The Real Reason the Economy Might Collapse | Robert Reich

The wealthy now own more of the economy than at any time since the 1920s. Meanwhile, millions in this country are barely scraping by.
Closing our staggering wealth gap isn’t just the right thing to do. It’s essential to save our economy from collapse.
Watch More: Everything You Need to Know About the New Economy ►► • Everything You Need to...
#WealthInequality #JeffBezos #BillGates

[@MindEyeMediaVR]

We're repeating the Gilded Age and the Great Depression all over again. However, between global warming, excessive plastic pollution, and the ongoing pandemic, I'm afraid that this go-around will be even worse than before.

[@5353Jumper]

Worse - we have seen the signs of this problem decades ago, and we have been stalling the collapse. We used tricks and ploys to maintain an artificial economy, short term delays to make a bit more cash before the crash happens. It is like a mismanaged forrest in a national park. It is natural to have some small burns to clear brush, kill bugs and open seeds. But we stop all the little burns, for decades, underbrush grows, deadfall accumulates, bugs ravage the old trees, and no new trees grow. Then it all goes up in a huge uncontrollable inferno, making the land baron for generations. Short term money grab, short term thinking, pending disaster.

[@mtn1793]

The super rich will March both the economy and humanity into extinction.

[@michellebeckstrom6110]

Yeah and this is going to be horrific. I wish there wasn't impending collapse of systems both natural and human made but it appears the point of no return is here.

[@MsNickie1001]

We’re doomed.

[@MsNickie1001]

@@mtn1793 that’s their plan. They only need a few of us to survive to grow the food they need and make the clothes they wear, and build and maintain their mansions. They want a third world feudal society. They’ll kill most of us off. And there’s nothing, short of a bloody revolution, that we can do. I’m not promoting violence, just noting what’s always occurred in the past. And we’re not moving to a good future this way.

[@mountainman8129]

Sick of it! I just happen to be the perfect age to have witnessed this firsthand. I have had the same job my entire life, as a Structural Ironworker, that my father had his entire life. One of the most dangerous, and underpaid jobs in this great country of ours. Unfortunately, I have seen the stagnant wages, not even keeping up with the cost of living, for the last 35 years. Hard to believe, but I actually make the same amount of money that my father made nearly 40 years ago. He was able to afford a house, multiple cars and a good standard of living for his family, while even maintaining a savings account so he could afford an emergency. He also sent 2 kids of 4, to college. I can do none of these things. A terrible result, caused by the terrible greed of the rich in this country. Shameful!

[@naddarr1]

I use to be a welder and when I quit that career last year I was making the same exact dollar wage as welders were making in the early 2000's. Forget keeping up with production we aren't even keeping up with inflation.

[@memyself1448]

Boys, I’ve been working general semi skilled labor for the past ten years or so, and I’ve gained a couple of dollars an hour. I’m trying to get into carpentry now, since I see a shortage of them coming real soon.

[@jonathanp1884]

This started during the Reagan era. Then Bush Sr. claiming trickle down works. But it doesn't. Both GOP and DEMS are at fault. B. Sanders has been saying that it needs to stop for years. Dems didn't do Sanders any favor in the 2016 election and GOP/FOX claim he is a socialist/communist.

[@jamesmorton7881]

Me too, but i got that engineering degree and moved to + 4% per year wage gains, voted with my feet. Now i see that i could have been a billionaire and we allow our asses to be screwed. by the 1%, who own all the marbles no less.

[@dumphater7632]

Republidickans in action. Once bought, they stay bought. Billionaires benefit, buy a Repubdickan Senator a few commercials and the cycle repeats.

[@rgrif777]

💯% correct!🎯 And there are people crazy enough to fight for the rich! THIS IS A VERY IMPORTANT VIDEO! Thank you Robert!!!

[@Green4CloveR]

Let it collapse. We literally have nothing to lose. 📉📉📉📉📉📉📉📉📉📉📉

[@MatthewKizzie]

Thank you for this informative video, Professor Robert Reich!

[@undergroundman1993]

The rich have an overwhelming influence on the government

[@angeldetierra3855]

@@Zach-ju5vi ► Please take your meds and go to Fox News!

[@MatthewKizzie]

@@angeldetierra3855, awesome reply! :-)

[@angeldetierra3855]

@@MatthewKizzie ► Zach is a troll... He's around bothering people with his dumb comments. He deserves my attention. -- Cheers!

[@petergraham8415]

@@Zach-ju5vi the elitist are the spinning wheel of the Us Governing bodies.

[@allanritz5323]

Make the rich 1%ers pay taxes instead of having them park their money in off shore tax havens.

