From Bill Moyers’ Journal: “Former Labor Secretary Robert Reich sits down with Bill Moyers to talk about the influence of lobbyists on policy, the economy, and the ongoing debate over health care.” See the interview on the video below. From the interview, here is a bit of what Reich had to say about trends in wealth distribution.
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“The fact of the matter is that, as late as 1980, the top 1 percent by income in the United States had about nine percent of total national income. But since then, you’ve had increasing concentration of income and wealth to the point that by 2007 the top 1 percent was taking home 21 percent of total national income. Now, when they’re taking home that much, the middle class doesn’t have enough purchasing power to keep the economy growing. That was hidden by the fact that they were borrowing so much on their homes, they kept on consuming because of their borrowing. But once that housing bubble exploded, it exposed the fact that the middle class in this country has really not participated in the growth of the economy, and over the long term we’re not gonna have a recovery until the middle class has the purchasing power it needs to buy again.”
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To read a sample of related Situationist posts, see “The Situation of Policy Research and Policy Outcomes,” “Larry Lessig’s Situationism,” “Without the Filter,” “The Situation of University Research,” “The company “had no control or influence over the research” . . . .,” ” Deep Capture – Part VII,” “Industry-Funded Research,” and “Industry-Funded Research – Part II.”