted wage and price controls at one point (with disastrous results).
They can't educate our children; they can't control borders; they're obvious incompetent money managers; they've increased poverty. Well done!
icouce 5 months ago
@g4macdad, Google "Romer and Romer 2010." It's an academic paper written by Christina Romer, Obama's ex-head of the Council of Economic Advisors. The paper is on the effect of taxes on the economy. It's an awfully inconvenient truth for the idiots who now say taxes don't affect entrepreneurs. Obviously, they have never written a business plan, or they'd know taxes form part of the cost structure of any firm and MUST be addressed in a business plan if you expect investors to take you seriously.
icouce 5 months ago
@g4macdad, Incidentally, Obama's 2012 budget, which he submitted last January, was voted down in the Senate 97-3! Neither party could stomach it, but he has never submitted a comprehensive, revised budget, only ad hoc changes which are recycled items from his failed 2012 budget!
Now , if you want to be a bully and attack me personally, that's your prerogative. However, if you have an pretension to having a brain, try addressing the issues instead.
icouce 5 months ago
@g4macdad, Incidentally, Obama's 2012 budget, which he submitted last January, was voted down in the Senate 97-3! Neither party could stomach it, but he has never submitted a comprehensive, revised budget, only ad hoc changes which are recycled items from his failed 2012 budget!
Now , if you want to be a bully and attack me personally, that's your prerogative. However, if you have an pretension to having a brain, try addressing the issues instead.
icouce 5 months ago
@g4macdad, the only was the government creates 8 million jobs is if they send us all to war!
icouce 5 months ago
@g4macdad, Insulting people's intelligence is the rhetorical refuge of those with no ground to stand on or who are a) stumped b) a nitwit c) an asshole d) all of the above. It's called an "ad hominem attack." It's a logical fallacy. Something an educated person would know.
The "ridiculous propaganda" here is the absurd notion that government is going to create millions of jobs with a $450 billion package that was designed to fail, so Obama could use it as a beating stick for the campaign.
icouce 5 months ago
This right wing ideologues have taken over the republican party. The GOP is no more; but a true ponzi scheme.
number1pride 5 months ago
Complexity, knowledge, experience, cause and effect phenomena completely escapes the very superficial intelectual "abilities" of those that vote for the Tea-publicans. Read "the after shock" by Mr Reich to get a big picture of the DECADES of failed policies the GOP has brought to us.
GUTTENSEITEN 5 months ago
Republicans suck.Reich is right on it.Trickle down obviously doesn't work,wealth disparity is at an all time high in my lifetime thanks to Reaganomics and the GOP continuing to push it.Republicans only care about wealthy people and to hell with everybody else.That's the way I see it anyway,it's what I feel in my heart.They're awful,greedy,selfish people.
TerryTresner 5 months ago
Mr. Reich is the propagandist, not me. His statements are full of lies x medicare is the most efficient health care delivery system. The propaganda is that the rich don't pay enough; the propaganda is that government runs the economy and is responsible for creating jobs. The number I cite are from the IRS and CBO. If you don't like the facts, go argue with them.
icouce 5 months ago
Comment removed
g4macdad 5 months ago
@g4macdad, I have no idea what you mean by what you said.
icouce 5 months ago
@icouce
Did you want to refute any of the facts spoken in this video, or are you here to spread MORE propaganda?
g4macdad 5 months ago
nice referral to Eisenhower!
wpa1733 5 months ago
watch?v=IBj7ebOHaBE
iAMVyt 5 months ago
Comment removed
icouce 5 months ago
Incidentally, according to the IRS, the top 10% of earners pay nearly 70% of all income taxes. The richest 1% pay 31% of their income to the federal government, while according to the CBO the average worker pays less than 14%. That doesn't seem too unfair, does it?
icouce 5 months ago
Comment removed
tink0026 5 months ago
Note that rich people earn most of their income through capital gains and dividends, income which we don't want to punish, because we want to incentivize people to invest. Rich people's money doesn't just sit in Scrooge MacDuck's money bin, it goes to work.