[@currawong2011]

You've done it again...a clear intelligent and succinct explanation

[@jrus690]

Millions of people are barely scraping by because they are borrowing money from and handing money to those people. Taxing them is not going to fix it, where are all those tax dollars going, not to the places that will fix your problem. The rich did not cause you to get a worthless $100 000 university degree that you can barely use.

[@ignominius3111]

Robert; don’t forget the robust , worldwide studies that correlate the level of violence in all human societies with wealth disparity. Economists never mention it because it’s criminology but it’s a terrible social consequence of wealth disparity.

[@williamfilce5329]

I find it amazing that America manufactures and produces anything today . Companies would rather send their products off shore than make less profit . If we ever get into another war like WW2 we'll lose simply because we couldn't compete in manufacturing .

[@РайтарионРабРомы]

Did u know the USSR had no economy crises? You may have heard about the overproduction crisis. If not, then I recommend reading it. You’ll understand why.

[@harrisonwintergreen1147]

Wages are stagnant only at the household level.

[@livondiramerian6999]

The greedy people are sick people but they don't know it but eventually they will regret it.

[@domplimmer748]

Completely true. I have thought about this for years. Very well expressed.

[@pierregravel-primeau702]

Sad idea that you have to redistribute wealth to buy more stuff and destroy what little of the planet's ressource left.

[@corwind3888]

If we didn't have the income to purchase what we produce, wouldn't we either produce less or have warehouses stuffed to the brim with unsold products? Neither seem to be true. And then how could we afford to continually purchase foreign goods? We have had trade deficits for a long time now, so it looks like we can not only purchase all we don't export, but a huge amount that we have not produced. Debt might explain this in the short term, but that same debt that enables us to purchase more that we produce today will cause us to be unable to afford as much tomorrow. No, this idea that we collectively cannot purchase what we produce just doesn't ring true to me. Then, there is the bit about the wealthy not spending enough. Nonsense. The wealthy do not hoard money and keep it from being spent in the economy. If a country used widgets for currency, the wealthy may very well hoard widgets and reduce the amount of currency available for everyone else to spend, but that is just not the case today. The wealthy invest what they don't need for consumption and those investments typically grow an economy. And every investment purchase allows the seller to spend on something else. Yes, the amount of wealth of the top 0.1% is excessive and most certainly a problem. Teddy Rosevelt addressed in this in the past, but our lawmakers since have provided loopholes for the wealthy. Truly productive people do deserve t be well compensated for their efforts, but having some with more wealth that the average person will earn in a million years is horrendous.

[@iconoclast137]

i didn't need to watch an ad before this

[@newhampshirelifestyle4233]

Robert Reich is wrong. His charts and statistics are wrong (5.06). I joined the work-force in 1979 at $3.75/hour. I make nearly 19x more per/hour than I did in 1979!!! What an absurd assumption. Don't confuse fact with opinion.

[@hergandbiskell1546]

You must be a plumber. Party on!

[@ExPwner]

Inequality is not wrong nor is it destroying the economy. The economy is not 70% spending. Your "productivity-pay gap" chart is an outright lie that intentionally uses different measures of inflation, one for wages and another for productivity.

[@lambchop6278]

Maybe this explains the closing of stores of some big chains in the US.

[@MrBrock-kp5te]

You have too much money when you start firing it into space.

[@CeNTuRiOn33100]

Back in the 1950's the highest tax rate was 90% and companies were forced to invest in their workers and business, the result was the biggest boom and growth of the middle class in history, Reagan became President in 1981 and started a lot of the problems that are in play today.

[@CeNTuRiOn33100]

@@Zach-ju5vi The 50's and 60's were boom times for the middle class and America we produced and were the world's creditor, that changed when we went off the Gold standard (Nixon) and really ramped up under Ronnie Raygun.

[@CeNTuRiOn33100]

@@Zach-ju5vi Please clarify what time period you are talking about.

[@rsync9490]

@@Zach-ju5vi WHat would you propose that would sustain the largely consumerist economy of the United States without economic ruin or political balkanization?

[@anonymoususer4376]

in the 50s, companies were forced to compete for skilled labor. Today, that's largely been replaced by technology (advanced machinery, computers, AI, etc.). In 2021, you can train almost anyone to do 40% of the jobs that make less than $20 an hour. Engineers, programmers, doctors, lawyers, etc. still make a lot of money because they're skills are still in demand and employers still need for fight for them.

[@CeNTuRiOn33100]

@@Zach-ju5vi Wow you are extremely misinformed, Reagan's trickle down economics is what has led to the biggest income inequality in the history of man, he is easily one of the worse President's ever.

