You should move to an economically fair and equal country in sub-Saharan Africa such as Chad or Somalia - there are very few wealthy people to vex you so. The entire population lives in dirt poverty, there is very little industry, and few people live past their 40s - as per the Left's utopian dream.
Anakin Skywalker AWWWWW, what's a matter boo boo...anyone who disagrees with you should leave the country? Don't you understand this nation was FOUNDED on dissent. Now go get yourself a blanket and juicebox and get ready for naptime.
Aris Teon I think the joke is going to be on them this time around. We're talking, and what used to go on behind closed doors is being seen for what it REALLY is. Maybe this time they went too far. We'll see. The main body of the population still haven't completely figured out what's happened yet, and are still listening to the "placate the masses while we exit stage left" Bullshit. But screw with the Yanks and they'll lynch ya once they get rolling, AND they have proven they WILL hunt you down if they have half a mind to. It's still anybody's game.
So looking back to this presentation RR accurately sketched out the picture of how our society was taking shape. It also accurately depicts his projection of what was to come. All you have to do is fill in the colors.
It would be interesting to see how the graphs have proceeded the last 15 years. I live just above poverty and can not afford to help my kid or go on a vacation. I have a mountain of student debt that I will never be able to pay off. I basically live to work till I eventually die or get some health issue. I see many of the rich people in my everyday job and can tell you they do not care about fairness. People only care about what affects themselves.
I am snapped and this is class war. The working poor are the people who have been let down by the political class who are self serving and privileged. Give politicians the minimum wage.
“The ‘working poor’ are the dog-whistle equivalent of poor whites - the continuation of the Southern Strategy, now nationalized (thank you, Lee Atwater, 1988). It’s the same race-based, divide-and-conquer system that’s been used in the country since the Southern landed aristocracy via its Democratic Party snuffed out the brief & hobbled “Reconstruction” after the Civil War, thus bequeathing to impoverished white Southerners another century of psychological superiority over somebody to distract them from their political reality...
What is really important is that there were alternative paths we could have taken the past 30 years that would have created at least almost as much total growth (perhaps just as much or a little more) but the increases would have been more equally distributed. Compared to the possible alternatives we could have had, the economic policies of the past 30 years were a big mistake.
Not being cynical is the hardest part. We're facing a wave here. A wave of people who are so beyond reason and so quick to anger, blaming, and spouting vitriol, that they have effectively barricaded themselves preventing any sort of connection. Sadly this barrier, this refusal to participate in effective politics, only benefits those at the top. Great speech either way, very informative, and a lot of new thoughts for me. I will try to remain optimistic.
Yes, especially the last 10 minutes or so. He basically predicted the populist alt right movement we're seeing right now. Blaming Jews, libs, immigrants, etc instead of looking at the data to see that it's actually growing and unsustainable economic inequality that's a major root of many socioeconomic problems in the country/world.
Ten years later and inequality has only gone from bad to worse, yet politicians do nothing! Bernie Sanders is the only politician who genuinely cares about fairness in the system
Let's see. What happened around the time wealth growth began to favor the wealthy? Oh yeah, Ronald Reagan's tax cuts. Let the wealthy keep more of their wealth and they will reward the lower classes with a "trickle" of the good life. How is that working out?
We've known this how long now? What are we waoting for? Do you think they're going to have mercy on us anytime soon? No wonder people are dropping like flies from addiction, suicide and mass shootings!
If only the left would come back to center and not alienate the majority of Americans with their radical ideology. Maybe then they could make some progress with reforming taxes and fixing some of these disparities. As long as the dems keep their far left agenda they’ll keep creating Trump presidents.
As for the housing policies in the US - there were programs to have development projects to include a percentage of low income housing within the project - and even though it is encouraged on paper - in reality the local populations protest these development projects - because the - "well to do" - don't want low income housing in or close to their neighbourhoods. And real estate agencies that accept coupons for rental assistance (from the government) are only in low income neighborhoods - and in the well to do neighborhoods - the real estate agents refuse to accept rental assistance coupons. It is the rich discriminating against the poor - and the fairness you talk about is given lip service - but when push comes to shove - the rich, only want to live side by side, with the rich and actually fight to keep low income families out of their neighborhoods. Gentrification is the values of the 1% - 10% ers... And they will look at you as a bleeding heart. And another thing... even if the majority of citizens want a fairer system - the 1% ers pay lobbyists to pay off the congress to repress changes. Until you get money out of politics - nothing will change. I think we are heading for a snap break. And soon. And this shows one thing - most rich people are ignorant... even if you share this information with them - they will continue to push society towards the snap break scenario.
buy american. man you are stupid. and also very selfish. this is most likely the greatest fallacy in all of economics. buying foreign and trade is always beneficial but people like you dont want to loose your jobs but the reality is it creates more jobs
Globalisation is not a geni that can be stuffed back in the bottle. If America refuses global trade, it will be to it's detriment and you will see other economies advance in it's place. Not that I know the answer, but enforcing stronger regulations/taxation is a start.