icouce 5 months ago
@icouce LOL if it went to work then we would not have a 20% unemployment rate.
g4macdad 5 months ago
My brother and sister-in-law gross around $300K per year. They live in Marin County, CA. If anyone is familiar with the area, they know these are not "fat cats". They are people who worked their asses off; who were prudent; who didn't have 20% to put down, so they didn't succumb to greed and buy a house they couldn't afford, because they thought they could flip it in a year or two. Punishing people who play by the rules and work their asses off; I'm sure THAT will get America moving again.
icouce 5 months ago
It is true that in the '60s marginal rates were 70%. However, Mr. Reich leaves out one extremely important fact, viz., it was 70% on incomes above $400K (IN 1965 DOLLARS!). The inflation adjustment, is a factor of 6.84. Therefore, the equivalent today would be $2,736,000, not households earning over $250K, not even $1M. Moreover, the stagnate decade of the '70s starts exactly because of the profligacy of the '60s; another salient fact Mr. Reich leaves out.
icouce 5 months ago
2000- The dot com boom comes to end near cripling the US economy.
"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."- Progressive Economist Paul Krugman
Alan Greenspan takes that advice and blow up another bubble
2007- Housing bubble pops thus creating our current predicament.
Salvysahagun 5 months ago
1990s- Clinton and Republican congress raise marginal income tax to 39%. but cut capital gains taxes to 15%, The cut in capital gains encourages investment in NASDAQ in newly appeared dot coms.
20million jobs created. not because of government but because of Microsoft inc's "Windows 95" which made America's productive ability much easie. POS, Manganment. PCs where put on every desk in America making work easier and more efficient.
Salvysahagun 5 months ago
1980s- Reagan cuts taxes and spurs investment in PC market. To help PC market growth. Reagan begins to privatize arpanet technologies and the telephone lines that where all government owned. This paves the way to internet boom of the clinton years
Salvysahagun 5 months ago
@Salvysahagun reagan raised taxes 11 times & tripled the deficit, true reaganomics & not this bologna your spewing.......
jetbtkng 5 months ago
@jetbtkng
The lower taxes on the rich, whether you like it or not that gave the PC industry more capital investment.
to bring forward that industry.
Please check your inbox
Salvysahagun 5 months ago
@Salvysahagun no they just shipped those jobs overseas as our trade agreements are useless, they pay about 2% on tarifs to ship goods here, they put about a 20% tarif on our goods going there, thats why there are no jobs, we dont make anything anymore, that creates unemployment, the pc business can only create so many jobs, but theyve been shipped to chins, korea, its time to raise taxes on the rich, get rid of tax loop holes & subsidies....
jetbtkng 5 months ago
@jetbtkng
I'm a Mckinley Republican buddy... Free Trade will always lead to slavery.
Directly the PC business can create so many jobs.
indirectly PCs create millions.
Case in point
Apple inc has over 40% of consumer PC market share but less than 9% of the ENTIRE PC market share.
That means PCs are making workers jobs easier thus increasing productivity thus increasing jobs.
Salvysahagun 5 months ago
@Salvysahagun well its not that simple, poeple have to do the manual labor that a pc cant, & there arent that many who make computers in this country, a computer doesnt make the products people do, we just dont make anything anymore, u cant run an economy on pc's, u need goods & services.................
jetbtkng 5 months ago
@jetbtkng
PC's have made every bodies life easier. Before the 90s employeers would often have to give workers not just Spring break off but the entire month of April because filing 1040s was a hassle. Thier is a reason spring break is at the end of april.
Office work is able to be done much more effienlty. We can now do find a document in less than half a second that in th 70s would take 20 minutes.