[@bobyoung1698]

My question remains the same: When the wealthy own the very tools we once depended upon for change - legislators and the legislative process - is there any resolution that does not include force? We have been chipping away at this for decades and have gotten nowhere. The rich and powerful play by a different set of rules yet we continue to play the game. When do we get to reset the agenda, and with what?

[@AbandonedMaine]

The trouble is, he believes in an economic theory where the author admitted requires a totalitarian dictatorship in order for it to function properly.

[@farazmuz8336]

We get to reset the agenda once the bubble bursts . Sad but true. It’s inevitable.

[@bobs182]

FDR said that his greatest achievement was saving capitalism. When the next economic collapse comes, we will again be able to wrestle power from the excesses of capitalism. Wealth deludes people into a sense of self importance.

[@bobyoung1698]

@@bobs182 Very well said.👍

[@trackman2300]

Once your average American buying power is depleted then the legislators will have to work I'm such a genda

[@karenslaternorthweed19]

Nice content. To me, trading the forex and crypto market is way better than any online investment 100💯

[@trevorchristenson4022]

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[@alejandrodelatorre3860]

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[@juleerutgers1272]

@@alejandrodelatorre3860 I'll recommend Expert Mrs Erica Denise Melissa to you. She's the best ive seen. She trades my fx account and makes me good profits weekly

[@terryelliott2436]

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[@alejandrodelatorre3860]

@@juleerutgers1272 please how do I reach her?

[@ChrisG1392]

It's almost like people shouldn't need a college degree to be meaningful contributors to the economy and shouldn't need a college degree or back breaking trade job to afford to buy a home and start a family.

[@kstevenson232]

I don’t care what nobody say I feel like if you work full time you should be able to afford rent and basic utilities anything more or of luxury then get a degree or college education

[@ChrisG1392]

@@kstevenson232 if you work full time then you deserve more than just scraping by. You should be able to afford a modest house on a single full time income and should be able to support a family with two incomes. That's not the case currently.

[@TokenBlackman7]

Hell, even WITH a college degree, you can still live in squalor!

[@ChrisG1392]

@@TokenBlackman7 worse yet is partial college no degree

[@LG-dj9qr]

About a year ago the NYT featured a McDonald's worker in Denmark. He had a retirement plan, two or three weeks of vacation a year, full medical coverage and I've forgotten whether or not he rented or owned his home but he had an affordable home. Quite a different story in contrast to the poor hard working woman in NJ who had three jobs and was resting between one of those jobs in her car and died of carbon dioxide.

[@Soleilune1995]

If the rich won't consume enough to keep the economy going, then we must instead consume the rich. 🤤

[@AO-pn2uo]

Facts

[@stephencook7337]

Dammit, you beat me to it! 😂

[@LeonardoGonzalez-og5gr]

Ha nice!!!!

[@cindyvan7570]

How?

[@davidvernon3119]

I know you are just joking, but we’re in America are three generations behind the peasant uprisings that created the liberal democracies they exist today in Europe. The Oligarchs will not relent until the pitch folks come out.

[@tylerhackner9731]

This inequality is obscene

[@wnklee6878]

But it works well in any country.

[@angeldetierra3855]

@@Zach-ju5vi ► Stop trolling!

[@améliehester6996]

@@Zach-ju5vi This is why I defend big tech censorship of you clowns. We need to ramp it up into overdrive. You guys are insane, and if you want to spread misinformation, take a greyhound ride to Tijuana and have a ball, ol sport

[@PhilippeOrlando]

Yes, but another thing that' obscene is the ignorance of the American people about this. That's part of the problem.

[@leovolont]

Yeah, Inequality is almost literally obscene. The driver of it is the Working Classes just copulating copulating copulating. The major driver of Inequality is the outrageous number of people who were born without any entitlements at all, conceived by parents who had no entitlements. What sense does it make to bring a child into the World that hasn't the least provision set aside for him or her. Why do so many Poor People insist upon existing. Look at Global Warming. Wouldn't the World be better off without so many Poor People. So, yeah, people are looking at solving the Inequality Problem from the wrong direction. We need Less Poor People! Look at Land Management Experts. When the Herds are too large, they never recommend culling the Strong and the Healthy, no, they always cull the weak and diseased first.

[@warlockpaladin2261]

This was never by accident, this was always by design.

[@zulaikagould9230]

Well..when it's all over, somebody going to loose a country

[@jeffmeltzer1484]

Those who are telling us are all Ivy league educated economists. This situation is not unsurprising, and the Elites are not here to help us. Be smart and refuse this digital currency at all costs. God help us! One other thing. Could you explain why you must show us cartoons to explain this concept? Please do not talk down to the audience; we are not ignorant, Pleabs.

[@dumphater7632]

Many of the founding fathers had free land given as a gift from their king, which they sold to become rich. This wealth still exists as the real government of the privileged hundreds of years later.