"We started the class struggle, and we will win it!" Warren Buffett The investor Warren Buffett, one of the 10 wealthiest persons in the world, has in the past voiced his opinion on whether there exists class warfare, and who is waging it. In 2005 Buffet said to CNN: "It's class warfare, my class is winning, but they shouldn't be." In a November 2006 interview in The New York Times, Buffett stated that "[t]here’s class warfare all right, but it’s my class, the rich class, that’s making war, and we’re winning." Although Thomas Jefferson (1743-1826) led the United States as president from 1801-1809 and is considered one of the founding fathers, he died with immense amounts of debt. Regarding the interaction between social classes, he wrote: "I am convinced that those societies (as the Indians) which live without government enjoy in their general mass an infinitely greater degree of happiness than those who live under the European governments. Among the former, public opinion is in the place of law, & restrains morals as powerfully as laws ever did anywhere. Among the latter, under pretence of governing they have divided their nations into two classes, wolves & sheep. I do not exaggerate. This is a true picture of Europe. Cherish therefore the spirit of our people, and keep alive their attention. Do not be too severe upon their errors, but reclaim them by enlightening them. If once they become inattentive to the public affairs, you & I, & Congress & Assemblies, judges & governors shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions; and experience declares that man is the only animal which devours his own kind, for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor." -Thomas Jefferson, Letter to Edward Carrington - January 16, 1787 With the "coup" of the creation of the Federal Reserve, in the U.S. this knowledge has been deleted from the minds of most Americans. The manipulations of the Koch brothers Network, Wall Street and Goldman & Sachs, the Republicans, the mass media and the neo-liberal economic institutions have done a great job. ;-)
This is a great lecture. One of the things I seriously miss about my college days. I'm almost afraid to share it with anyone on the other side because of the backlash they would throw back. Durr all you do is support Fartbama, don't take my guns, don't tax me (even though they don't make crap)... They would never listen to the whole thing because the machine gun delivery of Fox and Rush is more satisfying to them. Very sad.
JUST A GENTLE REMINDER: REMEMBER THAT MISTER REICH IS HIMSELF A NATIONALLY SUCCESSFUL POLITICIAN. HE THEREFORE KNOWS, VERY WELL, HOW TO SPEAK, TO BEDAZZLE , TO CONVINCE. THE SAME, OLD PRECAUTION APPLIES TO HIM. WHENEVER HIS LIPS ARE MOVING, DO NOT BELIEVE HIM.
The research and writing about this growing inequality started around 1983 and now in 2012 we are in the worst position in this regard since the 1920s.
Thank you for your time, Robert Reich! You are greatly appreciated for your efforts. I'm sure it does not get said enough. It is difficult to look around us and not be disappointed. Again, thank you for the efforts you are making to reach the minds that remain open and capable of being the change that we need.
We fortunately have a candidate that represent these values (Bernie Sanders) , but I'm not sure whether Americans, specially Democrats would want him. A rare opportunity that won't come for decades should be taken seriously.
soapbxprod we are talking about the Scandinavian countries, that is the right comparison because they are all industrialized countries. Why bring a third world country like Venezuela into the context? It shows how shallow minded your thinking capacity is. Very sad
Alhassan Gangu actually Venezuela was not a third world country and very successful in mining and oil with a booming economy with modern manufacturing. Not sure where you get your info from. Why do y’all think you could do it better when socialism has never worked in history.🤦♂️
OH, REALLY ????? BERNIE PANDERS? THE GOOD, OLD, HONEYMOON IN MOSCOW GUY? PLEASE REMEMBER THAT HE WENT TO MOSCOW BEFORE HIS FIRST MARRIAGE. BACK THEN, THE RUSSIAN MKVD WERE STILL TORTURING AND MURDERING PEOPLE. IN THAT FAMOUS MOSCOW PRISON. YOU WOULD PROBABLY VOTE FOR VLADIMIR PUTIN, ALSO. WHEN HE HELD HIS FORMER JOB.
I think everyone should contribute to society (paying tax) according to their wealth and that's not happening anymore (I mean society gave them that wealth).
If those claiming to represent "society" were not there when the hard work was being done, then those claiming to represent "society" should not be there to reap the rewards.
David Metzler - I cringed when I saw the inserted Hayden apparition. But then, I cringed in that same 3rd movie when Vader's mask was removed and he was revealed as some strange old man with a quivering voice and British accent. And I can't even watch the remake of the 1st movie that removed all the great fun, surprise, and roguish charm of Han Solo by making Greedo shoot first I'm glad that we at least agree on the issues that are really important!
It wouldn't 'require' government intervention. A company can set it's own policies this way without any government intervention, in theory. Also, projected bonuses and salary are not private property until they have been rewarded to a person. If we can set a minimum wage, there's nothing unconstitutional about making a maximum. I am not calling for a wage cap, I am merely expressing that rampant wage disparity has a corrosive effect on society. Peter Drucker supports this claim.
It is now 2012 and the facts speak for themselves. Poverty is the only thing money cannot buy. This vid is a good tool to use while fixing stupid...Thank You
the sollution is simple, 30% income tax on the rich, create new laws to limit the power of the wealthy in the political system, public funding of election campaigns, politically appointed public officials must make public their corporate associations, Senators and Congressmen/women must have access to publically employed advisors, laws should not be written by corporate lobbyists, invest the money in removing/lowering the federal budget deficit, invest in affordable education, health care, invest in Research, Infrastructure: the InterState highway system, high voltage power lines, canals, dams, bridges, tunnels, etc. rebuild America, create jobs in America with decent ethical wages for workers without college degrees.
He has an important message in the fact that Chinese are even losing jobs to automation. The work for money is system is widely broken. It works for such a small percentage and education just isn't the answer. It's about restructuring the monetary and work for money systems.
A very entertaining and exciting lecture. A great man who talks sense, after listening to so much "Tea Party", Milton Friedman and Wall Street crap. This film was made in 2005, if I`m not wrong. What would he have to say after the Lehmann collapse and what we have learned since about the banksters? The presence of such people in the U.S. seem to be very limited, if can you believe the media and what they tell you;-)
if you have listened to the tea party and milton friedman, how can you not see the poor economics being exposed here? a short read of FREE TO CHOOSE surely would help. sorry i have bad left hand
***** Well since your negative quip about my economic knowledge , I will have to reply. I have taught Economics. I got my degree at U of Az 1991. I have listened to Milton and I know a little about Economics. And if you think Reich is not a left wing Keynesian political hack, explain why Keynesian Economics, the theory Reisch trumpets, Is not even taught to graduate students any more at UCSD, Cal. Tech etc… Economists are the ones in Universities that spend their lives researching economics. Reisch and Krugman spend their time as Democratic operatives who are willing to lay our future at the foot of a Political party for their own gain. Just go find any interview with Krugman trying to say minimum wage laws are Good without making it clear by his own countenance that he is squirming because even Krugman and Riesch cannot, with a straight face, approve of minimum wages. Although Reisch is such a whore he may even look like he believes it.