Salvysahagun 5 months ago
@jetbtkng
please read that message I sent you
Salvysahagun 5 months ago
1920s- Depression of 1920 (1st year of this depression was worse than the first year of the great depression) Warren Harding addes several more Brackets IRS and even widens them. Then downsizes government activity in the economy. Fastest Economic recovery ever...
1930s- Herbert Hoover imposes the largest peace time tax increase ever. 23% to 63%. Forced Migration of 100,000 mexicans back. Increases spending three fold. Every other nation revocerd in 1932 america didn't recover until after ww2.
Salvysahagun 5 months ago
A simple history book debunks the GOP lies. No wonder they want to change history!
OldeVampyr 5 months ago
Carter was a one term president because Reagan committed treason by cutting a deal with Iranian militants to keep American hostages until after the election in exchange for Tow missiles. The right wing then used the issue to torpedo Carter. He was one of the best presidents in terms of ideas we've ever had. Both Bush's (who also committed treason) and Reagan were intellectual midgets beside him.
dtraer 5 months ago
This has been flagged as spam show
I had to buy an umbrella because of all that trickling down wealth! Yep... All that wealth should be trickling down at any minute now...
Pellegrino80 5 months ago
Important video. It's always good to get the truth.
Steve32867 5 months ago
Yeah this is true for government, make government smaller and u will shrink jobs, but if you privatize those same jobs to the private sector your gonna create 3 times fold the jobs.
dalephill2 5 months ago
More partisan hackery while the world burns.
sterlinguini 5 months ago
Lets start with an easy one. Go to the SEC and look up the definition of a Ponzi scheme. You won't find a time limit, like if you make it past 26 years, it isn't a ponzi scheme. If Maddoff kept going for 30 years, would that have been legal then?
cheeseburger12 5 months ago
Is there any place that offers a transcript of this talk?
cliveklg 5 months ago
I don't know if I would go death penalty,but they should face criminal charges if intentionally violating the law.
cookieman38111 5 months ago
Capitalism is Ponzi scheme and that's why we have Bankruptcy, if George W. Bush would have let the Banks and Wall Street go Bankrupt instead of his lame-duck "bail-out" we would be in better shape today. Our founding fathers and past Congress's going thru Civil War, Depressions, and War, passed laws that provided for Bankruptcy. Let the Rich go Bankrupt like most of the middle and lower classes in the U.S. -- That is what redistributes wealth without the battles we have seen between the classes
GranPa1948 5 months ago
There are some common threads among the leading GOP candidates: Bust Unions, Privatize Medicare, Maintain tax loopholes that offer incentives to move jobs offshore, End tariffs on imports that are being dumped on our markets.. in the name of "free trade". Allow bankers to remain unregulated. Oppose infrastructure projects that employ middle class workers, Further reduce taxes on billionaires. End tax breaks for the working poor.
There you have it.
The GOP platform!
It speaks for itself.
givethemahand 5 months ago 2
Anyone know how Cuba is this time of year?
Sherekhan69 5 months ago
20 people are inbred retards that subscribe to the Cato and Mises "institutes".
Ron Paul exposed his John Birch Society leanings quite clearly recently, and ANY hope that these Koch Industries front groups had in 2012 was utterly RUINED.
Thank God!
g4macdad 5 months ago
This has been flagged as spam show
卐ϟ 卐══════════ϟ 卐══════════ϟ 卐══════════ϟ 卐
TEA-PARTY HAS NOW BECAME THE NATIONAL WHITE SUPREMIST MOVEMENT, PROMISING DISCRIMINATION AGAINST THE MAJORITY MINORITY, PROMISE TO DOWN-GRADE THE ECONOMY FURTHER WITH HOLDING IT HOSTAGE, KILLING SENIORS, DISABLED PEOPLE AND POOR PEOPLE.
AMERIKKKA, THE FASCIST KKK, RIGHT-WING, RADICAL CHRISTIAN ZEALOT COUNTRY.
