Watching this video a year later is so very insightful and relevant for the here and now. Thank you thank you Professor Reich for this immeasurably valuable information, but thank you also for the questions you left with the audience at the end of the lecture. Now, the learned folks can begin to answer them! Here we sit in May of 2023 holding our breaths while waiting for our two major political parties to duke it out over the national debt.
Loved the ending tip-of-the-hat to the fourth estate; objective as possible but always transparent is the goal. We need more journalists with economic backgrounds.
The cup! Great lecture, as expected from the brilliant Mr. Reich, but... the cup! Held it in right hand for 79 minutes! Not a sip! No setting down! No moving to left hand, even! For more than an hour! Elbow bent, hands gesturing, arms waving, LASER pointer pointing, and the cup doesn't budge. Now, that's dedication - that's focus!
Professor Reich, it's always a pleasure to hear you speak on different facets of American economy-the FED, Taxing the rich, the importance of labor unions, etc. I'm hoping you continue to speak up for factual reporting on these issues.
A surgeon in NYC who goes to college maney years and works long hours pays between local state and federal taxes half his money to the government how is that fair and democrats want more
The top five percent pay over half the federal taxes and unions nearly put gm out of business democrats party of handouts vote out handout democrats before it's to late
Really wish more profs would post their lectures like this. I'm slowly finding more as I look to watch these instead of random youtube videos, and it's great to find each one. This is the 3rd I've been running through, after a couple from MITOCW. Ever so slowly trickling through ykwim?
Thank you for inviting people to listen to those with different views. You can learn from ANYONE. Even those who are speaking gobbledygook, examine and analyze! You will come away wiser despite disagreeing!
Thank you for the education. You’re an amazing teacher even if only remotely. And equally amazing is how you were able to hold up that cup of coffee for an hour. If it wasn’t iced coffee at the beginning it sure was by the end of the lecture. 😂
Graphics are great this time too. People at the bottom cannot afford to make investments so that is where the govt needs to step in and thank you for mentioning that not all government spending is the same, Professor.
I have been enjoying these courses. @RobertReich the one drawback to in person versus when you did the classes from your office was that we could see where you mouse is pointing. When you are in person it is not visible on the recording. I liked it better virtually because we were able to see the slides the whole time you talked. Maybe some good feedback for your team for next semester? Thank you immensely for all your work, your team's work, and sharing your knowledge.
These camps aren't absolute tho, many from Camp A would be staunch defenders of their own income and the freedom to do whatever they want with it. And those in Camp B love public programs that benefit their kids/extended family like city parks or free museums etc. Humans are wild...
No. I particularly liked how you distinguished the Serious Tone Grown-Up Emphasis of news outlets and their reporters from the concerning the economy's todays and tomorrows.
I guess, there might still be one mistake in your thought about the national debt: its not owned by holders of government bonds. Since bonds are not the debt. China did not lend money to the USA, investors like pension funds did not lend money to the USA. They only save money with the treasury by buying interest-bearing bonds instead of dollars sitting in their accounts fir nothing. Its only because of policy that government deficits shall be mirrored by the same amount of bonds. The public debt is already spent money thus becoming deposits on private accounts. Interest-bearing onds would technically not be required. It rather takes out money from the productive cycle. And interest payed by the government is just more income for the rich or other states. Thus high interest rates might as well be inflationary themselves if the extra money is spend again
7:10 I do not understand. It is assumed that Standford gets 350 mns in public fonds plus 500 msn in donations, which generates 200 mns more subsidy since donations are deductibles?
Excellent lecture. Why do we look at govt debt relative to gdp rather than relative to tax revenue... Just because GM sells a car for 30k, does not mean the govt has 30k more to pay off its debts. Only a portion of that MAY go to the govt, depending on tax laws. Any clarity here would be great. Thank you for all your work. Isnt that like applying for a loan, and listing the income of my parents, siblings, and myself as my income??? Only a portion of that income is actually mine.
Why do food prices and rent costs only ever go up or stay the same, and never go back down? I have lived on the left coast all my life, am Robert's age, and have found this to be true. Other costs rise and fall, but I have not found it to be true for these two areas.
Things go up because of inflation. Some items such as electronics evolve so quickly that they're able to reduce in cost faster than inflation. But, even when prices don't go up, inflation might still be present preventing prices from going down. In fact, if you look at the many central bank policies, they have stated goals of around 2% inflation. They justify this by saying that rising prices produce growth while reducing prices destroys consumption, therefore reduce growth. It's nonsense, and right now we're facing the consequences of their reckless policies with never seen before inflation and levels of debts. Reich has it all wrong.