Dixie, There is another problem in this country and that is the lack of civil discourse and your comment is an outstanding example. Are you biased simply because Dr. Reich is jewish or because he is short of stature? His lack of physical height is more than compensated for by his superior intellect. Redistribution of wealth has been going on for years, from bottom to top, Read David Cay Johnston's books and learn how. Your naiveté regarding the economy seems endless.
Thanks, Dale. But sadly, as you intimate, Dixie is representative of the craziness that Reich mentioned when he notes the rise of a type of "angry, divisive populism,..that blamed a lot of people.. some of them were scapegoats of that populism... People who need targets of resentment... that blames Jews.. blames the French,.. blames others... The politics of resentment that plays upon anxiety and frustration..."
I think his heart is in the right place, but he buys too much into the system, and thereby accepts that 'it's just the way it is.' The power for change resides in us serfs; it always has. But we need to first awaken from the dream, or nightmare, if you prefer. Can we find more ways NOT to cooperate with corruption on a small or large scale, which is both self-destructive and destructive to society as a whole? IMV things are too far gone now to prevent a total 'crash' or 'snap.' When the rich make the poor desperate and hungry enough, instinct will take over. It is my prediction that it will start somewhere and spread globally, like a wildfire. The late, and brilliant George Carlin was looking forward to it, bless is psycho soul.
@adulby That second line was the 9% directly under the top 1%, so that point really isn't incredibly relevant. Furthermore, he actually has a graph later on, around 13:30 where he compares the growth rates directly between different peoples' incomes.
@TheHolySTD You're right. I actually looked only at the relative and not at the absolute increase, and the latter is the one that matters when starting conditions (i.e. respective net worth in 1961) are not the same.
That commercial showing the Keystone Pipeline workers more than exemplifies what Mr. Reich speaks about accepting whatever work you are offered, no matter the consequences. Pipeline workers from all over the US have not internalized the 'less poverty' model.
his chart at 11:11 actually shows that the percentage difference is getting much smaller. So people in the top 1% relative to the next 9% are only about 6x richer now compared to about 12x richer in 1962. The graph would be more informative as percentages of the top 1%.
Oh, and btw, this man is a labor attorney and economist and look at his leadership skills. Could you see dubya making this speech? Could you see "ooops" Rick Perry making this speech?
Richard and Rhoda Goldman - the school was named after them in a spirit of equality, and how kind; Richard and Rhoda no doubt lived their lives in grinding poverty.
We see them now. Million Dollar rooms is on TV every week, and even if we're just at an Online satellite map website, the houses of conspicuous consumption are usually the first things we can see from space. What is the 'snap' point? How about when we cannot afford to put gas in our cars, and a $80,000 Hummv drives by. Or when we ask for a living wage, when corporate profits are at an all time high, then the millionaires in Congress refuse to pass jobs bills.
@FnordPerfect there is a problem with what you are measuring, you are looking at the growth of household wealth not the disparity between them, so in 1962 the disparity is 5,2 - 0,5 = 4,7M$ and in 2001 it's 13 - 1.8 = 11,2M$ so we are looking at an increase in wealth inequality of about 238 % for the to groups
Another aspect of this is... who determines the value?... because a highly regulated and speculation based market sure as hell doesn't... If a person supports the theory that our current market is an ideal way of determining the value of a person's work... Then monopolies wouldn't be illegal. This is because that sort of exploitation is not conducive to a functional society.
You stats are wrong. The distribution of wealth in this country has not changed much since 1922. In that year, the top 1% had 36.7% of the wealth compared with 63.3% for the bottom 99%. In 2010, the numbers were 35.4.% for the top 1% and 64.6% for the bottom 99%. It actually shows a slight gain for the 99%. Source - Norton, M. I., & Ariely, D., "Building a Better America - One Wealth Quintile at a Time", Perspectives on Psychological Science, January 2011 6: 9-12
Amen, and if anyone takes the time to read her resume and listen to an interview of some length or one of her lectures they will see a very smart, very accomplished woman who is well prepared for political office. What a contrast to the Palins and Bachmann's on the right
The idea of nations splitting into separate societies is horrifying. It sounds practically like the threat of a neo-feudalistic, anti-democratic society. The 'Two Americas' that John Edwards has been talking about has, sadly enough, already become a reality.
And this is from a Canadian. This man knows what's going on. Five years later - Has anyone listened? A wonderfull lecture. Does this give you a hint of where education will be going in 20 years? Taped presentations that are accurate for all to see. Start talking about that one.
Of course, I agree. I am not advocating communism... and I don't believe everyone should receive the same wages... but I sure as fuck don't think that CEO's making a 5 year plan and a company slogan deserve a 10-20 million dollar reward. My point is that there is much more value in the work of laborers than they are compensated for. That is how billionaires become billionaires; they withhold the just fruits of another man's labor. There isn't a single instance where this is not true.
THis man has some actual answers, he is saying that most of us DO have a sense of right and wrong. That most of us are morally correct in wanting fair play. He talks about the snap, the results from widespread poverty grows and turns into anger and violence and the politics of resentment and begin to act-out these feelings. Then you have to worry about a police-state,
Self employment requires a marketable skill, or investment capital... not everyone comes from an environment that offers them either of these essentials.
@luvcheney GDP per capita is a stupid measure. Case in point: If you have a group of 100 people in which 5 persons makes $200,000 and the bottom 99 persons have just over 10k each (totalling $1,000,000), the per capita GDP would be 20k. Another nation in which everyone makes 15k would have a per capita GDP of 15k. And yet, that other nation would have 90% of its population living at a higher level than the "richer" nation. And we haven't even talked about assets!
Absolutely, she is a brilliant woman in a time of ignorant politicians especially on the right. I couldn't care less if she 1/2 of one percent Cherokee, Black, White, or Asian. She is a highly qualified candidate at a time when much of the population takes airheads seriously.
