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Inequality For All August 4, 2014

Posted by nrhatch in Books & Movies, Humor, Life Balance.
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Corporations do NOT create jobs.

Consumers create jobs by buying goods and services in the marketplace.

That’s why the erosion of the middle class is so problematic.

As the rich get richer, they don’t spend as large a percentage of their paychecks on consumer goods.

They save it . . . or invest it overseas.

As a result, businesses have to downsize and lay off workers, further eroding the economic base of the global economy.

To turn things around, we need to tax the wealthiest at historic rates, not at the ridiculously low rates of 11%  or 13.9% or 15%.

If you want a better understanding of the current economic climate, I recommend that you watch Inequality For All.

Watching this entertaining, serious, and funny 90-minute film will give you an appreciation for what’s going on, how it happened, and what needs to change to get us back on track.

If you don’t have access to the full 90-minute documentary, this Bill Moyers interview with Robert Reich does a terrific job of highlighting the highlights:

Aah . . . that’s better!

For more information:  www.inequalityforall.com

“We make the rules of the economy – and we have the power to change those rules.” – Robert Reich

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Comments»

1. Val Boyko - August 4, 2014

Edgy and fabulous Nancy!

nrhatch - August 4, 2014

Robert Reich is an excellent speaker and he does a terrific job of describing what happened in the 70’s, 80’s, and 90’s that led to the Housing Bubble and Collapse of 2008. And he’s funny.

Val Boyko - August 4, 2014

Life has some serious issues…. that can be addressed with lightness and insight rather than heaviness. I like that Nancy.
Much appreciated!

nrhatch - August 4, 2014

Maybe we could hire him as a benevolent dictator . . . just until we get things back on track.

2. Jill Weatherholt - August 4, 2014

Thanks, Nancy! I’ll certainly check it out.

nrhatch - August 4, 2014

I found it enlightening without depressive overtones. Just the opposite, he ended on an up-note.

3. Don - August 4, 2014

Outstanding video Nancy. Something has got to give. This is the stuff revolutions are made of. In our country we are sitting on a time bomb because of unequal wealth distribution. Need to watch the film.

nrhatch - August 4, 2014

You are right, Don. And there need not be a revolution ~ the 1% will NOT benefit from the deterioration of the middle class. Finding ways to even out the playing field will be a win for all. Everyone wins when business owners compensate workers more equitably.

Greed is NOT good.

4. suzicate - August 4, 2014

Thanks for including the video clips…didn’t realize the second one was 56 in until I clicked on it, will have to go back and watch when I have more time. You’re right greed is not good and there is much greed in the political system…too bad they are the ones who make the rules which apply to them…It irks me they get lifetime benefits no matter what time period they serve, including when they resign without fulfilling a full term.

nrhatch - August 4, 2014

Our political system is being sold to the highest bidders ~> those who can afford lobbyists to wine and dine the swine.

It will be interesting to see whether “we the people” turn the tide in the time.

5. William D'Andrea - August 4, 2014

Corporations do create jobs, goods and services for the customers. Employees of corporations, are also among those who purchase what they’ve produced. Bringing down the corporations will eliminate those jobs, goods and services, and we would all be starving and homeless.

nrhatch - August 4, 2014

I disagree with your fear-based conjecture. It isn’t about “bringing down the corporations” ~> it’s about creating continued demand for goods and services by compensating workers fairly.

William D'Andrea - August 4, 2014
nrhatch - August 4, 2014

This article supports what Robert Reich is saying . . .

All that wealthy capitalists have to do to thwart “Obama’s plan to destroy America” is put buying power back into the hands of those creating the wealth ~> the workers.

Workers would have $’s to spend, which creates more demand for goods and service, more jobs, and fewer people on the government welfare rolls.

6. William D'Andrea - August 4, 2014

Then as long as you not going along with the planned destruction of our Country, you and I are in agreement. What I object to is the turning of groups of American Citizens against one another.

nrhatch - August 4, 2014

When asked what country we should look to if we want to fix what’s broken, Reich suggest we look at the U.S. right after the Great Depression.

We turned that situation around and we can turn this situation around.

William D'Andrea - August 4, 2014

Right. As FDR said.
“The only thing we have to fear, is fear itself!”

nrhatch - August 4, 2014

Fear is the main source of superstition, and one of the main sources of cruelty. To conquer fear is the beginning of wisdom. ~ Bertrand Russell

7. laurakelly2 - August 4, 2014

Thanks for bringing this movie to my attention!

nrhatch - August 4, 2014

It sheds clarity on a situation that impacts us daily.

8. NancyTex - August 4, 2014

History repeats itself. Will we ever learn though?

nrhatch - August 4, 2014

Some of us are learning. But the swine who wine and dine on our dime still have their heads in the sand.

NancyTex - August 4, 2014

The lobbyists are a scourge.

nrhatch - August 4, 2014

Yup. Our politicians sell themselves to the highest bidder.

9. ericjbaker - August 4, 2014

I’m afraid this nation has already turned into a plutocracy. It cracks me up how quickly ordinary citizens will leap to the defense of a multi-billion-dollar corporation and, in the next breath, accuse unemployed people of being lazy. The cost of living continues to rise while incomes stagnate, because people aren’t paid a living wage. Does it surprise anyone that the most successful companies are the ones that pay a decent salary?