Capitalism is the reason rent and food only gets more and more expensive. Price doesn't lessen the demand for shelter and food, no matter how expensive it gets people need to eat and need a roof over their head.
@@Stonecoldfrank so what would actually bring the prices down? Is there a government policy that can do that? What would you like to see done by the President to reduce the grocery bills of most households?
Thanks for this course, for you prove that Critical Race Theory, and economics are closely aligned with views and processes that abuse minorities at nearly everytime accomplishments are made, and you show every economic aspect so we're made aware of how our three steps forward gets knocked backwards by policies that work against us no matter what we do, and forces those responsible to have to deal with their shameful display of disdained upon those who don't even deserve it,which goes against our societal norms and democratic processes.I hope you don't mind, I'm paying close attention to your course so I'll be able to know how to sidestep the right-wing Republicans in Congress and the Senate,and the other aspects of our governmental processes.
There is no structural racism problem. He actually covered many facts surrounding this. You're only hearing and seeing what you want to hear via confirmation bias. When the "Americans" took this land from the indigenous people, who were these "American" immigrants? They were primarily European immigrants. "People of color" as the left often says are marginalized but the reality is, they've mostly lived in the United States less time than the original American immigrants. They also make up a smaller percentage of the overall racial demographics of the country. My family is partially Eastern European immigrants that came to the United States in the early 20th century. Guess what? They were dirt poor for decades and that supposed race that you think has perpetuated this structural problem. How is that if they are favored by the color of their skin? Stop believing conspiracy theories, it just divides the country even more!
If you could form a complete sentence and use punctuation properly, then you might be more valuable in the marketplace. The only color a capitalist sees is green. CRT is propaganda and trash.
The two are actually synonymous, in the practical sense. Prices going up means the purchasing power of a dollar dropping. The value of our money going down means the same. And that final outcome is what we should really be concerned with, because as this process continues, it will get harder and harder for the people at the bottom to even survive. If you make one million a year, and lose 10 percent of your purchasing power, it sucks... but you aren't starving. If you make 20k however, you just might be.
Eventually our interest payments on our debt will be so big we will be considered high risk forceing us to pay much higher interest rates to borrow money and when they eventually call in there loans it will cause severe shortages and unprecedented massive inflation or extreme rationing democrats party of handouts vote out handout democrats or we will end up as a third world nation full of debts and a nation full of low skilled low producing workers
The focus on production and accumulation as key macroeconomics metrics hides even more inequalities roaming, as unsustainable development affects more so less well to do people that are not in a position to mitigate, for example, the consequences of climate change, of pandemics stemming from zoonosis, ...
Most people have beliefs so entrenched with attitudes that only very emotional things will help them change them. I think we can only influence people with our same core beliefs. Otherwise we will be BLUE-IN-THE-FACE and the other person will find a way to make fun of it.
Yes! At advanced states of inequality the lower strata of the population are no longer able to consume, they are struggling just to survive. A universal basic income (UBI) would raise them from poverty and allow them to be consumers of basic necessities.
@@ArchAngelAzmuel 100 agree. I love the idea of ubi but at this moment in the west, ubi would be a massive injection to the margins of Amazon, Apple and Google.
Free money hurts our economy it would add to our debt that is already so high it's unimaginable it does nothing to promote production just simply allows consumption at our childrens expense that will have to pay for the huge debt we are running up leaving our children a bankrupt shell of a nation because of democrat handouts vote out handout democrats before it's to late
That the rich benefit from income tax cuts, from the obliteration of corporate tax, and from the interest paid on US national debt is the most heartbreaking insight I have ever come across. These 0.1% people are lavishly living off the US economy while quietly suffocating 99.9% of US citizens. If this is not the epitome of real-life hunger games, I don't know what is.
How can we have more demand than capacity if income is derived from production Reich?! GDP is the same as national income. Easy answer, money printing, because after all Government can only spend what it collects in taxes, and if it doesn't increase taxes, money has to come from some other mean, inflation, or rather a reduction of the value of our savings. Get it right!
That pie chart on Bonds is interesting. Perhaps they should be blocked from buying Bonds? $1.5bn per day on interest or nearly $500bn a year is a bit steep for taxpayers to pay to tax dodgers isn't it? Wouldn't it be "soft power" to have others invest in Bonds and perhaps they might take a lower return (
Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in the twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you're no longer accumulating but withdrawing, it's hard to be anything but cautious.
The pandemic really taught people the importance of multiple streams of income. Unfortunately, having a job doesn't guarantee 100% security, rather having different investments is the real deal.