The nonpartisan Congressional Research Service (CRS) reported: The total amount spent on these 80-plus federal welfare programs amounts to roughly $1.03 trillion. Importantly, these figures solely refer to means-tested welfare benefits. They exclude entitlement programs to which people contribute (e.g., Social Security and Medicare). Subsidies to businesses in the federal budget in Fiscal Year 2012 cost taxpayers almost $100 billion, according to a new report from the Cato Institute.
Yes, it is fair. Unless the CEO breaks the law, he's entitled to whatever he makes. Fair means we're all playing by the same rules, it doesn't mean everyone has the same ability, head start in life, family wealth, etc. The alternative is to have the government make it 'fair', and they can't pass a budget, or make Medicare, Medicaid, or Social Security solvent, or stop illegal immigration. You want those people to make it 'fair'?
His net worth chart really should use a log scale on the Y axis. It's hard to see changes in any but the top curve. And he says he's an admirer of Tufte!
Very interesting and agreeable argument inside a enjoyable presentation. The only issue I have with the talk is that I wish he had more graphs/concrete information related to the 'snapping' debate near the end of his presentation, more statistics about the psychology and sociology involved in the argument would have been nice, the lack of these made the conclusion a bit too sentimentalist for my taste.
The policies Robert Reich espouses would transfer all power to those people and companies who have direct or indirect access to "special drawing rights"everyone else will have to scramble for a smaller piece of shrinking production.His life work has been to create a growing caste of the indigent.
I didn't hear any solutions here, just some pretty accurate predictions but no accountability! Who is responsible? What needs to be done? So, what's the point of this?
I thought the North's factory workers were oppressed? I'm not familiar with the German Constitution, does it provide for individual freedom or does the Reich come first?
Current political corruption will make snap back nearly unachievable. While the heavy American patriotism will make the robber band more robust, but if it does break, the consequences will be that much more worse.
I suppose the most successful economy would be one which consisted of worker-owned businesses... This has several positive effects... Workers have more motive to build a successful business, everyone receives their fair share, billionaires are highly unlikely, yet the possibility still remains. This is what John Adams truly aspired toward... If you want a system that works, it must consist of worker owned businesses, small government, with very little regulation, if any..
Wow, I never been interested to view life in macro economic perspective. But this guy is very intelligent especially about the US economy progress. His endorsement and contributions to a guy like Obama will be very needed. Hope we can all be awaken up! God Bless All of Us...
Your contention is that people are not entitled to their property and that the government has a right and duty to take it away from people who accumulate what you consider too much? Most billionaires are only rich on paper, they don't actually have the cash/gold hoarded somewhere. So should we take away the paper when it accumulates to an obscene level? What if we take most of it away and the remainder depreciates greatly, do we have to restore the paper now?
What is wrong with our educational system, that is produces such mindless tools of the existing system? This man speaks truth, yet so many of these "comments" are negative. I am one of the working class majority, who was (until 2008) a member of the middle class. I can see no bigotry in targeting the "rich" minorities - since they have obviously targeted the socio-economic majority.
8 years later and if anything the separation is MUCH WORSE NOW.
You should move to an economically fair and equal country in sub-Saharan Africa such as Chad or Somalia - there are very few wealthy people to vex you so. The entire population lives in dirt poverty, there is very little industry, and few people live past their 40s - as per the Left's utopian dream.
Get a life Star Wars Boy. The tape on your glasses is showing.
Anakin Skywalker AWWWWW, what's a matter boo boo...anyone who disagrees with you should leave the country? Don't you understand this nation was FOUNDED on dissent. Now go get yourself a blanket and juicebox and get ready for naptime.
Anakin Skywalker That rather sounds like the kind of country some neoliberals would like the US to become. The rich at the top and the rest starving.
Aris Teon I think the joke is going to be on them this time around. We're talking, and what used to go on behind closed doors is being seen for what it REALLY is. Maybe this time they went too far. We'll see. The main body of the population still haven't completely figured out what's happened yet, and are still listening to the "placate the masses while we exit stage left" Bullshit.
But screw with the Yanks and they'll lynch ya once they get rolling, AND they have proven they WILL hunt you down if they have half a mind to. It's still anybody's game.
So looking back to this presentation RR accurately sketched out the picture of how our society was taking shape. It also accurately depicts his projection of what was to come. All you have to do is fill in the colors.
It would be interesting to see how the graphs have proceeded the last 15 years. I live just above poverty and can not afford to help my kid or go on a vacation. I have a mountain of student debt that I will never be able to pay off. I basically live to work till I eventually die or get some health issue. I see many of the rich people in my everyday job and can tell you they do not care about fairness. People only care about what affects themselves.
This man is a wonderful professor. He is crystal clear in his presentation and logic.
I am snapped and this is class war. The working poor are the people who have been let down by the political class who are self serving and privileged. Give politicians the minimum wage.
tell me, are the working poor self-serving?
Adrian, fire them all and let them.out. sooner or later they will eat each other alive
Working and Middle Class Below the Upper Middle Class
adrian, how about you fire the losers and give the money to the working poor and for program for non workers? that will be fair
“The ‘working poor’ are the dog-whistle equivalent of poor whites - the continuation of the Southern Strategy, now nationalized (thank you, Lee Atwater, 1988). It’s the same race-based, divide-and-conquer system that’s been used in the country since the Southern landed aristocracy via its Democratic Party snuffed out the brief & hobbled “Reconstruction” after the Civil War, thus bequeathing to impoverished white Southerners another century of psychological superiority over somebody to distract them from their political reality...
Two years before this speech, He wrote a NYT essay, “For Richer or Poorer,” in which he showed our return to the dramatic excesses of the 1890s-1920s.
What is really important is that there were alternative paths we could have taken the past 30 years that would have created at least almost as much total growth (perhaps just as much or a little more) but the increases would have been more equally distributed. Compared to the possible alternatives we could have had, the economic policies of the past 30 years were a big mistake.
