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  • Robert Reich – What’s Wrong With the Economy in 2 Minutes 14 comments
    Jun 18, 2011 12:57 PM

    Posted by Pharmboy - June 18th, 2011 12:54 pm

    Excerpt from the Pragmatic Capitalist's THE TRUTH ABOUT THE ECONOMY IN 2 MINUTES

    Robert Reich describes what’s wrong with the economy in 2 minutes (Video HERE). His bullet points (thanks to Stephanie Kelton):

    • The economy doubles since 1980, but wages flat.  Where did the money go…
    • All (or most) of the gains went to the super rich.  And…
    • With money comes political power.  Taxes on super rich slashed, revenues evaporate.  This leads to…
    • Huge budget deficits.  Middle class agitated, fights for scraps…
    • Middle class divided.  Buying and borrowing slow.  Resulting in:
    • Anemic recovery/economy. 

    I would add one very important point that Mr. Reich misses here:

    The real destruction has come in the growth of the financialization of the US economy.  Since the 1970′s when the financialization of the USA began we have seen an increasing number of would-be entrepreneurs leave productive positions for Wall Street jobs where they largely help devise ways to help separate the middle class from their savings.  

    More here > 

     

    See also, the cannibalization of capitalism.

     

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Comments (14)
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  • Stocks 1
    , contributor
    Comments (259) | Send Message
     
    Thanks for this article. Excellent analysis of some of the main causes of our economic problems.
    18 Jun 2011, 10:07 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    Reich is completely and totally wrong.

     

    biggovernment.com/lmey.../
    19 Jun 2011, 02:29 PM Reply Like
  • Philip Davis
    , contributor
    Comments (1336) | Send Message
     
    Author’s reply » I tried to read Larry's whole rebuttal of Reich but it's just the same lies and misdirection cranked out by the Heritage Foundation for decades while the middle class is raped and pillaged by the top 1%.

     

    crooksandliars.com/tax...

     

    Thank goodness Larry is there to spoon-feed this BS to Conservatives - just in case one of them should actually begin to question the dogma and break ranks.

     

    I especially loved the very misleading link in open secrets to a chart that was filtered to make Larry's case. If he's right about the Unions wielding power through contributions then he is sure to be furious about "American Solutions Winning the Future" who spent twice as much as the Service Employees International Union last year.

     

    www.opensecrets.org/ov...

     

    Who are American Solutions? PLEASE: en.wikipedia.org/wiki/...

     

    And yes, big corporations spend almost as much money trying to bribe Democrats as they do Republicans - That's why our WHOLE system is a joke and not just the Republican side of it....
    19 Jun 2011, 06:14 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    Phillip, the way debate works is that to be taken seriously (rather than just another Liberal who doesn't know what he doesn't know), you must provide SPECIFIC rebuttals to each and every point made, supported by evidence.

     

    I can't wait.

     

    And no filtering is necessary. Just list the largest donors and you'll see that corporations donate equally to both parties and outspend unions only 53-47. And for every American Solutions, I'll give you a Democratic PAC.

     

    So, specific rebuttals with evidence, or more of the same broad dismissal that you cannot substantiate?
    19 Jun 2011, 07:38 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    Let me also add -- thank you for providing that list of 527 donors. Because if you add up just the top 30, you find that 18 skew Democratic, 7 skew Republican, and 5 appear non-partisan. Total Expenditures skew $96 million Democratic and $59 million Republican. So you see, you can filter it any way you like Phillip, and you are still wrong.

     

    I eagerly await your point by point rebuttal to my article.
    19 Jun 2011, 08:13 PM Reply Like
  • Andrew Butter
    , contributor
    Comments (1622) | Send Message
     
    Your point that the lobbyists pay-off all politicians, not just the ones in power at the time, does not prove that a system where you can buy politicians is democratic.

     

    In India they call that the 60:40 rule, you pay 60% to the guy in power and 40% to the guy who is not in power.

     

    That's pretty much how it works in USA.

     

    I await, with baited breath, your "civilized" rebuttal to my point in the "debate".
    19 Jun 2011, 11:34 PM Reply Like
  • tom007
    , contributor
    Comments (92) | Send Message
     
    Thanks for you rebuttal to the pervasive lies of the powerful and their dupes.
    19 Jun 2011, 07:24 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    You're welcome. Spread the word.
    19 Jun 2011, 07:38 PM Reply Like
  • Philip Davis
    , contributor
    Comments (1336) | Send Message
     
    Author’s reply » Yes Larry, I have nothing better to do than go over your nonsense point by point.

     

    I will just point out that Larry is using a very clever diversionary tactic to defend Big Business and distract people from the real money. Look at him pick out "Total Expenditures skew $96M..." - this is just silly.

     

    LOBBYING is $3.5 BILLION with 12,000 lobbyists speaking to our 600 representatives - THAT'S where the influence is and that's where unions are outspent 100 to 1 by Big Business but, of course, anyone who's seen their way of life destroyed these past few decades doesn't need a spreadsheet to tell them the obvious:

     

    www.opensecrets.org/lo...

     

    www.opensecrets.org/lo...
    19 Jun 2011, 08:48 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    Thank you, David. You will note that all i did was post a rebuttal. As is often the case, the Liberal initiated the insults and incivility. I merely responded in kind.
    20 Jun 2011, 12:21 AM Reply Like
  • davidshelton
    , contributor
    Comments (311) | Send Message
     
    "Two wrongs don´t make a right!" - sorry, no moral high ground for you ;)
    20 Jun 2011, 01:19 PM Reply Like
  • Larry Meyers
    , contributor
    Comments (436) | Send Message
     
    Not claiming it. Just pointing out another fact! :)
    20 Jun 2011, 01:30 PM Reply Like
  • GreenRiver
    , contributor
    Comments (3837) | Send Message
     
    America dropped its d!&k in the dirt when we made this land such a hostile environment to manufacturing.

     

    Look around the world today. China's economy is booming, and that boom is rooted in China's manufacturing economy.

     

    Germany is doing quite well also, as is Scandinavia, again, based on the strength of the manufacturing sector.

     

    And what are we doing here? Well, for starters, the NLRB is carrying water for the Machinists Union, trying to prevent Boeing from opening an already completed plant near Charleston, SC, and preventing the creation of 7000 badly needed high paying skilled positions.

     

    Everyone talks about healthcare costs, growing at 3x the rate of overall economic growth. The problem isn't the rate of growth of healthcare expenses, the problem is LACK OF GROWTH in manufacturing employment.

     

    If we don't get back to a healthy balance between the wealth PRODUCING part of the economy (manufacturing, mining, agriculture, resource exploitation) and the wealth CONSUMING part of the economy (service sector, etc.) we will be doomed. Or perhaps we already are.
    20 Jun 2011, 12:08 PM Reply Like
  • tom007
    , contributor
    Comments (92) | Send Message
     
    "Thanks for you rebuttal to the pervasive lies of the powerful and their dupes.
    19 Jun, 07:24 PM ! Report Abuse 0
    Larry Meyers Comments (231)

     

    You're welcome. Spread the word.
    19 Jun, 07:38 PM "

     

    Er, the response was ment to be directed to Phil.
    28 Oct 2011, 07:30 PM Reply Like
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