I believe that the secret to financial stability is having the right investment ideas to enable you earn more money. But for now, investors getting started can feel overwhelming. Risk loom large and complicated, unfamiliar financial jargons can be intimidating.
@@steceymorgan814 Apparently that's true, I agree. It is mostly disastrous for newbies or anyone who doesn't adhere to a well thought-out strategy and over all, a professional broker.
I understand that you are oversimplifying the Berkeley/Stanford analogy to make a broader point, but a tax deduction is not the equivalent dollar for dollar on the government’s balance sheet as a tax credit. Each dollar of a charitable deduction translates into a government expenditure equal to only the effective tax rate on that dollar, and with the alternative minimum tax rates to cap deductions, it may be only a third to a quarter of a dollar in government expenditures. Also, I’m sure Berkeley solicits and receives charitable deductions too. (And both universities receive research grants to supplement or pay professor salaries and staff, reduce or replace graduate student tuition, etc.).
This was my exact concern and what I came to the comments for. It seems disingenuous to argue that a dollar donated = a dollar spent by the government when donations only lower your taxable income. So amount donated only reduces government income by half the value of the donation (rounding for illustrative purposes, it’s likely even an even better multiplier than that). Would love to see how the numbers stack up when looking at it that way
All true, but I remember 20% 30-yr-fixed mortgage rates in 1981. You must be very, very young if you think 7% is abnormal. It has only been abnormal for 25-30 years or so. Bought our house in 1994 at 9.25% 30-yr-fixed rate with excellent credit and 20% down payment. Refinanced at 6.5%. Refinanced again to 3.25%. Paid it off. No more mortgage! Next house I buy, if we upgrade, will be all cash deal. Sorry, kids. Love ya though. ❤
I don't get the Berkeley vs Stanford tax thing... so Berkeley gets $350M a year and Stanford gets $500M more, so Stanford actually gets $850M a year and then some kind of $200M "tax subsidy" that somehow makes it $1B+? $200M from donors and Stanford gets tax breaks or credits or do the donors get the tax break? Not sure why something that seems extremely straightforward has to be so opaque
The more I think about this the more infuriating - why does Reich make a big show and point in the last lecture about "the marginal tax rate" and how politicians exploit the vagaries of this concept -> goes on a big reveal about effective tax rate -> great. Then, turns around and pulls this Berkeley vs Stanford crap? What the fuck
If you want to see a libertarian's head explode, point out that WWII was a massive Keynesian stimulus. They constantly say the Great Depression wasn't permanently ended until the war started. None of them seem to understand why.
Also, may want to address stagflation. Historical evidence suggests that stagflation is the common macroeconomic effect of major epidemics/pandemics. Keynesian economics don't really apply.
And where are americans getting all that money they're spending on Chinese goods?! Those trade deficits are flirting near one trillion. Where is all that income they get from?! Their productivity? No, from the Fed's printers.
No, you don't run out of buyers, because everything that's produced produces it's equivalent in income, gdp=national income. But when the Government gives money to people from the printers, then we end up with more buyers than goods to buy.
So $500 million is deducted from what would be taxes owed? That isn't $500 million deducted from taxable income? If it is dollar for dollat, then where did the other $50 million more come from? I see:: $500 million for Stanford minus $350 million for Berkley, so that's $150 million more. If it is indeed $200 million more, than where did that extra $50 million in subsidies come from? Not having to pay local taxes?
Seems like Robert is leaning toward eliminating philanthropy as tax deductible. Less power to rich people that give to schools, more power to rich people that lobby the government!
If you tax money that would otherwise be donated to schools, you can spend it on schools - along with the money that would be funnelled to nominal charities that are more purely tax avoidance schemes.
"Listen to people who disagree with you," says Prof. Reich. Interesting comment considering that my last comment to his internet blog got me prohibited from posting comments for 100 years! I am not kidding, 100 years! Apparently the Professor, or those subordinates who monitor comments, don't take kindly to criticism of him. This wasn't some fanatical rant, by the way, it was merely my observation that his consistent and passionate condemnation of Donald Trump stood in sharp contrast to his silence over the many, many flaws of Joe Biden.
This is same guy who made a short saying we should pack the courts with democrat judges. Theres some interesting stuff in here but he is not a great person. He espouses ideas that would destroy the country.
Render to Caesar the things which are Caesar’s $ into God what belongs to him. Mathew 22.20-22 There is a secret war on faith, family, & freedom! Biden’s policy shows it in large print! Socialism is toxic unto a free land! Follow 🐠
For Government Debt, B, prices rise in anticipation (although whether this is or isn't an appropriate or more problematic response is a different debate).
