The Big Economic Story, and Why Obama Isn’t Telling It

[defendandprotect]

The Big Economic Story, and Why Obama Isn’t Telling It
by Robert Reich

Quiz: What’s responsible for the lousy economy most Americans continue to wallow in?

A. Big government, bureaucrats, and the cultural and intellectual elites who back them.

B. Big business, Wall Street, and the powerful and privileged who represent them.

These are the two competing stories Americans are telling one another.

Yes, I know: It’s more complicated than this. In reality, the lousy economy is due to insufficient demand – the result of the nation’s almost unprecedented concentration of income at the top. The very rich don’t spend as much of their income as the middle. And since the housing bubble burst, the middle class hasn’t had the buying power to keep the economy going. That concentration of income, in turn, is due to globalization and technological change – along with unprecedented campaign contributions and lobbying designed to make the rich even richer and do nothing to help average Americans, insider trading, and political bribery.

So B is closer to the truth.

But A is the story Republicans and right-wingers tell.

http://robertreich.org/post/2060506381


----------------------


And, we should notice, these are the very people who created the corrupt and criminal

environment -- and then were bailed out by taxpayers!

Probably the greatest financial coup of all times -- !!

Question for voters is ... will our Congress filled with millionaires and or multi-

millionaires save us from any of this?