卐ϟ 卐══════════ϟ 卐══════════ϟ 卐══════════ϟ 卐
TrollMCTrollinMAKKY 5 months ago
The top 2% now have complete control of over 50% of Americas wealth, the highest amount in US history and it's growing
With the GOP and current Bush failed economic policies we will soon become a 3rd world nation. Many Americans are now already living in tents with their children
The President has been OBSTRUCTED by the GOP house and lack of 60 votes in the Senate, to pass even ONE change in over two years of Bush's failed economic policies. There has been NO CHANGE due to the GOP obstruction
coltor9 5 months ago 6
Corporations, like people are citizens. And like people they have duties.
cookieman38111 5 months ago
@cookieman38111 Yes, duties like the Cigarette and Pharmacuticle Board of Directors Boards facing Life in Prison or the Death Penalty.
GranPa1948 5 months ago
UpTakeVideo has another version of this same video, but with 1 minute 18 seconds devoted to criticizing President Obama and the stimulus plan failures, etc. Look it up
pkeyrich 5 months ago
Reich's solution is stealing the "rich's" money aka anyone who works for a living.
MidNiteR32 5 months ago
@MidNiteR32 they are sitting on a huge amount of money that should be invested into their business instead of holding it out, or paying it in stock dividends.
cookieman38111 5 months ago
@cookieman38111
So what, is it your money or their money? They have a right to keep the fruits of their labor.
MidNiteR32 5 months ago
@MidNiteR32 Yes they do, and should, but not at the expense of everyone else's fruits. Why does a millionaire need so many tax cuts while someone who makes $30,000 a year and trying to raise two kids have to pay more to pick up the millionaire's slack? America gave the millionaire the chance to make millions, it's time for them to give back to America. And most of them WANT to. Warren Buffet has said repeatedly that he didn't ask for the tax breaks, doesn't need them & wants to help out.
ashxf 5 months ago 8
@MidNiteR32 Funny. I am no where near the top 1% but I was pretty sure that 60 hours I put in working 2 different jobs counted as work
In fact, it seemed that without the guys at the bottom (who the right calls parasites0 there would not be enough people working low wage jobs without benefits or buying stuff for the rich to stay rich
The rich have profited from our country & the work of those not as lucky as they
Asking they give back is not stealing. It's payment for services rendered.
booley 5 months ago
Comment removed
MidNiteR32 5 months ago
@booley
It's called stealing, it's not your wealth. It's theirs, they worked for it. You may not like it, but it's the truth. Reich is that kinda person (if you want to call him that) who loves to get people fighting with each other, you don't think Reich himself is a "rich" person? He surely make more than 95% of the country makes in a year. He's not calling tax hikes on the rich, he's calling tax hikes on the middle class. I bet his definition of rich is someone making $90-150k a year.
MidNiteR32 5 months ago
Comment removed
booley 5 months ago
@MidNiteR32 Without MY work, they dont' have any wealth.
Without my taxes to pay for subsidies and infrastructure, the rich dont' have any wealth
Without me buying things, the rich don't have any wealth.
You need a dictionary. Expecting someone to help[ maintain a society they benefit from is nto stealing. No matter how much you proclaim it's "the truth" (more like truthyness)
& you clearly didnt' bother to listen to what Reich said. Which is a whole other conversation.
booley 5 months ago
@booley
You contradict yourself. How did you get your money? Surely it doesn't grow on trees...Oh yeah, those "rich" (aka business owners) people who employed you, who give you health care etc, are the ones who are paying you. Again, you don't understand economics.
Taxing people's income by over 90%, is what Reich wants -- IS STEALING. Period, it's immoral for you to take 90% of people's wealth simply because they have wealth and you don't. It's classic class warfare, which Reich wants.
MidNiteR32 5 months ago
@MidNiteR32 I didnt' contradict myself. You just ignored the parts of my post that didnt' fit what you wanted to beleive
How did I get the money? Simple, people bought stuff. People who were overwhelmingly NOT rich
This is how the rich got wealthy, those not wealthy bought stuff from them
Something I understood when I became self employed. IF I waited around for some rich guy to give me money, it would never happen. The rich werent' where I was going to get my sales to make my business work
booley 5 months ago
@MidNiteR32 andagain you need a dictionary.