Do we have to raise interest rates?! Yes! You answered yourself that question when you talked about Volcker. Last year inflation was "transitory". Are we suppose to cross our fingers and hope for the best after this was shown to be false?! Jeez, what are you guys doing with our economy?!?!
War got the USA (and Canadaj out of the Great Depression. That is close to a myth. It mistakes the occasion with the root cause. WWI did not help. It set the tone for the Great Depression, as war profiteers concentrated wealth ans stalled the economic engine. It was the investment without war profiteers, or much less than in WWI, that unstalled the engine. Wars don't make people great. The myth of war as a (necessary) engine of economic growth needs to die. And, who says growth is (the) appropriate target variable for economic policy? Let's look at Indigenous ways to manage econimies in North America. Values matter.
RR is much less an economist than he is a humanist, historian, lawyer, political philosopher, and sociologist. He lacks (and resists) quantitative reasoning-a wishful thinker in the end…
Asians really dont exist to this statistician. right along with Native Americans and Pacific Islanders.... its a shame he does the same thing he chastises historical data for doing: overlooking minorities. Love the rest of the class though
The fact that less successful races are poorer isn’t proof of racism. Poor people often lack financial smarts and don’t plan. They are often focused on appearances, buying luxury goods, instead of building fundamentals like funding retirement accounts and reducing debt. Economic and financial illiteracy hold less successful races down far more than racism ever could. Successful minorities do educate themselves, plan, and invest smartly instead of focusing on acquiring status symbols.
Watching this video a year later is so very insightful and relevant for the here and now. Thank you thank you Professor Reich for this immeasurably valuable information, but thank you also for the questions you left with the audience at the end of the lecture. Now, the learned folks can begin to answer them! Here we sit in May of 2023 holding our breaths while waiting for our two major political parties to duke it out over the national debt.
Loved the ending tip-of-the-hat to the fourth estate; objective as possible but always transparent is the goal. We need more journalists with economic backgrounds.
Thank❤🌹🙏 you, dear professor Robert Reich! It's a pleasure to listen to you👍! 😊
The cup! Great lecture, as expected from the brilliant Mr. Reich, but... the cup! Held it in right hand for 79 minutes!
Not a sip!
No setting down!
No moving to left hand, even!
For more than an hour! Elbow bent, hands gesturing, arms waving, LASER pointer pointing, and the cup doesn't budge. Now, that's dedication - that's focus!
your IQ worries me
Professor Reich, it's always a pleasure to hear you speak on different facets of American economy-the FED, Taxing the rich, the importance of labor unions, etc. I'm hoping you continue to speak up for factual reporting on these issues.
A surgeon in NYC who goes to college maney years and works long hours pays between local state and federal taxes half his money to the government how is that fair and democrats want more
Labor unions nearly put gm out of business for good
The top five percent pay over half the federal taxes and unions nearly put gm out of business democrats party of handouts vote out handout democrats before it's to late
Really wish more profs would post their lectures like this. I'm slowly finding more as I look to watch these instead of random youtube videos, and it's great to find each one. This is the 3rd I've been running through, after a couple from MITOCW. Ever so slowly trickling through ykwim?
Brilliant in the simplicity. So logical and seemingly attainable.
Thank you for inviting people to listen to those with different views. You can learn from ANYONE. Even those who are speaking gobbledygook, examine and analyze! You will come away wiser despite disagreeing!
Thank you very much for these lectures and I appreciate the improvement in slides over last week -- as good as the zoom lectures.
Thank you for the education. You’re an amazing teacher even if only remotely. And equally amazing is how you were able to hold up that cup of coffee for an hour. If it wasn’t iced coffee at the beginning it sure was by the end of the lecture. 😂
Outstanding classes, which I should have had as an undergrad...BTW is that cup you are holding half full or half empty? vote!
Graphics are great this time too. People at the bottom cannot afford to make investments so that is where the govt needs to step in and thank you for mentioning that not all government spending is the same, Professor.
His anecdotes are priceless.
I have been enjoying these courses. @RobertReich the one drawback to in person versus when you did the classes from your office was that we could see where you mouse is pointing. When you are in person it is not visible on the recording. I liked it better virtually because we were able to see the slides the whole time you talked. Maybe some good feedback for your team for next semester? Thank you immensely for all your work, your team's work, and sharing your knowledge.
