Robert Reich Connects The Dots to Tell What’s Happened To Our Economy In 2 Minutes « EconProph

Robert Reich Connects The Dots to Tell What’s Happened To Our Economy In 2 Minutes « EconProph

In summary, Reich connects these “dots”:
1. The economy has doubled since 1980 but wages have been flat. So where did the money go?
2. All the gains have gone to the super rich. And…
3. With money goes political power. Taxes on the super rich have been slashed, government revenues have fallen, leading to…
4. Huge budget deficits. The middle class gets agitated. To balance budgets, governments slash spending and set middle class to fighting amongst itself…
5. Middle class is divided. It fights for scraps. When borrowing ability dries up, spending slows and can’t return…
6. We get an anemic recovery