[@mortezamo2769]

They call it Cantillon effect.

[@widowkeeper4739]

Just what I always wanted while I was sitting in history class learning about the Great Depression, "I TOTALLY wish I could go through that just like my neurotic grandmother who was so traumatized she never threw anything away again for the rest of her life and became a hoarder!"

[@javierjaime9386]

Holy fuck bro your spider scared me 😂

[@roaddog7793]

Best hope you do not

[@kimberlychodur3508]

I know people like this. My grandpa lived through the depression too, he wasn’t a hoarder but he had his money in 4 or 5 banks. Many people who survived the Great Depression also did that too if they put their money in the bank at all. They had little trust in the banks.

[@davesy6969]

The best thing a rich person can do is pay their workforce well, especially at the lower levels, this keeps money circulating and helps the economy.

[@spir5102]

Dave z, yes, it is the best thing, but there is nothing that forces wealthy people to do that. So most of them don't.

[@douglashogg4848]

That’s being naive. Why should the rich pay more than is necessary to hire someone for the position? Because it’s the right thing to do? That’s “la-la” land. The rich are only going to do what they’re forced to do. You want higher wages at the lower levels either press for a higher minimum wage or form a union. It’s not going to come from some benevolent employer.

[@agentorange20]

@@spir5102 communists/socialists are largely fiscally illiterate, you’ll have to forgive them if they can’t comprehend why businesses, certainly the smallest, most indebted, and those with tightest margins can’t magically ‘click their heels three times’ to pay substantially higher wages without sinking their business.

[@ekevanderzee9538]

@@douglashogg4848 because they want people to buy their stuff.

[@ekevanderzee9538]

@@agentorange20 what smaal, indebted business was he talking about? Amazon? Facebook? Microsoft?

[@Rock2005Star]

Another clear and concise video by the legend himself!! 👌👌😎

[@FletchforFreedom]

Now if he could only manage not being ridiculously inaccurate.

[@beecee921]

@@FletchforFreedom please cite specific inaccuracies with supporting documentation

[@FletchforFreedom]

@@beecee921 See my other response to you and go to the data suggested. His claims about declining worker pay, the underpayment fo workers and what drives the economy are all glaring inaccuracies. And you can go to the Bureau of Labor Statistics which expressly refuted the deliberately false graph from the economic (sic) Policy Institute. If they are not sufficient in themselves, your request is completely dishonest.

[@rantingandrollingwithsteve3648]

I know, right? It's legendary how he worked in the Clinton administration to destroy the middle class workers with NAFTA and enrich the billionaires by deregulating the Financial sector. How many people can lay claim to having such a hand in destroying this fragile Democracy and turning it into an Oligarchy...what a legend!

[@MetalDetroit]

@@auntiesocial808 Not in the least.

[@mikekolokowsky]

What I like about Reich is that he explains complex concepts is an easy way.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@newagain9964]

true. but he's politics/economics is to centrist (aka conservative) for me.

[@practicaliching2311]

Reich is lying. Again. Spending as percent of GDP. States & local government about 20% Feds 25% Capital goods. 22% Charities. 2% Thats 69% right there. No way consumer spending could be 70%. Reich is a con artist. He is not an economist. He got his job by being in Hillary Clinton's law class and she saw someone with no ethics that she could manipulate.

[@dillon4060]

If we're being honest, the economy needs to crash. Permanently. Consumerism is destroying the planet's ecosystems and the last thing we need is more people using more resources at this point.

[@chrism8180]

@UC-G9xNl2DUE8S0swFJHwtbA why would they lose their homes, because a stupid piece of paper says so. Maybe don't be a pussy

[@Speedrunner0218]

You do know you are on youtube right? Watching on a tech device? Wasn't this stuff created by consumerism? It reminds me of college students on a 1K macbook, drinking a 5 dollar starbucks coffee, complaining on twitter that they are opressed.

[@lexingtonbrython1897]

@@Speedrunner0218 "We should improve society somewhat" "Yet you live in society, curious! I am very intelligent."

[@Demopans5990]

@@Speedrunner0218 And computers were originally a product of Sir Alan Turing, who did it to answer questions in mathematics, not to sell stuff. Dr Salk sold his polio patent for the high high price of 1 dollar. Imagine how much his family could've monitized that. Henrietta Lacks's family was paid 0 dollars for the contributions to medical science, and even to this day, they never sought compensation

[@proton8689]

@@Speedrunner0218 "Wages have been stagnating and the wealth gaps increasing." "Yet you own a 1k MacBook drinking a 5 dollar Starbucks coffee. I am very intelligent."

[@stryfespoint304]

So from the brilliant breakdown of the video/subject matter, history is on the verge of repeating itself at dangerous new levels. As always, thank you Mr. Reich for your insight.