It seems to me that there seem to be two philosophical camps: "We Are All In This Together" Vs "Every Man for Himself"
That is socialism v capitalism, and the major divide of the us since inception
These camps aren't absolute tho, many from Camp A would be staunch defenders of their own income and the freedom to do whatever they want with it. And those in Camp B love public programs that benefit their kids/extended family like city parks or free museums etc.
Humans are wild...
@@Xairos84 i live in ca and i keep hearing people who want affordable housing, just not in their neighborhoods, this is a great example of your point
It’s not every man for himself- it’s personal responsibility. We need a safety net not a hammock.
As said prior, that's just Socialism vs. Capitalism. I hope the US stop villifying Socialism #soon
No. I particularly liked how you distinguished the Serious Tone Grown-Up Emphasis of news outlets and their reporters from the concerning the economy's todays and tomorrows.
Thanks, RR.. for the extended show. Ciao.
Another informative lecture, Professor, and I enjoy how you interject humor into otherwise complex and serious topics!
Thank you so much for all of your service!
I guess, there might still be one mistake in your thought about the national debt: its not owned by holders of government bonds. Since bonds are not the debt. China did not lend money to the USA, investors like pension funds did not lend money to the USA.
They only save money with the treasury by buying interest-bearing bonds instead of dollars sitting in their accounts fir nothing.
Its only because of policy that government deficits shall be mirrored by the same amount of bonds.
The public debt is already spent money thus becoming deposits on private accounts.
Interest-bearing onds would technically not be required. It rather takes out money from the productive cycle. And interest payed by the government is just more income for the rich or other states. Thus high interest rates might as well be inflationary themselves if the extra money is spend again
7:10 I do not understand. It is assumed that Standford gets 350 mns in public fonds plus 500 msn in donations, which generates 200 mns more subsidy since donations are deductibles?
Thank you again for making these public. I envy your cool head when dealing with people that seem detestable.
GRACIAS. Thank you for the class.
Excellent lecture. Why do we look at govt debt relative to gdp rather than relative to tax revenue... Just because GM sells a car for 30k, does not mean the govt has 30k more to pay off its debts. Only a portion of that MAY go to the govt, depending on tax laws. Any clarity here would be great. Thank you for all your work. Isnt that like applying for a loan, and listing the income of my parents, siblings, and myself as my income??? Only a portion of that income is actually mine.
some people are so poor all they have is money💰💰
The amount of time we spend believing we
can't is more than enough time to learn how you can.
Am definitely stealing this, you are genius.💯
You are absolutely right👍.
Assets and investment is that tiny line that separates the rich from the poor.
about investment, Bitcoin is the future
and with the help of a professional
trader you can touch the skies
May all being be healthy, be well, be free!
Democrats want big government less freedom I can give maney examples
This is so cogent, now, in late May 2023, with the debt ceiling issue looming!
Why do food prices and rent costs only ever go up or stay the same, and never go back down? I have lived on the left coast all my life, am Robert's age, and have found this to be true. Other costs rise and fall, but I have not found it to be true for these two areas.
Things go up because of inflation. Some items such as electronics evolve so quickly that they're able to reduce in cost faster than inflation. But, even when prices don't go up, inflation might still be present preventing prices from going down. In fact, if you look at the many central bank policies, they have stated goals of around 2% inflation. They justify this by saying that rising prices produce growth while reducing prices destroys consumption, therefore reduce growth. It's nonsense, and right now we're facing the consequences of their reckless policies with never seen before inflation and levels of debts. Reich has it all wrong.
Capitalism is the reason rent and food only gets more and more expensive. Price doesn't lessen the demand for shelter and food, no matter how expensive it gets people need to eat and need a roof over their head.
Gobbley Gook. Words strung together with no meaning, sense or logic.
@@Stonecoldfrank
@@Stonecoldfrank so what would actually bring the prices down? Is there a government policy that can do that? What would you like to see done by the President to reduce the grocery bills of most households?
You are the Best.😂❤
Made me laugh about the call from the President.
Reich, during the 2nd WW, the US was a creditor nation. Today, it is a debtor nation. That's the difference you don't get.
27:18 Do we have macroeconomic waste? Can we bring LEAN tools to bear as is done in management science?
That was epic. I must share.
I had chills. The skills!!!!!
So what was the point of the cup? Is the cup suppose to symbolise something? Am i missing something here?
Thanks for this course, for you prove that Critical Race Theory, and economics are closely aligned with views and processes that abuse minorities at nearly everytime accomplishments are made, and you show every economic aspect so we're made aware of how our three steps forward gets knocked backwards by policies that work against us no matter what we do, and forces those responsible to have to deal with their shameful display of disdained upon those who don't even deserve it,which goes against our societal norms and democratic processes.I hope you don't mind, I'm paying close attention to your course so I'll be able to know how to sidestep the right-wing Republicans in Congress and the Senate,and the other aspects of our governmental processes.
