The Real Reason the Economy Might Collapse | Robert Reich

The wealthy now own more of the economy than at any time since the 1920s. Meanwhile, millions in this country are barely scraping by.

Closing our staggering wealth gap isn’t just the right thing to do. It’s essential to save our economy from collapse.

#WealthInequality #JeffBezos #BillGates

[CeNTuRiOn]

Back in the 1950's the highest tax rate was 90% and companies were forced to invest in their workers and business, the result was the biggest boom and growth of the middle class in history, Reagan became President in 1981 and started a lot of the problems that are in play today.

[mountainman]

Sick of it! I just happen to be the perfect age to have witnessed this firsthand. I have had the same job my entire life, as a Structural Ironworker, that my father had his entire life. One of the most dangerous, and underpaid jobs in this great country of ours. Unfortunately, I have seen the stagnant wages, not even keeping up with the cost of living, for the last 35 years. Hard to believe, but I actually make the same amount of money that my father made nearly 40 years ago. He was able to afford a house, multiple cars and a good standard of living for his family, while even maintaining a savings account so he could afford an emergency. He also sent 2 kids of 4, to college. I can do none of these things. A terrible result, caused by the terrible greed of the rich in this country. Shameful!

[MindEyeMediaVR]

We're repeating the Gilded Age and the Great Depression all over again. However, between global warming, excessive plastic pollution, and the ongoing pandemic, I'm afraid that this go-around will be even worse than before.

[widowkeeper]

Just what I always wanted while I was sitting in history class learning about the Great Depression, "I TOTALLY wish I could go through that just like my neurotic grandmother who was so traumatized she never threw anything away again for the rest of her life and became a hoarder!"

[warlockpaladin]

This was never by accident, this was always by design.

[ChrisG]

It's almost like people shouldn't need a college degree to be meaningful contributors to the economy and shouldn't need a college degree or back breaking trade job to afford to buy a home and start a family.

[bobyoung]

My question remains the same: When the wealthy own the very tools we once depended upon for change - legislators and the legislative process - is there any resolution that does not include force? We have been chipping away at this for decades and have gotten nowhere. The rich and powerful play by a different set of rules yet we continue to play the game. When do we get to reset the agenda, and with what?

[mikekolokowsky]

What I like about Reich is that he explains complex concepts is an easy way.

[dillon]

If we're being honest, the economy needs to crash. Permanently. Consumerism is destroying the planet's ecosystems and the last thing we need is more people using more resources at this point.

[davesy]

The best thing a rich person can do is pay their workforce well, especially at the lower levels, this keeps money circulating and helps the economy.

[Soleilune]

If the rich won't consume enough to keep the economy going, then we must instead consume the rich. 🤤

[downhilltwofour]

When the Credit Card industry took off in the mid-1970's I knew where it would all end up and we are there now!

[krejados]

The Jenga analogy perfectly illustrates the perils of the current economic structure.

[Cantfindahable]

Mitch McConnell said “ a rising tide, floats all boats” the problem is only the top 10% have a boat, if I had more money I would buy more clothes a car maybe also go out to eat and tip better not to mention hiring a yard guy and donating to charity. As time goes on we will have to eat the rich! I’d like to ad I took a trip to a poor country and felt so bad that I was so much better off than the people there I couldn’t even enjoy my trip. Our “ rich “ are sick, how can they want more than they could ever spend while others suffer?

[RockStar]

Another clear and concise video by the legend himself!! 👌👌😎

[stryfespoint]

So from the brilliant breakdown of the video/subject matter, history is on the verge of repeating itself at dangerous new levels. As always, thank you Mr. Reich for your insight.

[herohero-fwvc]

Dr Reich is a legend. Thank you for educating us.

[puti]

The Trickle Down Poverty has been well Implemented in the US since Don Reagan . Now the US needs to try The Trickle Up Poverty Economic Model.

[timmmahhhh]

It is so refreshing to know you figured this out Mr. Reich. It seems like that for every economist like you or Paul Krugman there are a hundred others with their heads too far up Ayn Rand's posterior too blinded by their greed to ever figure this out.

[TrapperAaron]

If only people like Rob had actual influence in political decision making.