[@arneldobumatay3702]

Forget about the top 1%. I wish I was part of the top 40%!

[@Pistolita221]

the top 10% all have a net worth of over a million.

[@Cantfindahable]

Mitch McConnell said “ a rising tide, floats all boats” the problem is only the top 10% have a boat, if I had more money I would buy more clothes a car maybe also go out to eat and tip better not to mention hiring a yard guy and donating to charity. As time goes on we will have to eat the rich! I’d like to ad I took a trip to a poor country and felt so bad that I was so much better off than the people there I couldn’t even enjoy my trip. Our “ rich “ are sick, how can they want more than they could ever spend while others suffer?

[@royparker7856]

Maybe it's because it belongs to them and they don't owe anything to them? This is communist wealth redistribution in a nutshell. Maintain a standard of living by going into debt can be rephrased as living above your means by the unwise use of credit. If you can't afford to buy it without incurring a lot of debt they you should not buy it. If your choices have resulted in you being in a low income job, then live a low income lifestyle. Improve your skillset and get a better job and still live within your means. The wealthy are not the problem, they already pay the vast majority of the taxes in the US and if every penny held by the top 4 or 5 percent were seized by the government, it would not lift anyone out of poverty. The bottom 50 percent should pay something towards the vast resources given to them by the government. The government doesn't need more revenue to waste, it needs to drastically reduce taxes and cut spending.

[@digitalspecter]

@@royparker7856 Didn't you understand what the video said? If people "stop living above their means" the economy crashes because it's fueled by spending. Also, if everyone "improves their skillset and gets a better job" nobody's doing the low wage but necessary work. "it belongs to them" just describes how things are, it doesn't justify it. We could raise tax rate of the rich to 100% and if someone complained we could say "it belongs to the society". That doesn't justify it either.. but the fact that these riches were built by the labor of the society does. And lastly, just look at how much taxes the largest corporations paid last year and stop lying.

[@royparker7856]

@@digitalspecter redistribution of wealth and elimination of private property,straight out of the communist manifesto. It is the truth that the top few percent pay the majority of taxes and the bottom pay nothing or very little.

[@dimamatat5548]

That's because they follow the ways of Max Stirner.

[@lexingtonbrython1897]

@@royparker7856 If people didn't "live above their means", half of America would be literally homeless and/or starving. :v

[@krejados1]

The Jenga analogy perfectly illustrates the perils of the current economic structure.

[@downhilltwofour0082]

When the Credit Card industry took off in the mid-1970's I knew where it would all end up and we are there now!

[@MrMirville]

I think that the inflexion point was the Moonlanding adventure : my opinion is that the means to make people survive beyond low orbits were never discovered and don't exist by the present state of human knowledge of physics, and that the Moonlanding story as told in the 1960-70's had for purpose to make the masses, including intellectuals, loose all grip on reality : as the story was accepted by all as self-evident the American way of life started regressing at that very point : then onwards the public would be paid with pictures and feelings and less and less real goods. NASA was founded by Nazis, that is to say disciples of Goebbels (not necessarily anti-Jewish but giving precedence to myth above reality). In reality NASA is able to send robots and probes but can do nothing more.

[@downhilltwofour0082]

@@MrMirville Whoa Judith. Get a grip.

[@anonymoususer4376]

who's fault? credit card company or person who spends more than they can afford

[@saltinewarrior8192]

@@MrMirville Nasa was founded by one Nazi, von Braun. The rest of the Nazi brain trust, went to the Soviet Union, based on treaties we signed.

[@fredericoamigo]

Come on guys… this is not 8-kun and TRUTH social… Get a grip

[@starfishsmith2690]

Its amazing how much we are willing to give to the rich at our own demise. And sadly it will never be enough.

[@donniedarko7114]

We "give" the rich our purchasing power because most people are ignorant about inflation - and consent to their governments printing trillions to "save the economy". When the central bank prints money, your $100 bill is worth less, no? It's like if I diluted your glass of orange juice with water - you have less juice but more liquid. The rich are smart - so they convert their cash to assets like real estate. As governments unleash a tsunami of money on the economy, asset prices rise and the rich see their net worths increase. The poor meanwhile have no assets, only cash and so they lose purchasing power and can't make ends meet. Then they get angry and blame the rich while ignoring their governments role in inflating the currency.

[@TheRockroll2]

@@donniedarko7114 You realize both are to blame right? Government's aren't supposed to pay people enough money to live. That's what companies are supposed to do. When the government prints a bunch of money and companies choose to hoard it to increase their own wealth that 1000% makes them part of the problem.