We don’t know the half of it.
“‘Exterminate All The Brutes”
ua-cam.com/video/dQ4r3Qdrqmo/v-deo.html
There is no structural racism problem. He actually covered many facts surrounding this. You're only hearing and seeing what you want to hear via confirmation bias. When the "Americans" took this land from the indigenous people, who were these "American" immigrants? They were primarily European immigrants. "People of color" as the left often says are marginalized but the reality is, they've mostly lived in the United States less time than the original American immigrants. They also make up a smaller percentage of the overall racial demographics of the country. My family is partially Eastern European immigrants that came to the United States in the early 20th century. Guess what? They were dirt poor for decades and that supposed race that you think has perpetuated this structural problem. How is that if they are favored by the color of their skin? Stop believing conspiracy theories, it just divides the country even more!
@@blahblah-i4uhave you paid any attention at all to the course?
If you could form a complete sentence and use punctuation properly, then you might be more valuable in the marketplace. The only color a capitalist sees is green. CRT is propaganda and trash.
@@blahblah-i4u did you even understand what the Big Switcheroo is? LOL!
D. During the attack on the middle east, I was working at a gas station and the company did not raise prices on gasoline to make it a loss leader.
Interesting to watch this as the “soft landing” appears to have occurred.
Is it possible to lower interest rates on low income people without lowering it on high income people?
That would be discrimination.
Low income people are more likely to default what you say is not possible
Low income people are more likely to default therefore makeing loans to the poor more risky
Yes, of course it’s possible, but must working people are only paying 10-12% income tax now. Middle class pays 22% or 24%. Rates top out at 37%.
I notice he did not blame inflation on the government printing money. Is inflation prices going up or the value of your money going down?
The main source of inflation is corporate greed.
The two are actually synonymous, in the practical sense. Prices going up means the purchasing power of a dollar dropping. The value of our money going down means the same. And that final outcome is what we should really be concerned with, because as this process continues, it will get harder and harder for the people at the bottom to even survive. If you make one million a year, and lose 10 percent of your purchasing power, it sucks... but you aren't starving. If you make 20k however, you just might be.
Then why was inflation low during trump's presidency
@@fritzforsthoefel8031 Because inflation has very little to do with who's president.
Eventually our interest payments on our debt will be so big we will be considered high risk forceing us to pay much higher interest rates to borrow money and when they eventually call in there loans it will cause severe shortages and unprecedented massive inflation or extreme rationing democrats party of handouts vote out handout democrats or we will end up as a third world nation full of debts and a nation full of low skilled low producing workers
The focus on production and accumulation as key macroeconomics metrics hides even more inequalities roaming, as unsustainable development affects more so less well to do people that are not in a position to mitigate, for example, the consequences of climate change, of pandemics stemming from zoonosis, ...
❤thank you Sir❤
Does that go to help students get money to attend college?
34:06 well technically, if fdr's debt took several decades to pay off, then two generations were indeed on the hook for it
Most people have beliefs so entrenched with attitudes that only very emotional things will help them change them. I think we can only influence people with our same core beliefs. Otherwise we will be BLUE-IN-THE-FACE and the other person will find a way to make fun of it.
You cannot defend reichs teachings without lying try to do so
Defend two percent of the residents in NYC paying over half the cities taxes according to democrat mayor Adams
Yes! At advanced states of inequality the lower strata of the population are no longer able to consume, they are struggling just to survive. A universal basic income (UBI) would raise them from poverty and allow them to be consumers of basic necessities.
Tbh just giving ubi will not solve the issue if you do not stop the way companies are taking advantage of everyone
@@ArchAngelAzmuel 100 agree. I love the idea of ubi but at this moment in the west, ubi would be a massive injection to the margins of Amazon, Apple and Google.
@@Xairos84 well technically it would be to the snp 500 not just those three
@@ArchAngelAzmuel ahhh yeah good point
Free money hurts our economy it would add to our debt that is already so high it's unimaginable it does nothing to promote production just simply allows consumption at our childrens expense that will have to pay for the huge debt we are running up leaving our children a bankrupt shell of a nation because of democrat handouts vote out handout democrats before it's to late
That the rich benefit from income tax cuts, from the obliteration of corporate tax, and from the interest paid on US national debt is the most heartbreaking insight I have ever come across.