The average CEO earns something like 430 times the annual salary of the average employee. Someone actually has the nerve to defend that?????

nrhatch - August 4, 2014

Not long ago, the average CEO eaned about 40x the average Joe ~ definitely enough of an incentive to promote innovation and investment. And as corporate profits rose, everyone working for the company benefited.

That is no longer the case. Now the average CEO earns 350x (or more) what the average Joe earns.

Reagan short-changed the average worker with his “Trickle Down Economics.” It doesn’t work that way when CEO’s skim profits off the top and tell Joe to “take it or leave it.”

10. Eric Tonningsen - August 4, 2014

Reich has always, in my mind, spoken his wisdom clearly and well. Even though he is aligned politically with one “side,” his knowledge and views are spot on. Almost always have been. As for the erosion of the middle class and the politicians who passively and actively enable it, I’m going to refrain. It will change because the viability of humanity depends on it.

nrhatch - August 4, 2014

He’s a wise man who did an excellent job of explaining what’s happened, why it’s happened, and what needs to be done.

The eroding tax base is a real problem ~> until the upper echelon starts contributing more to the collective pot, we won’t have the money to fix roads, invest in education, etc.

We may see a mass exodus of citizens to countries where the playing field is not as skewed as it’s become here.

Eric Tonningsen - August 4, 2014

Under current Irish law, I am eligible for an Irish passport. One of my first cousins (also a U.S. citizen) has already applied for and obtained hers. Just saying…

nrhatch - August 4, 2014

Sounds like you are in front of the Eight Ball, Eric ~ Ireland might be just the place.

11. colonialist - August 4, 2014

Actually, the answer is not to increase levels on the rich at all. The answer is to go back to utter simplicity whereby a set percentage is paid by everyone from the poorest to the richest, there are no exceptions or rebates or benefits on tax, and all access to ‘tax havens’ is illegal.

nrhatch - August 4, 2014

Flat rate taxation would sure make preparing our income tax returns a cinch.

ericjbaker - August 5, 2014

I’m not sure the numbers add up though. I mean, some corporations pay no tax at all. But you know those horrid poor people. Are there no workhouses? No prisons?

nrhatch - August 5, 2014

I’d like to see a graduated tax ~ with the upper echelons contributing a greater percentage than those who are barely able to put food on the table.

12. 2e0mca - August 4, 2014

The redistribution of wealth from the poor to the rich is ably assisted by decreasing tax on pay whilst increasing the taxes on things you buy. As the price for a new, more highly taxed, washing machine is the same for rich or poor, the essential inequallity is maintained in spades. Unfortunately there are lots of lowly paid people who don’t understand this and see a few extra pennies in their pay packets as a great short term gain and continue to vote for the political parties that look after the rich 😦

nrhatch - August 4, 2014

Both of our political parties look after the rich.

13. bluebee - August 4, 2014

There’s a reason why Denmark has the lowest prevalence of mental health issues – negligible inequality.

nrhatch - August 4, 2014

The US has dropped on that bench mark ~ having the worst record of most developed nations.

14. In the Stillness of Willow Hill - August 4, 2014

If corporations paid their CEOs less money, they could either reduce prices for their goods or pay their workers more money. Either way, its a win.

nrhatch - August 4, 2014

The salaries they pay themselves are obscene. Even in the non-profit world. Before donating to a charity, I check the CEO’s compensation. If it’s too high, I don’t open my wallet for them no matter how laudable the cause.

Let them pass the hat to the overpaid CEO.

ericjbaker - August 5, 2014

CEOs run companies into the ground then walk away with a 200 million dollar bonus.

nrhatch - August 5, 2014

Yup. That too ~ the golden parachute instead of a smack upside the head. Doesn’t give them much of an incentive to do things differently.

15. jannatwrites - August 5, 2014

I don’t have an hour right now to watch the video, but this is concerning. I do think the higher incomes need higher tax rates, but while the wealthy are in power (easier to get elected if you have more $ to spend on the campaign) I don’t know how the higher tax rate will go through.

nrhatch - August 5, 2014

Those in power need to reconsider what they’re doing with Open Eyes, Ears, and Heart ~ they are NOT acting in their own long term best interest when they act like Greedy Gus.

If the middle class continues to erode . . . who’s going to buy what they’re selling?

16. joannevalentinesimson - August 5, 2014

Right on, Nancy. Reich has a lot more financial understanding than most congressmen, but somehow his message hasn’t gotten to the mainstream yet, despite his recent movie.

nrhatch - August 5, 2014

His detractors call him a “communist” in an effort to deflect attention from his common sense approach to economics.

17. Behind the Story - August 7, 2014

Robert Reich is one of our most sensible voices on economic matters. I don’t know why we don’t hear from him more often. Doing something about economic inequality will require some sort of grass-roots movement.

nrhatch - August 7, 2014

Yes, a grass roots movement . . . like the Boston Tea Party. 😎

18. Three Well Beings - August 7, 2014

This topic really interests me, and of course, I’ve heard others speak on it on 60 Minutes and occasional television segments. Do you think if I watch this my head will explode? LOL! I get so frustrated sometimes!

nrhatch - August 7, 2014

I found it easy to watch and understand without wanting to gnash my teeth. Sometimes focusing on Just The Facts (rather than conjecture, speculation, opinion, and fear-mongering) makes reality more digestible.


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