[@Pistolita221]

I'm sure Elon will team up with Bezos to build roads and stuff on earth, instead of mars.

[@donniedarko7114]

On

[@dumphater7632]

It is never enough when people are addicted to any substance from heroin to money/power.they can justify any crimes in their minds. Like the oil people deny there is a global warming crisis looming over us all due primarily to using their products. They know better but they're old and your lives don't matter to them, they want profits!

[@SuperFly.]

Yes.... Left-wing progressive politics is best for the economy. This must come as a bit of a shock to right-wing Americans ? Greetings from Europe..!! 💙

[@anonymoususer4376]

sure is...ask Greece. by the way, what European country's economy is better than America? that's right...none of them.

[@shadow_of_thoth]

@@anonymoususer4376 Look up MMT to understand the Greece situation. They don't have a sovereign currency. Which European country has a population bigger than America's? That's right... None of them. The only country set to surpass the US economy is China. Now, is China right-wing?

[@anonymoususer4376]

@@shadow_of_thoth why did Greece end up where it's at? Look it up...socialist policies. Also, China isn't that close to the US yet. But are you advocating that we become a communist country?

[@johnmadison3472]

@@shadow_of_thoth China is cleaning our clock in virtually every dynamic.

[@shadow_of_thoth]

@@anonymoususer4376 No, that's not what socialism is. I'm not even going to bother with that argument though, because your brain will just shut off and not absorb anything I say about it. I'm not advocating for anything. I'm just letting you know that in a few years, the world's most powerful economy will factually be a communist economy. You're trying to argue that leftist economies don't work. According to reality, that's false. You don't have to go full communist to have a left-wing economy. There is not only one version of leftism.

[@puti2147]

The Trickle Down Poverty has been well Implemented in the US since Don Reagan . Now the US needs to try The Trickle Up Poverty Economic Model.

[@rridderbusch518]

@S Patel Yes, let money trickle *up* to us old folks who *can't* work, struggling on only Social Security. Recently our old refrigerator broke down. How are we to buy a new one? The U.S. Gov't is *CRUEL!*

[@stormwatcher59]

Trickle up is what Yang had in mind...too bad our system is so broken!!

[@garyhamlin461]

if poverty reduction plans worked, then the great society and war on poverty would have worked 40 years ago.

[@billwithers1349]

@@rridderbusch518 wtf didn't you save and invest when you could still work? Having kids is probably what ruined you. Nobody twists your arm and makes you have kids. Each kid costs a million $ to raise properly. Public schooling is WELFARE. Other people pay taxes, at the point of a gun, so your kid gets a half-assed education, cause you're too inept to pay for it yourself.

[@rridderbusch518]

@@billwithers1349 My kid has a Ph.D in genetic research (no student debt,) at a famous college. Go away, crazy old uncle.

[@ZERO_O7X]

But Zuckerberg has earned his 12th summer home and his 5th yacht...said no one ever...well, other than Tucker Carlson or Ben Shapiro.

[@wnklee6878]

Tanks to all the f users! They paid for it.

[@LG-dj9qr]

Ah Tucker the Swanson Foods heir. Boycott all Swanson foods.

[@MetalDetroit]

The 12th summer home and yacht were BUILT by American workers. It fills the left with rage to see a wealthy person with a massive yacht. You hear all the rhetoric. No one needs that kind of money ! What about all the mouths that could have been fed for the cost of that yacht? You see obscene wealth, I see JOBS ! Someone made that yacht. Someone took a risk, invested time and money, hired accountants, sales, marketing, finance, engineers, electricians, shipping and receiving clerks, quality control, fabricators, carpenters, trucking, packaging. THIS IS THE US ECONOMY ! Thousands of jobs went into making that yacht, thousands of families have earned a living !

[@LG-dj9qr]

@@MetalDetroit you are not accurate nor do you possess special powers to “know”’what anyone else thinks. Your basic premises is very simplistic. There Will always be the rich and a lot of it is inherited but that is is only part of the issue. Wages are stagnant since the late 70’s, healthcare in the US is the most expensive in the world with millions lacking coverage. Regardless of what Bill Mahr believes most ultra wealthy people do not pay proportional taxes and I could go on and on. I am a progressive and do not in any way want to be head the wealthy but something has got to give. How come the wealthy don’t connect the dots and realize poverty should be bad for business and a healthy middle class is good for business!!!!

[@MetalDetroit]

@@LG-dj9qr Well here, do you support taxing business more? How do those in poverty get out of poverty? By taxing business so much they flee the country taking jobs with them? We let in millions of poor people each year. We have an epidemic of single mothers who doom their own kids to a life of poverty. Care to tell me how that’s wealthy people’s fault? How does the wealthy paying more taxes in any way benefit poor people?

