Why Inequality Is The Biggest Economic Threat To America

[xchrom]

http://www.businessinsider.com/labor-day-2012-and-the-election-of-2012-its-inequality-stupid-2012-8

he most troubling economic trend facing America this Labor Day weekend is the increasing concentration of income, wealth, and political power at the very top – among a handful of extraordinarily wealthy people – and the steady decline of the great American middle class.

Inequality in America is at record levels. The 400 richest Americans now have more wealth than the bottom 150 million of us put together.

Republicans claim the rich are job creators. Nothing could be further from the truth. In order to create jobs, businesses need customers. But the rich spend only a small fraction of what they earn. They park most of it wherever around the world they can get the highest return.

The real job creators are the vast middle class, whose spending drives the economy and creates jobs.


Read more: http://robertreich.org/post/30553661179#ixzz257OA1fq1

[raccoon]

1. K&R. nt

[SILVER__FOX52]

2. This is the essence of the Problem..........

If you move all the jobs overseas, then pay your remaining workers only enough to get back and forth to work........the system will fail. It is like the economy is a pump and money ( ie demand for products ) is the water. Anybody that has experience pump problems knows what happens when the pump runs out of water ( Money ). They also know that you must "prime" the pump if you want to re-start it. It's not complicated and this nonsense of "job creators" ( the Rich ) is like saying if we gold plate the pump it will run without water..................You bet. Please get this thru your head. This is really not difficult.

[marmar]

3. k/r

[kenny blankenship]

4. Does he know any politician who will say so?

The news Reich bears isn't exactly new. Although the fact that inequality is worse now under Obama than under Bush may embarrass a few - a handful- who're still capable of shame, most Obama supporters are "beyond" having a sense of shame or any concept of a "standard" which their man is expected to uphold as a nominal Democrat.

Maybe the biggest threat to America is that there are now TWO parties who refuse to see income and wealth inequality as any problem at all? Maybe he should get out his calculator and figure out how that happened.

[xchrom]

5. +1