These 0.1% people are lavishly living off the US economy while quietly suffocating 99.9% of US citizens.
If this is not the epitome of real-life hunger games, I don't know what is.
How can we have more demand than capacity if income is derived from production Reich?! GDP is the same as national income. Easy answer, money printing, because after all Government can only spend what it collects in taxes, and if it doesn't increase taxes, money has to come from some other mean, inflation, or rather a reduction of the value of our savings. Get it right!
lmao i thinkim old now when i see this lecture and say oh fun thanks you robert im only in my 30's
im only in my 30s lol
Thank you!
Malarkey! This guy is a one note musician. He's all politics and short on acumen.
Hey Robert! Your coffee's getting cold!
That pie chart on Bonds is interesting. Perhaps they should be blocked from buying Bonds? $1.5bn per day on interest or nearly $500bn a year is a bit steep for taxpayers to pay to tax dodgers isn't it? Wouldn't it be "soft power" to have others invest in Bonds and perhaps they might take a lower return (
the denominator...influenced by education spending by the federal government, an investment in the future GDP
well, that's uncommon
Being of age and how to manage the sequence of returns in those early periods is what seems quite scary in the current market. The market is never a loser in the twenty year cycle, but the 2000s decade scenario scares me and could really disrupt my retirement. When you're no longer accumulating but withdrawing, it's hard to be anything but cautious.
The pandemic really taught people the importance of multiple streams of income. Unfortunately, having a job doesn't guarantee 100% security, rather having different investments is the real deal.
Some investors look to their investments as a source of income while others use it as a means to grow or preserve their wealth.
I believe that the secret to financial stability is having the right investment ideas to enable you earn more money. But for now, investors getting started can feel overwhelming. Risk loom large and complicated, unfamiliar financial jargons can be intimidating.
@@steceymorgan814 Apparently that's true, I agree. It is mostly disastrous for newbies or anyone who doesn't adhere to a well thought-out strategy and over all, a professional broker.
@Richard Perkins Being trying to get started, but i end up loosing out. Do you have a professional broker???
I understand that you are oversimplifying the Berkeley/Stanford analogy to make a broader point, but a tax deduction is not the equivalent dollar for dollar on the government’s balance sheet as a tax credit.
Each dollar of a charitable deduction translates into a government expenditure equal to only the effective tax rate on that dollar, and with the alternative minimum tax rates to cap deductions, it may be only a third to a quarter of a dollar in government expenditures. Also, I’m sure Berkeley solicits and receives charitable deductions too. (And both universities receive research grants to supplement or pay professor salaries and staff, reduce or replace graduate student tuition, etc.).
This was my exact concern and what I came to the comments for. It seems disingenuous to argue that a dollar donated = a dollar spent by the government when donations only lower your taxable income.
So amount donated only reduces government income by half the value of the donation (rounding for illustrative purposes, it’s likely even an even better multiplier than that). Would love to see how the numbers stack up when looking at it that way
One year later and mortgage rates are 7% and inflation is hurting the American consumer in every sector except booze
All true, but I remember 20% 30-yr-fixed mortgage rates in 1981. You must be very, very young if you think 7% is abnormal. It has only been abnormal for 25-30 years or so. Bought our house in 1994 at 9.25% 30-yr-fixed rate with excellent credit and 20% down payment. Refinanced at 6.5%. Refinanced again to 3.25%. Paid it off. No more mortgage! Next house I buy, if we upgrade, will be all cash deal. Sorry, kids. Love ya though. ❤
Why did you not show the pie chart of who owns US debts from 2021? You obviously did not want to show how much debt is owned by the Fed...
22:23 Yeah, I lost my job.
Supply and Demand! 🤯🤠 Casualties of Republicanisms. You need to spend money to make money. 😉🤑
I don't get the Berkeley vs Stanford tax thing... so Berkeley gets $350M a year and Stanford gets $500M more, so Stanford actually gets $850M a year and then some kind of $200M "tax subsidy" that somehow makes it $1B+? $200M from donors and Stanford gets tax breaks or credits or do the donors get the tax break? Not sure why something that seems extremely straightforward has to be so opaque
The more I think about this the more infuriating - why does Reich make a big show and point in the last lecture about "the marginal tax rate" and how politicians exploit the vagaries of this concept -> goes on a big reveal about effective tax rate -> great. Then, turns around and pulls this Berkeley vs Stanford crap? What the fuck
If you want to see a libertarian's head explode, point out that WWII was a massive Keynesian stimulus. They constantly say the Great Depression wasn't permanently ended until the war started. None of them seem to understand why.
