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democracy now-income gap threatens democracy

submitted by enoch

1 decade 9 months ago

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.

4 Comments

*promote

Promoting this video and sending it back into the queue for one more try; last queued Monday, September 16th, 2013 1:31pm PDT - promote requested by deathcow.

haven't even watched the video yet and my response to the title is: Duh!

now that I am watching the video, I will say he didn't respond very well to the that one pundit. The biggest thing he ignored is the huge strawman the pundit constructed where labor makes everything and there is no profit. Bullshit. At no time did he argue that companies will be making no profit and labor will get everything. Huge strawman.

You could probably triple or quadruple the minimum wage and a lot of these companies would still be making money hand over fist.

they keep ignoring the fundamental issue. You give poor people more money...THEY WILL SPEND IT!! = huge boost to the economy. If you give rich people more money that they don't even need, THEY HOARD IT AND TAKE IT OUT OF THE ECONOMY!!. The republicans have it backwards, it's not trickle down economics, it's trickle UP economics. Where do you think businesses get their money in the first place.....the people at the bottom buying their products.

If you fuck over the poor, you interrupt the cycle and you've got no one buying your shit.

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