Not being cynical is the hardest part. We're facing a wave here. A wave of people who are so beyond reason and so quick to anger, blaming, and spouting vitriol, that they have effectively barricaded themselves preventing any sort of connection. Sadly this barrier, this refusal to participate in effective politics, only benefits those at the top. Great speech either way, very informative, and a lot of new thoughts for me. I will try to remain optimistic.
I think this lecture was 2005? How right he was, I think the 'elastic band' he speaks of is definitely on the verge of snapping.
19:30 April 05 2005
This is very relevant to the problems in America and Europe at the moment
Yes, especially the last 10 minutes or so. He basically predicted the populist alt right movement we're seeing right now. Blaming Jews, libs, immigrants, etc instead of looking at the data to see that it's actually growing and unsustainable economic inequality that's a major root of many socioeconomic problems in the country/world.
He predicted Trump.
6 years ago a prophet said to get out of the West. He was right. i am glad i listened.
He flooded the US with cheap foreign labor as Labor Sec. in 1998.
I concur
@@tenminutetokyo2643 he wasn't the labor secretary in 98. He left in 96.
Ten years later and inequality has only gone from bad to worse, yet politicians do nothing! Bernie Sanders is the only politician who genuinely cares about fairness in the system
Excellent speaker! sharp minded and with a superb sense of humour!
David Traversa
He is a socialist!
No. Hes worse. hes a Marxist. SMH. What a Con Artist and Fraud this Mr. Nazi is
You don't know what you're missing. I'm here most every day, and skipping a day here or there will put you behind the enlightenment curve.
Let's see. What happened around the time wealth growth began to favor the wealthy? Oh yeah, Ronald Reagan's tax cuts. Let the wealthy keep more of their wealth and they will reward the lower classes with a "trickle" of the good life. How is that working out?
2017 says "pretty shitty, bruh."
2018 is not very good.
We've known this how long now? What are we waoting for? Do you think they're going to have mercy on us anytime soon? No wonder people are dropping like flies from addiction, suicide and mass shootings!
2019... "help"
If only the left would come back to center and not alienate the majority of Americans with their radical ideology. Maybe then they could make some progress with reforming taxes and fixing some of these disparities. As long as the dems keep their far left agenda they’ll keep creating Trump presidents.
A fine lecture! for another very interesting look at some of the same issues, Slavoj Zizek's book 'First as tragedy, then as farce' is recommended.
As for the housing policies in the US - there were programs to have development projects to include a percentage of low income housing within the project - and even though it is encouraged on paper - in reality the local populations protest these development projects - because the - "well to do" - don't want low income housing in or close to their neighbourhoods. And real estate agencies that accept coupons for rental assistance (from the government) are only in low income neighborhoods - and in the well to do neighborhoods - the real estate agents refuse to accept rental assistance coupons.
It is the rich discriminating against the poor - and the fairness you talk about is given lip service - but when push comes to shove - the rich, only want to live side by side, with the rich and actually fight to keep low income families out of their neighborhoods. Gentrification is the values of the 1% - 10% ers... And they will look at you as a bleeding heart.
And another thing... even if the majority of citizens want a fairer system - the 1% ers pay lobbyists to pay off the congress to repress changes. Until you get money out of politics - nothing will change.
I think we are heading for a snap break. And soon. And this shows one thing - most rich people are ignorant... even if you share this information with them - they will continue to push society towards the snap break scenario.
If Rome in 410 is any example, it can get much wider. We have a better voting infrastructure today but we need to strengthen and above all use it.
Those of you complaining about no solutions offered. UNIONS! BUY AMERICAN! VOTE FOR POLITICIANS WHO SUPPORT THE PEOPLE, THE WORKERS< NOT CORPORATIONS!
+Ami Blackwelder like Bernie Sanders.
buy american. man you are stupid. and also very selfish. this is most likely the greatest fallacy in all of economics. buying foreign and trade is always beneficial but people like you dont want to loose your jobs but the reality is it creates more jobs
Globalisation is not a geni that can be stuffed back in the bottle. If America refuses global trade, it will be to it's detriment and you will see other economies advance in it's place. Not that I know the answer, but enforcing stronger regulations/taxation is a start.
yep, I voted for Trump and I am quite happy so far
Which makes you beyond hope.
He called it in 2005, and we are living in snap break right now.
"We started the class struggle, and we will win it!"
Warren Buffett
The investor Warren Buffett, one of the 10 wealthiest persons in the world, has in the past voiced his opinion on whether there exists class warfare, and who is waging it. In 2005 Buffet said to CNN: "It's class warfare, my class is winning, but they shouldn't be." In a November 2006 interview in The New York Times, Buffett stated that "[t]here’s class warfare all right, but it’s my class, the rich class, that’s making war, and we’re winning."
Although Thomas Jefferson (1743-1826) led the United States as president from 1801-1809 and is considered one of the founding fathers, he died with immense amounts of debt. Regarding the interaction between social classes, he wrote:
"I am convinced that those societies (as the Indians) which live without government enjoy in their general mass an infinitely greater degree of happiness than those who live under the European governments. Among the former, public opinion is in the place of law, & restrains morals as powerfully as laws ever did anywhere. Among the latter, under pretence of governing they have divided their nations into two classes, wolves & sheep. I do not exaggerate. This is a true picture of Europe. Cherish therefore the spirit of our people, and keep alive their attention. Do not be too severe upon their errors, but reclaim them by enlightening them. If once they become inattentive to the public affairs, you & I, & Congress & Assemblies, judges & governors shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions; and experience declares that man is the only animal which devours his own kind, for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor."
-Thomas Jefferson, Letter to Edward Carrington - January 16, 1787
With the "coup" of the creation of the Federal Reserve, in the U.S. this knowledge has been deleted from the minds of most Americans.
The manipulations of the Koch brothers Network, Wall Street and Goldman & Sachs, the Republicans, the mass media and the neo-liberal economic institutions have done a great job. ;-)
OMG 😲! 2004 lecture. Prophetic? Or de ja vu?