UA-cam video: "Global Declaration of Independence - Fight the Power"
53:20 ALAN GREENSPAN SOLD US OUT
Also, may want to address stagflation. Historical evidence suggests that stagflation is the common macroeconomic effect of major epidemics/pandemics. Keynesian economics don't really apply.
Keynsian economics should never apply at all.
And inflation is always a monetary phenomenon.
And where are americans getting all that money they're spending on Chinese goods?! Those trade deficits are flirting near one trillion. Where is all that income they get from?! Their productivity? No, from the Fed's printers.
No, you don't run out of buyers, because everything that's produced produces it's equivalent in income, gdp=national income. But when the Government gives money to people from the printers, then we end up with more buyers than goods to buy.
Exactly well put vote out handout democrats before it's to late
So $500 million is deducted from what would be taxes owed?
That isn't $500 million deducted from taxable income?
If it is dollar for dollat, then where did the other $50 million more come from?
I see:: $500 million for Stanford minus $350 million for Berkley, so that's $150 million more. If it is indeed $200 million more, than where did that extra $50 million in subsidies come from? Not having to pay local taxes?
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Seems like Robert is leaning toward eliminating philanthropy as tax deductible. Less power to rich people that give to schools, more power to rich people that lobby the government!
If you tax money that would otherwise be donated to schools, you can spend it on schools - along with the money that would be funnelled to nominal charities that are more purely tax avoidance schemes.
Philanthropy as cheap advertising for your company and your personal brand plus a tax deduction. Great deal for them
@@Pensnmusic It's good when people get good deals! Plus someone gets helped!
"Listen to people who disagree with you," says Prof. Reich. Interesting comment considering that my last comment to his internet blog got me prohibited from posting comments for 100 years! I am not kidding, 100 years! Apparently the Professor, or those subordinates who monitor comments, don't take kindly to criticism of him. This wasn't some fanatical rant, by the way, it was merely my observation that his consistent and passionate condemnation of Donald Trump stood in sharp contrast to his silence over the many, many flaws of Joe Biden.
This is same guy who made a short saying we should pack the courts with democrat judges. Theres some interesting stuff in here but he is not a great person. He espouses ideas that would destroy the country.
Post it here man
He has a cigar in his mouth. Gotta be Volcker.
Hellooooo Mr Wolf ears
Render to Caesar the things which are Caesar’s $ into God what belongs to him.
Mathew 22.20-22
There is a secret war on faith, family, & freedom! Biden’s policy shows it in large print! Socialism is toxic unto a free land!
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The Trojan horse is inflation & redistribution
Q2 Ignoring the last few years, I'd normally say it's B.
For Government Debt, B, prices rise in anticipation (although whether this is or isn't an appropriate or more problematic response is a different debate).
Do we have to raise interest rates?! Yes! You answered yourself that question when you talked about Volcker. Last year inflation was "transitory". Are we suppose to cross our fingers and hope for the best after this was shown to be false?! Jeez, what are you guys doing with our economy?!?!
War got the USA (and Canadaj out of the Great Depression. That is close to a myth. It mistakes the occasion with the root cause. WWI did not help. It set the tone for the Great Depression, as war profiteers concentrated wealth ans stalled the economic engine. It was the investment without war profiteers, or much less than in WWI, that unstalled the engine. Wars don't make people great. The myth of war as a (necessary) engine of economic growth needs to die. And, who says growth is (the) appropriate target variable for economic policy? Let's look at Indigenous ways to manage econimies in North America. Values matter.
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RR is much less an economist than he is a humanist, historian, lawyer, political philosopher, and sociologist. He lacks (and resists) quantitative reasoning-a wishful thinker in the end…
Asians really dont exist to this statistician. right along with Native Americans and Pacific Islanders.... its a shame he does the same thing he chastises historical data for doing: overlooking minorities.
Love the rest of the class though
There are hundreds, if not thousands, of examples of inequality. And it is mostly having to do with money and racism. Or race.
Oprah Winfrey Clarence Thomas Ben Carson Larry elders president of black entertainment television prove otherwise
The fact that less successful races are poorer isn’t proof of racism. Poor people often lack financial smarts and don’t plan. They are often focused on appearances, buying luxury goods, instead of building fundamentals like funding retirement accounts and reducing debt. Economic and financial illiteracy hold less successful races down far more than racism ever could. Successful minorities do educate themselves, plan, and invest smartly instead of focusing on acquiring status symbols.
No educated person spews such nonsense unless they are LYING
Followers of sin rand might be polite, but they are not nice or good people.