The Truth About the Economy: What went wrong (in 2 minutes)

The experts and pundits may be bickering away about what happened to bring about the economic recession (and who’s to blame for it), but for the rest of us mortals, here’s Clinton-era Secretary of Labor Robert Reich explaining what went wrong in just over two minutes:

CliffsNotes version:

1. Economy doubles since 1980, but wages flat. (Where did the money go?)

2. All gains from the economy go to the super rich. (and …)

3. With money comes political power. (Taxes on super rich slashed, revenues evaporate. This leads to …)

4. Huge budget deficits. (Middle class agitated, fight for scraps.)

5. Middle class divided. (Buying and borrowing slow. Resulting in:)

6. Anemic recovery.

Last line: “The only way we can have a strong economy is with a strong middle class.”

But, of course, will anybody listen? And will anybody in power care?

And why am I asking such questions?

(via Political Irony)

Tags: Robert Reich • recession