This is a great lecture. One of the things I seriously miss about my college days. I'm almost afraid to share it with anyone on the other side because of the backlash they would throw back. Durr all you do is support Fartbama, don't take my guns, don't tax me (even though they don't make crap)... They would never listen to the whole thing because the machine gun delivery of Fox and Rush is more satisfying to them. Very sad.
JUST A GENTLE REMINDER:
REMEMBER THAT MISTER REICH IS HIMSELF A NATIONALLY SUCCESSFUL POLITICIAN.
HE THEREFORE KNOWS, VERY WELL, HOW TO SPEAK, TO BEDAZZLE , TO CONVINCE.
THE SAME, OLD PRECAUTION APPLIES TO HIM.
WHENEVER HIS LIPS ARE MOVING, DO NOT BELIEVE HIM.
79 would have been the same time marginal product and compensation diverged as well
As you are well aware
Prof. Reich, this lecture is a perfect explanation of the results of white supremacists ideology. Thank you for updating us.
The research and writing about this growing inequality started around 1983 and now in 2012 we are in the worst position in this regard since the 1920s.
34:00 predicts yang's platform
Robert Reich might be short in stature, but he is an intellectual giant.
This was shortly before the crash happened, holy lord
Thank you for your time, Robert Reich! You are greatly appreciated for your efforts. I'm sure it does not get said enough. It is difficult to look around us and not be disappointed. Again, thank you for the efforts you are making to reach the minds that remain open and capable of being the change that we need.
Any know where to get the powerpoint to the presentation or graphs? Thanks. Need for school presentation.
44:00 predicts bernie
Read the Powell Doctrine written in 1971.It set us on this course.
We fortunately have a candidate that represent these values (Bernie Sanders) , but I'm not sure whether Americans, specially Democrats would want him.
A rare opportunity that won't come for decades should be taken seriously.
This is 2018 now, nukestrom. Believe me, we want him, but he got screwed!
Oh yeah... move to Venezuela and stand in a bread line.
soapbxprod we are talking about the Scandinavian countries, that is the right comparison because they are all industrialized countries. Why bring a third world country like Venezuela into the context? It shows how shallow minded your thinking capacity is. Very sad
Alhassan Gangu actually Venezuela was not a third world country and very successful in mining and oil with a booming economy with modern manufacturing. Not sure where you get your info from. Why do y’all think you could do it better when socialism has never worked in history.🤦♂️
OH, REALLY ?????
BERNIE PANDERS?
THE GOOD, OLD, HONEYMOON IN MOSCOW GUY?
PLEASE REMEMBER THAT HE WENT TO MOSCOW BEFORE HIS FIRST MARRIAGE.
BACK THEN, THE RUSSIAN MKVD WERE STILL TORTURING AND MURDERING PEOPLE.
IN THAT FAMOUS MOSCOW PRISON.
YOU WOULD PROBABLY VOTE FOR VLADIMIR PUTIN, ALSO.
WHEN HE HELD HIS FORMER JOB.
Robert Reich is a very smart man and think with his heart as much as he dose with is brain.
I think everyone should contribute to society (paying tax) according to their wealth and that's not happening anymore (I mean society gave them that wealth).
If those claiming to represent "society" were not there when the hard work was being done, then those claiming to represent "society" should not be there to reap the rewards.
Anakin Skywalker Its impossible to take anyone who enjoyed the last three star wars movies opinion seriously.
David Metzler - I tend to agree. However, "Anakin Skywalker" was named by the 3rd movie in the first three Star Wars movies.
The name I don't mind but the digital Haden implanted in the third was egregious.
David Metzler - I cringed when I saw the inserted Hayden apparition. But then, I cringed in that same 3rd movie when Vader's mask was removed and he was revealed as some strange old man with a quivering voice and British accent. And I can't even watch the remake of the 1st movie that removed all the great fun, surprise, and roguish charm of Han Solo by making Greedo shoot first
I'm glad that we at least agree on the issues that are really important!
It wouldn't 'require' government intervention. A company can set it's own policies this way without any government intervention, in theory. Also, projected bonuses and salary are not private property until they have been rewarded to a person. If we can set a minimum wage, there's nothing unconstitutional about making a maximum. I am not calling for a wage cap, I am merely expressing that rampant wage disparity has a corrosive effect on society. Peter Drucker supports this claim.
I want to chill with this man.
How long, Robert Reich?
It’s about to SNAP… Any Day.
Ain't the ad hominem comments below a kick.
Don't think, react to the speaker.
Gosh, ain't America wonderful!
President Ad Hominem Trump
It is now 2012 and the facts speak for themselves.
Poverty is the only thing money cannot buy.
This vid is a good tool to use while fixing stupid...Thank You
the sollution is simple, 30% income tax on the rich, create new laws to limit the power of the wealthy in the political system, public funding of election campaigns, politically appointed public officials must make public their corporate associations, Senators and Congressmen/women must have access to publically employed advisors, laws should not be written by corporate lobbyists, invest the money in removing/lowering the federal budget deficit, invest in affordable education, health care, invest in Research, Infrastructure: the InterState highway system, high voltage power lines, canals, dams, bridges, tunnels, etc. rebuild America, create jobs in America with decent ethical wages for workers without college degrees.
@@clitmint money and t bills are ious of the gov. All the money you have saved is balanced by gov debt, to the penny.
Time to put the break on greed.
As cogent today; and "2016."
He has an important message in the fact that Chinese are even losing jobs to automation. The work for money is system is widely broken. It works for such a small percentage and education just isn't the answer. It's about restructuring the monetary and work for money systems.
A very entertaining and exciting lecture. A great man who talks sense, after listening to so much "Tea Party", Milton Friedman and Wall Street crap. This film was made in 2005, if I`m not wrong. What would he have to say after the Lehmann collapse and what we have learned since about the banksters?
