Simple Words From Robert Reich

[St. Olaf]

Just three points this morning, a simple assessment.

The three are: (1) Austerity economics (on which the nation has embarked) is a cruel hoax -- cruel because it hurts most those who are already hurting, and a hoax because it doesn't work.

The deficit isn't the major problem now. It's down to 5.3% of GDP. The major problem is unemployment, falling wages, and widening inequality.

(2) Trickle-down economics (which the GOP is using to justify no tax hikes or loophole closers for the rich) is an old fraud -- old because it began under Ronald Reagan and continued under George W. Bush, and a fraud because nothing trickles down.

The median wage, adjusted for inflation, is lower today than it was in 1981. Almost all the gains from the growing economy have gone to the top.

(3) Neither of these bogus economic theories would be as dangerous were it not for the explosion of big money in politics -- most of it coming from the very rich, Wall Street, and big corporations -- which has undermined our democracy, fueled the Tea Party, financed the big lies, and got us to where we are today.

He's a wise man.

[301spartan]

You should not bite the hand that feeds you.all your 1% buddies.

[NMRMN]

The three are: (1) Austerity economics (on which the nation has embarked) is a cruel hoax -- cruel because it hurts most those who are already hurting, and a hoax because it doesn't work.

So, reducing spending to balance the budget doesnt work? Or in this case, actually INCREASING more slowly?

The deficit isn't the major problem now. It's down to 5.3% of GDP. The major problem is unemployment, falling wages, and widening inequality.

Deficit to GDP is actually 7.3% (see CBO). Debt to GDP, a more useful metric, is over 100%. This is a problem.
http://upload.wikimedia.org/wikipedia/c ... 0-2012.png

(2) Trickle-down economics (which the GOP is using to justify no tax hikes or loophole closers for the rich) is an old fraud -- old because it began under Ronald Reagan and continued under George W. Bush, and a fraud because nothing trickles down.

Who cares. Even if this statement could be analyzed, it doesn't excuse unfairly penalizing high income earners. Addressing tax "loopholes" is another issues.

(3) Neither of these bogus economic theories would be as dangerous were it not for the explosion of big money in politics -- most of it coming from the very rich, Wall Street, and big corporations -- which has undermined our democracy, fueled the Tea Party, financed the big lies, and got us to where we are today.

Umm it goes both ways... Heard about Bloomberg's push to became the liberal answer to the NRA?

[Maniac117]

And you all keep falling for this, why?

[NMRMN]

:| And you all keep falling for this, why?

engaging Olaf? I dont know. Robert Reich is worthy of engaging.

[grousemaster]

St. Olaf may have gotten the ban hammer....didn't think it would take this long though.

[minnhawk]

Just three points this morning, a simple assessment.

(3) Neither of these bogus economic theories would be as dangerous were it not for the explosion of big money in politics -- most of it coming from the very rich, Wall Street, and big corporations -- which has undermined our democracy, fueled the Tea Party, financed the big lies, and got us to where we are today.

So, no mention of George Soros, the man who single-handedly loves to manipulate currency (screwed the little man in Great Britain with his job on the pound sterling) as an explosion of big money in politics, nor his buddy Bloomberg blowing up politics, or the several dozens of uber-rich influential liberalcrats pulling strings? Just the tea party, huh? He is not a wise man, but a selective truth teller in many ways. Not the Dems fault, no sir no way. No sir, not Barney Frank and his fanniemae/freddiemac sandbox, not the dems demanding that credit standards be relaxed...... Can't blame us for the credit default swaps that brought on our last major recession no sir.....or the rape and pillage of General Motors.

[LePetomane]

Funny that Mr. Reich doesn't mention the big $$$$$ from guys like Soros, Gates, Buffett, and all of Hollywood going to the Dems.

[301spartan]

You guys are right time to stop feeding the troll .it was pretty good **** and giggles .how can anyone be so absent from reality.unicorns and rainbows .

[NMRMN]

So, no mention of George Soros, the man who single-handedly loves to manipulate currency (screwed the little man in Great Britain with his job on the pound sterling)

bahh, he is just a great speculator. He is a liberal force (money wise) to be reckoned with indeed. I hate his politics as well, but highly respect his professional talent.

[minnhawk]

I certainly enjoy the pink pony's responses over those of St. Olaf. Alas, it looks to be a nice day in the Phoenix area, so he is probably soaking up the sun with a round of golf......

[St. Olaf]

So, reducing spending to balance the budget doesnt work? Or in this case, actually INCREASING more slowly?

Europe's austerity measure proved that.

Their spending cuts actually deepened their recession.

[NMRMN]

So, reducing spending to balance the budget doesnt work? Or in this case, actually INCREASING more slowly?

Europe's austerity measure proved that.
Their spending cuts actually deepened their recession.
:flag:

Europe has different issues and is worse off than US. Dem's make forever increased spending and higher taxes a POLICY not an solution to a recession.

[St. Olaf]

St. Olaf wrote:

Trickle-down economics (which the GOP is using to justify no tax hikes or loophole closers for the rich) is an old fraud -- old because it began under Ronald Reagan and continued under George W. Bush, and a fraud because nothing trickles down.

NMRMN wrote:

Who cares. Even if this statement could be analyzed, it doesn't excuse unfairly penalizing high income earners. Addressing tax "loopholes" is another issues.

Those in the know care.

The statement is historical fact.

Yes, let's address tax loopholes. Republicans are currently stonewalling against it.

[NMRMN]

St. Olaf wrote:

Trickle-down economics (which the GOP is using to justify no tax hikes or loophole closers for the rich) is an old fraud -- old because it began under Ronald Reagan and continued under George W. Bush, and a fraud because nothing trickles down.

NMRMN wrote:

Who cares. Even if this statement could be analyzed, it doesn't excuse unfairly penalizing high income earners. Addressing tax "loopholes" is another issues.

Those in the know care.
The statement is historical fact.
Yes, let's address tax loopholes. Republicans are currently stonewalling against it.
:flag:

Well, trickle down or not, I believe in Just treatement in terms of taxes. Some level of progressive rates are OK (to me). In the end, we are taxed enough. Figure out spending.