[@michaelbyrd628]

I view myself as conservative. I saw alot of points that he addressed that I liked. I may have to listen to more of his stuff.

[@yayger825]

The standard of living is better than it was 50 years ago. It's all propaganda

[@Soleilune1995]

@@yayger825 By which metric? More people are in crippling debt than 50 years ago BY FAR.

[@anthonydelfino6171]

@@yayger825 tell that to the younger generation that can’t make enough to afford even rent to move out of their parents homes, then compare that to how much easier that prospect was in the 1970s. Wealth and income disparities have created situations where for a growing number of Americans, self sustainace is impossible without taking on debt.

[@yayger825]

@@anthonydelfino6171 working at McDonald's ain't gonna cut it. Maybe they should find a better paying job?

[@johnmadison3472]

@@yayger825 Yeah, you're right. There's always Wendy's, Subway, Burger King, Pizza Hut, etc. Not everyone can be a keyboard General like you. Must pay good.

[@michaelsonsarmiento5943]

The tree of liberty must be refreshed from time to time by the blood of patriots and tyrants. -Thomas Jefferson

[@carlstephens1532]

You win by voting for candidates that will actually do the job

[@ContagiousRepublic]

Taxes on the rich should be based 90% on wealth inequality, PERIOD.

[@stephaniepersin4145]

I was a kid in the 1970s and billionaires were a rarity now they easily exist.

[@gamezfreak5296]

@@stephaniepersin4145 that is not a good example, more millionairrs exist now than they d8d back then, doesnt mean much.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@fritzfedke8079]

we need to become a socialist country.....

[@samanwaysanket12345]

The world needs it.

[@anthonytom-duyquang3558]

While I agree with you on post-capitalism, you definitely need to elaborate more on your positions, lest some anti-socialist decides to question you on that front.

[@fritzfedke8079]

@@anthonytom-duyquang3558 who cares ?

[@fritzfedke8079]

@@anthonytom-duyquang3558 nope....but thanks for the heads-up

[@kevinberg84]

Thanks for these videos!

[@angeldetierra3855]

@@Zach-ju5vi ► Get a life!

[@angeldetierra3855]

@@Zach-ju5vi ► *I'm not a troll & You're wasting your time preaching to the wrong people!*

[@FletchforFreedom]

@@angeldetierra3855 As the EPI graph Reich references was completely debunked years ago (and was so egregious the Bureau of Labor Statistics felt it necessary to denounce it) and as no competent economist (Reich is neither) argues that economies are driven by spending and as workers in this country have never been better compensated in history making 120% more than in the 1950s, Zach's statement is objectively factual. So how again does being factually accurate make him a troll or without a life. The term applies so much better to the delusional imbeciles who take Reich seriously.

[@Boris80b]

Yep, he's right.

[@rabbitland9837]

@@FletchforFreedom you are right but unfortunately most people are lazy to search for the truth or even critical thinking for that matter

[@markdavenportjr5129]

No matter what we do a great depression inbound due to congress infighting etc etc. Its all happened once before and it will happen again. :(

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@herohero-fw1vc]

Dr Reich is a legend. Thank you for educating us.

[@kevincox3698]

I've been reading the comments and have come to the conclusion that we are doomed. In all the arguing I see one glaring omission. OIL EMBARGO. $2.90 a barrel before the embargo in 1973 to $11.65 a barrel in January 1974 . That little tidbit of history, if overlooked gives a skewed perspective of the economic forces of the late 70's and 80's. No one mentions that Reagan's economic reforms were embraced because so many jobs were being lost in the auto industry due to the OIL EMBARGO. The fuel efficient foreign cars were eating into US car market because Detroit could not produce reliable fuel efficient cars. Americans were scared. Scared people will embrace almost anything if they think it will save them. Every time you hear about "Job Creators" you are hearing an echo of that time. Today listen to an older( and wiser) Dave Stockman talk about the economic policies of that era and how they failed. He was the primary architect of those policies. In those days it was popularly know as "Trickle Down" economics or Reaganomics. Hell, I thought it was a good idea too. The passing decades have proved me wrong. If you still believe the "Job Creator" is the employer you are simply wrong. No one ever had a steady job where they made something no one bought. The consumer is the "Job Creator" and if they don't have enough money to buy the product the company fails. OR, it reduces the cost of labor so the consumer can afford it. This reduction of labor costs means a reduction of purchasing power by the labor force. See where this is going? A downward spiral begins. Remember China was not a cheap labor source yet. Suppressed US wages led to the rise of China. Even today you hear about "Chinese Junk". That "junk" is all we can afford now because so many people still believe in those failed economics. They vote in people who legislate based on those failed policies. Not surprisingly we are still scared.