The presence of such people in the U.S. seem to be very limited, if can you believe the media and what they tell you;-)
if you have listened to the tea party and milton friedman, how can you not see the poor economics being exposed here? a short read of FREE TO CHOOSE surely would help. sorry i have bad left hand
***** Well since your negative quip about my economic knowledge , I will have to reply. I have taught Economics. I got my degree at U of Az 1991. I have listened to Milton and I know a little about Economics. And if you think Reich is not a left wing Keynesian political hack, explain why Keynesian Economics, the theory Reisch trumpets, Is not even taught to graduate students any more at UCSD, Cal. Tech etc… Economists are the ones in Universities that spend their lives researching economics. Reisch and Krugman spend their time as Democratic operatives who are willing to lay our future at the foot of a Political party for their own gain. Just go find any interview with Krugman trying to say minimum wage laws are Good without making it clear by his own countenance that he is squirming because even Krugman and Riesch cannot, with a straight face, approve of minimum wages. Although Reisch is such a whore he may even look like he believes it.
***** You truly are an ignorant man who gets his facts from Fox Noise. go Fuck yourself at the next Tea Party meeting.
Great? A great bullshit artist.
My dad always loved Robert Reich. No wonder we are finding ""Victorian Slum House" so familiar on PBS these days.
Dixie, There is another problem in this country and that is the lack of civil discourse and your comment is an outstanding example. Are you biased simply because Dr. Reich is jewish or because he is short of stature? His lack of physical height is more than compensated for by his superior intellect. Redistribution of wealth has been going on for years, from bottom to top, Read David Cay Johnston's books and learn how. Your naiveté regarding the economy seems endless.
Thanks, Dale. But sadly, as you intimate, Dixie is representative of the craziness that Reich mentioned when he notes the rise of a type of "angry, divisive populism,..that blamed a lot of people.. some of them were scapegoats of that populism... People who need targets of resentment... that blames Jews.. blames the French,.. blames others... The politics of resentment that plays upon anxiety and frustration..."
I think his heart is in the right place, but he buys too much into the system, and thereby accepts that 'it's just the way it is.' The power for change resides in us serfs; it always has. But we need to first awaken from the dream, or nightmare, if you prefer. Can we find more ways NOT to cooperate with corruption on a small or large scale, which is both self-destructive and destructive to society as a whole? IMV things are too far gone now to prevent a total 'crash' or 'snap.' When the rich make the poor desperate and hungry enough, instinct will take over. It is my prediction that it will start somewhere and spread globally, like a wildfire. The late, and brilliant George Carlin was looking forward to it, bless is psycho soul.
Anybody who studies economics does not take Reich seriously. Any student of Von Mises or Hayek could tear Reich apart. His arguments are quite weak
There's a fine line between irony and sarcasm, often no line at all.
The answer is the same one that always has been. Kinda talks around it.
WAR IS THE ANSWER GIVE WAR A CHANCE !
@adulby That second line was the 9% directly under the top 1%, so that point really isn't incredibly relevant. Furthermore, he actually has a graph later on, around 13:30 where he compares the growth rates directly between different peoples' incomes.
Bernie 2016
@TheHolySTD
You're right. I actually looked only at the relative and not at the absolute increase, and the latter is the one that matters when starting conditions (i.e. respective net worth in 1961) are not the same.
52:00 predicts trump
That commercial showing the Keystone Pipeline workers more than exemplifies what Mr. Reich speaks about accepting whatever work you are offered, no matter the consequences. Pipeline workers from all over the US have not internalized the 'less poverty' model.
he needs to run for president next round
Hell no
I would vote for him tomorrow.
you clearly have no understanding of economics if believe Riech's crap
his chart at 11:11 actually shows that the percentage difference is getting much smaller. So people in the top 1% relative to the next 9% are only about 6x richer now compared to about 12x richer in 1962. The graph would be more informative as percentages of the top 1%.
Sadly, 2016 Amerca snapped break.
Listening to this in 2017 and Australia, I think how prescient this man is. All who are small "d" democrats should be alarmed at the trends.
Oh, and btw, this man is a labor attorney and economist and look at his leadership skills. Could you see dubya making this speech? Could you see "ooops" Rick Perry making this speech?
The Gap is now a lot larger than it was in 2008 and it already was ridicules then. It's now outrages.
Are we seeing the hopelessness of American middle and lower classes' future? As the super rich wields even more political power?
great lecture. I listened while playing video games... you should try it. Just turn the volume on the gunfire down alot
Richard and Rhoda Goldman - the school was named after them in a spirit of equality, and how kind; Richard and Rhoda no doubt lived their lives in grinding poverty.
We see them now. Million Dollar rooms is on TV every week, and even if we're just at an Online satellite map website, the houses of conspicuous consumption are usually the first things we can see from space.
What is the 'snap' point? How about when we cannot afford to put gas in our cars, and a $80,000 Hummv drives by.
Or when we ask for a living wage, when corporate profits are at an all time high, then the millionaires in Congress refuse to pass jobs bills.
@FnordPerfect there is a problem with what you are measuring, you are looking at the growth of household wealth not the disparity between them, so in 1962 the disparity is 5,2 - 0,5 = 4,7M$ and in 2001 it's 13 - 1.8 = 11,2M$ so we are looking at an increase in wealth inequality of about 238 % for the to groups
Another aspect of this is... who determines the value?... because a highly regulated and speculation based market sure as hell doesn't... If a person supports the theory that our current market is an ideal way of determining the value of a person's work... Then monopolies wouldn't be illegal. This is because that sort of exploitation is not conducive to a functional society.
A brilliant mind, 14 years go speech, but very relevant today. I love this guy!
You stats are wrong. The distribution of wealth in this country has not changed much since 1922. In that year, the top 1% had 36.7% of the wealth compared with 63.3% for the bottom 99%. In 2010, the numbers were 35.4.% for the top 1% and 64.6% for the bottom 99%. It actually shows a slight gain for the 99%.
