Inequality for All: Robert Reich Warns Record Income Gap Is Undermining US

[Coyotl]

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Published on Sep 13, 2013

http://www.democracynow.org - Five years ago this weekend, the Wall Street giant Lehman Brothers collapsed triggering the worst financial crisis since the Great Depression. Today, the divide between the 1 percent and the 99 percent is as great as ever. According to one recent study, the top 1 percent has captured about 95 percent of the income gains since the recession ended. "Since the recovery, almost all of the gains have gone to the very, very top. People who are in the top 1 percent are doing even better than they did before the Great Recession, better than they have done since 1928," says former Labor Secretary Robert Reich. "Most Americans are on a downward escalator. Median wage in the United States, adjusted for inflation, keeps on dropping."

Reich is the focus of the new film, "Inequality for All." In this interview, he also talks about Syria, the second anniversary of Occupy Wall Street on September 17, Obama's healthcare plan and Milton Friedman's connection to the Pinochet dictatorship in Chile.

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[House of Roberts]

1. Thanks for this.

This morning there was a bad satellite link to Free Speech TV or something, that kept interrupting the broadcast.

[Fantastic Anarchist]

2. They don't care if it undermines the US.

The cartelization of capital under state tutelage isn't confined within national boundaries. Globalization (neoliberalization of world markets) has made it possible to exploit resources in the underdeveloped world, use them as markets for their goods, and then repatriate those profits and interest (finance capital) back to the host country. The elite continues to stay elite, while the under classes die off. Old capitalism, at least, had a constraint - when your market couldn't afford your products, you had to raise wages to compensate, but now, you just seek some third world country with lax labor laws, and with an elite of their own that will open their markets, and you have a win/win. Today's internationalization of capital can kill the host nation while exploiting the resource nation, and the elite won't feel a pinch.

Easy as pie.

[fasttense]

6. Actually capitalism always abused and exploited one group or another.

The US used South America, India, (a huge country, has always been a capitalist society but they have always been a very poor country) and to some extent Asia to exploit while bringing the goodies of capitalism back to the US. But today in the US, because there is no labor shortage or controls on abusing and exploiting labor right here in the US, we see dropping wages and vast poverty and inequality like you use to see only in South America. Don't fool yourself, no vibrant middle class will form in China or India unless the people rise up in vast numbers and revolt against capitalism.

Capitalism always has winners, usually just a small handful, and losers, usually the vast majority of citizens. For a while, using regulations, the US demanded that some of the national wealth go to the middle class. But the big winners don't like a healthy democracy and middle class. It prevents the handful of winners from controlling the powers of government. It made the 1% feel like they were caged in from using all their wealth to bribe and corrupt. When you can't bribe a politician or national leader, your money loses it's value. What real power does money have if it can't be used to bribe and corrupt others to do your bidding?

So the handful of uber rich capitalist winners have worked very hard to make their wealth the ruler of all. Now in America you can't even run for a political position unless you have vast wealth or you have someone willing to use their wealth for you.

Nothing good ever comes from the uber rich class. Brilliant scientist, amazing artists, powerful writers and beautiful film ideas always, always come from the middle class or the poor. The uber rich contribute NOTHING to the advancement of society. The only thing the rich excel at is politics and they don't like it when a vibrant middle class gets in the way.

[Fantastic Anarchist]

7. I agree, and your scenario is just a logical extension from my post.

I didn't get to the "whys", just stating the observation of the cartelilzation and internationalization of capital. As to the why, you explained it very well.

[JDPriestly]

3. Robert Reich -- the conscience of the Clinton administration.

Does the Obama administration have anyone with Reich's conscience and social point of view?

I can't think of anyone.

[gopiscrap]

4. It sure is, just think about the last time we were headed this way and

what happened: Depression!

[Left Coast2020]

5. Would be nice if this film opened up in a big way as

Sicko did for Michael Moore.

Then it would get more people talking..just in time for next years election.