The rich are rich because they live ina society that supports them being so.
Expecting them to support that society rather then sucking it dry like a crack vampire is not stealing.
It's pay back.
booley 5 months ago
@booley
No, you have it wrong. I've already pointed it out. You need to go back or take an Economics 101 course.
MidNiteR32 5 months ago
@MidNiteR32 Why, so I can have a professor tell me how your wrong?
I can do that for free.
OR did you miss the part about me being self employed?
Demand creates jobs. Those workers then fill that demand and make money for thier employer.
No workers= no money for the rich.
Your willful obtuseness doesn't change that. Sorry.
booley 5 months ago
@booley
No you need to go learn or get an econ. book because you fail to understand when you give someone your money for a service or product, that's an exchange. Your mind is that money is still yours even after the exchange. I would love for you to claim property that you've given or sold, back from those people without being arrested.
That's basic economics, and common sense.
MidNiteR32 5 months ago
@MidNiteR32 That's right . it's an exchange.
& for decades now the super rich have been getting the benefits of society while paying less and less for them.
They've been getting wealth from the work of others & paying less & less for it.
In short, they've been stealing while the rest of us made up the difference
Never do I cease to be amazed at the right, who projects their own ignorance of economics onto others.
Even when you cite the problem, you don't understand what it means.
booley 5 months ago
@booley
They didn't steal anything from you, you want to steal from them; money that they've earned simply because you're either selfish or greedy, probably both.
MidNiteR32 5 months ago
@MidNiteR32 Again, that word you keep throwing around the way a monkey fling's poo... it doesn't mean what you think it means.
The rich got something for nothing. Expecting them to give back isn't stealing by any definition of the word.
Millions of people are barely scraping by, working two jobs and still going into debt so the super rich can get even richer.
The ones you are calling greedy and selfish.. those are the ones who are really working for a living.
booley 5 months ago
@booley
Typical, blaming someone else for your problems. Class warfare at it's finest. Millions are "scraping" by because they are not financially educated about money or how it works.
MidNiteR32 5 months ago
This has been flagged as spam show
@booley
Typical, blaming someone else for your problems. Class warfare at it's finest. Millions are "scraping" by because they are not financially educated about money or how it works.
MidNiteR32 5 months ago
Reich said corporations are making record profits - that's not true. Multinational corporations are, and the smaller companies and small businesses are struggling. How can this be? Hundreds of federal regulations are added each month, regulations usually written by lawyers working for the multinational corps, designed to hobble small business competitors. Small businesses provide most of the private sector employment, and govt regulations are destroying them.
megagagnon1 5 months ago
@megagagnon1 no the top american corps made record profits since theyve been keeping records in the last 3 quarters since 2010.........
jetbtkng 5 months ago
@jetbtkng Which "top american corps"? You mean multinational corporations, such as ExxonMobil or GE? Read my previous comment again - the multinationals are doing great, but smaller corporations and businesses are struggling. And this "more taxes on the rich" mantra aims to hurt small businesses even more, and almost certainly won't touch the multinationals, they're got too much political pull.
megagagnon1 5 months ago
@megagagnon1 American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago,
go to the commerce department & look it up, it has a list of us owned companies......
jetbtkng 5 months ago
@jetbtkng So what do you think this means? Exactly what i was saying - the multinationals are doing great. Small businesses in the US are struggling mightily - or haven't you noticed all the boarded up storefronts and "going out of business" sales?
megagagnon1 5 months ago
@megagagnon1 no these are american owned co's, they have investors but are american owned, small businesses are suffering because because of unemployment caused by the unfair trade policies that allow them to sell thier goods with 2% tarrifs while foreign countries charge us about 20% tarifs on our goods, thats why corps are shipping jobs overseas, raise the tarifs & it wont be economically viable for corps import goods here & then the jobs will come back as it will be cheaper to make here...