Source - Norton, M. I., & Ariely, D., "Building a Better America - One Wealth Quintile at a Time", Perspectives on Psychological Science, January 2011 6: 9-12
Amen, and if anyone takes the time to read her resume and listen to an interview of some length or one of her lectures they will see a very smart, very accomplished woman who is well prepared for political office. What a contrast to the Palins and Bachmann's on the right
The idea of nations splitting into separate societies is horrifying. It sounds practically like the threat of a neo-feudalistic, anti-democratic society. The 'Two Americas' that John Edwards has been talking about has, sadly enough, already become a reality.
And this is from a Canadian. This man knows what's going on. Five years later - Has anyone listened? A wonderfull lecture. Does this give you a hint of where education will be going in 20 years? Taped presentations that are accurate for all to see. Start talking about that one.
Of course, I agree. I am not advocating communism... and I don't believe everyone should receive the same wages... but I sure as fuck don't think that CEO's making a 5 year plan and a company slogan deserve a 10-20 million dollar reward. My point is that there is much more value in the work of laborers than they are compensated for. That is how billionaires become billionaires; they withhold the just fruits of another man's labor. There isn't a single instance where this is not true.
Is this in print someplace so that one can read it?
THis man has some actual answers, he is saying that most of us DO have a sense of right and wrong. That most of us are morally correct in wanting fair play. He talks about the snap, the results from widespread poverty grows and turns into anger and violence and the politics of resentment and begin to act-out these feelings. Then you have to worry about a police-state,
Self employment requires a marketable skill, or investment capital... not everyone comes from an environment that offers them either of these essentials.
@luvcheney GDP per capita is a stupid measure. Case in point: If you have a group of 100 people in which 5 persons makes $200,000 and the bottom 99 persons have just over 10k each (totalling $1,000,000), the per capita GDP would be 20k. Another nation in which everyone makes 15k would have a per capita GDP of 15k. And yet, that other nation would have 90% of its population living at a higher level than the "richer" nation.
And we haven't even talked about assets!
It's an hour long but insightful.
We use to have very few restaurants and gas stations and now they are everywhere employing more then before.
Excellent observation.
Absolutely, she is a brilliant woman in a time of ignorant politicians especially on the right. I couldn't care less if she 1/2 of one percent Cherokee, Black, White, or Asian. She is a highly qualified candidate at a time when much of the population takes airheads seriously.
2:00 I thought the most of the Wii was the white part you put the games in.
The nonpartisan Congressional Research Service (CRS) reported: The total amount spent on these 80-plus federal welfare programs
amounts to roughly $1.03 trillion. Importantly, these figures solely refer to means-tested welfare benefits. They exclude entitlement programs to which people contribute (e.g., Social Security and Medicare).
Subsidies to businesses in the federal budget in Fiscal Year 2012 cost taxpayers almost $100 billion, according to a new report from the Cato Institute.
It would be interesting to see a post 2008 analysis of the income gap. They should invite this guy back.
Yes, it is fair. Unless the CEO breaks the law, he's entitled to whatever he makes. Fair means we're all playing by the same rules, it doesn't mean everyone has the same ability, head start in life, family wealth, etc.
The alternative is to have the government make it 'fair', and they can't pass a budget, or make Medicare, Medicaid, or Social Security solvent, or stop illegal immigration. You want those people to make it 'fair'?
His net worth chart really should use a log scale on the Y axis. It's hard to see changes in any but the top curve. And he says he's an admirer of Tufte!
Very interesting and agreeable argument inside a enjoyable presentation. The only issue I have with the talk is that I wish he had more graphs/concrete information related to the 'snapping' debate near the end of his presentation, more statistics about the psychology and sociology involved in the argument would have been nice, the lack of these made the conclusion a bit too sentimentalist for my taste.
The policies Robert Reich espouses would transfer all power to those people and companies who have direct or indirect access to "special drawing rights"everyone else will have to scramble for a smaller piece of shrinking production.His life work has been to create a growing caste of the indigent.
Why, do you disagree with his point that the gap is bad?
I didn't hear any solutions here, just some pretty accurate predictions but no accountability! Who is responsible? What needs to be done? So, what's the point of this?
I thought the North's factory workers were oppressed? I'm not familiar with the German Constitution, does it provide for individual freedom or does the Reich come first?
Robert,
Thanks for equalizing wealth across North America with "NAFTA".
It's a pity you didn't get a chance to include South America.
Current political corruption will make snap back nearly unachievable.
While the heavy American patriotism will make the robber band more robust, but if it does break, the consequences will be that much more worse.
I'm not sure I get it. Is the bottom 9% still going up at the same rate after 1979?
I suppose the most successful economy would be one which consisted of worker-owned businesses... This has several positive effects... Workers have more motive to build a successful business, everyone receives their fair share, billionaires are highly unlikely, yet the possibility still remains. This is what John Adams truly aspired toward... If you want a system that works, it must consist of worker owned businesses, small government, with very little regulation, if any..
Wow, I never been interested to view life in macro economic perspective. But this guy is very intelligent especially about the US economy progress.
His endorsement and contributions to a guy like Obama will be very needed.
Hope we can all be awaken up!
God Bless All of Us...
Your contention is that people are not entitled to their property and that the government has a right and duty to take it away from people who accumulate what you consider too much? Most billionaires are only rich on paper, they don't actually have the cash/gold hoarded somewhere. So should we take away the paper when it accumulates to an obscene level? What if we take most of it away and the remainder depreciates greatly, do we have to restore the paper now?
What is wrong with our educational system, that is produces such mindless tools of the existing system? This man speaks truth, yet so many of these "comments" are negative. I am one of the working class majority, who was (until 2008) a member of the middle class. I can see no bigotry in targeting the "rich" minorities - since they have obviously targeted the socio-economic majority.
The only time people use name-calling rather than arguments is when they know they've lost.
Manufacturers use to employ 10 working to bring 10 bolts to U.S markets. Now they employ 100s outside the U.S to bring 1000, of bolts to our markets.