jetbtkng 5 months ago
@jetbtkng I agree with should have protective tarifffs - 30%. I suggest you look up "multinational corporation". Companies like GE and ExxonMobil have their headquarters in the US, and perhaps are largely owned by americans, but they're multinational corporations. Trade policies are hurting small businesses, after all our "free trade" agreements are actually managed trade agreements written for the benefit of multinationals. But just as crippling to small biz are govt regulations.
megagagnon1 5 months ago
this little midget of stature and brains is a typical libturd progressive. just more libturd propaganda. pathetic.
usaeagle1776 5 months ago
Compare the increase of wealth of the top .01%, and the decline of job creation in the US. They're almost a perfect mirror image of each other. Calling those people "job creators" is pure baloney. The numbers are out there (I wish I could share the links to them here). Go find them. The wealthiest fraction of a percent, who have seen their share of wealth and income increase over 250% in the last 30 years, are the biggest job killers in our economy.
h4x354x0r 5 months ago
OMG I can just imagine socialists listening to this and then trying to argue with anti-keynsians. Oh, baby... austrians would just wipe the floor with them.. like Peter Schiff did in his senate testimony a couple days ago. There was that PhD lady, Boushey... He cleaned her clock for good.
BlueSkies360 5 months ago 2
He is so good, Chavez should get him on his team.
BlueSkies360 5 months ago
Conservative words, "Protect American's rights" actions; End the Right to Organize and Bust up the Unions
Conservative words, "Keep the Govt from standing in between you and your Doctor" Actions; Ban Abortions
Conservative words, "we're broke, be fiscally responsible" Actions; give Tax cuts without a spending decrease, which raises the Debt
Conservative words, "protect the Constitution" Actions; infringe on the Right to not be discriminated against by the US Govt, by Banning gay marriage
nutt66 5 months ago 3
This man is full of Keynsianism, economic theory that has never worked anywhere in the world. The video makes him look sound like a fool, it is so sad, I thought he is a bit smarter than this. Poor guy.
BlueSkies360 5 months ago
Whoa .. what a fool!
BlueSkies360 5 months ago
It is only a Ponzi scheme if your last name is Ponzi or Madoff.
Obamanomics - Trickle up Poverty is working.
We do need a new plan.
Reich lost all credibility when he did not want jobs from Stimulus 1 to go to white, educated, experienced construction workers.
Where did all the money go from Stimulus 1 that they propose Stimulus 2 for the exact same things?
We know that the education money went for pensions, not education.
ladylordess 5 months ago
Comment removed
artisanrox 5 months ago
@ladylordess
Conservative words: "It's Obama's fault everyone is poor! it's Obama's fault no one has a job! Trickle-up Poverty is working!"
Conservative actions: Give corporations making BILLIONS of dollars in profit tax breaks and cuts so they can pocket that money in executive bonuses...because they want the work done for them, but are too lazy to be responsible for their employee's health or pay anyone to do it.
artisanrox 5 months ago
@artisanrox That makes Obama a conservative. He gave our money to companies (more than one) who are filing bankruptcy, quid pro quo.
Corporations and ALL Americans are holding onto the money that they have, as this admin has caused to much uncertainty. When they are gone, Nov. 2012, people will begin with the plans they have been holding back on.
Socialist/Liberal words: "It's not Obama's fault, he inherited..blah, blah, blah".
Reagan inherited a worse economy, and did much better.
ladylordess 5 months ago
@ladylordess oh bloomer baby your so full of shit, obama did inherit the gop's mess, 2nd carter created 10.3 million jobs in 4yrs & set the stage for reagans economy in which reagan tripled our debt from $900 billion to $3.2 trillion, u keep spewing this bullshit ever where u go, u should actually listen to this vid u might learn something, what a marron............
jetbtkng 5 months ago