[@erikcable1755]

29% credit card interest?...we need $25.00 as the new minimum wage.

[@TrapperAaron]

If only people like Rob had actual influence in political decision making.

[@jessicabixler1658]

He worked in the Clinton administration.

[@robertprice9052]

He did - twice and F'ed it up. He's an idiot of an economist and part of what caused the housing loan bust. Don't hero-worship, it ill becomes you.

[@7swordmary567]

*50Yr Economic Rape*

[@LG-dj9qr]

@@robertprice9052 Hmm, no he didn't. What housing crisis are you fantasying about?

[@ChrisG1392]

@@Zach-ju5vi he worked for Bill Clinton. There's only so much that's possible under a Clinton

[@timmmahhhh]

It is so refreshing to know you figured this out Mr. Reich. It seems like that for every economist like you or Paul Krugman there are a hundred others with their heads too far up Ayn Rand's posterior too blinded by their greed to ever figure this out.

[@FletchforFreedom]

One doesn't need to be a Rand devotee to recognize that Reich is economically illiterate (and he's *NOT* an economist. Do not insult my profession by including this political science hack in my profession.

[@andreah6379]

Paul Krugman hasn't always been on the good side! He's more of a Clintonite economist. Richard Wolff is who you need to replace Krugman with!

[@beecee921]

@@FletchforFreedom National Merit Scholar, summa cum laude Dartmouth; Rhodes Scholar who studied philosophy, economics, politics @ Oxford; JD from Yale; director policy of FTC under carter; labor secretary under Clinton; whether you agree with his political views or not - give him some credit for his quals and insight into the economy....would love to see you dispute the facts and stats he cites in his presentations.

[@shadow_of_thoth]

@@FletchforFreedom And who are you? There's nothing economically illiterate about it. Just because you've been indoctrinated into an overly simplified worldview based on outdated, largely disproven economic models and theories doesn't automatically invalidate all opposing arguments.

[@FletchforFreedom]

@@shadow_of_thoth I am an actual economist and economic historian. Literally *NO ONE* in the profession falls for the "spending drives the economy" nonsense. We've been trying to kill that idiotic (economically illiterate) myth since people first began misunderstanding the GDP calculation. Just crack a basic economics textbook for God's sake. What's been disproven is the notion that workers are underpaid and that worker pay has "stagnated". The facts, easily checked by looking at the official data (simply look up "nonfarm business sector real compensation per hour") show that worker compensation has increased steadily and substantially for three quarters of a century (in that dataset; it actually goes all the way back to the beginning of the Industrial Revolution). Workers have never been better compensated. And the graph from the Economic (sic) Policy Institute was completely debunked by no less than the Bureau of Labor Statistics years ago. By all means try to undermine anything I've aid. You can't.

[@mastersplinter666]

Why isn't Robert Reich running this country? Smart guy.

[@iceinhuman9139]

Those who are smart enough to rule the world are wise enough to know not to.

[@robertprice9052]

He's an idiot that's why. He failed as an econ advisor and labor secretary. He has to work in a university where he doesn't actually need to produce anything. He couldn't run a business, or he would. He's of a generation of college students who never left school because they couldn't make it in the real world.

[@spir5102]

@@robertprice9052 it seems you are equating success with money and power. Boy, are you off base.

[@stevebell4906]

Simply put because there is simply no one dumber than a Poor Conservative Republican!....Ironically millions of your fellow Americans believe that...Taking Trillions of dollars from the taxpayers and giving it to entities that pay no taxes and buy no goods or services in your market is good for them! This is the conservative hero personified...Their ideal of the great corporate citizen 1. Buys nothing or next to nothing in your local market...neither any goods or services.... 2. Pays no taxes.... 3. Pays less than a living wage and exploits local social services and encourages all of it's associates to do so... 4. Breaks and ruins any and all local businesses who were existing and not doing those first three rules... 5. And best of all takes all of these profits out of the community never to be reinvested there again...

[@shadow_of_thoth]

@@robertprice9052 He's way more successful than you will ever be. Live with it.

[@harumih.3727]

The corporate society is getting more "profit-oriented, result-oriented" by losing the spirit of "hard working and making efforts to improve." And those people are getting more greedy because, in their mind, "result is profit, thus efforts are waste".. And they think that as long as your produce a result, we don't care the process or method." From there, every greedy people has the same idea. How to get the credit. They have they same thinking in common. Leave the hard works to honest and working people. We are only harvesting and collecting their result of hard working. So taxing those rich and money-oriented people is the most reasonable thing to do. It is just so fair and so right.

[@mullerbryan4106]

A NICE VIDEO, EVERYONE OlNEED MORE THAN THEIR INCOME TO BE FINANCIALLY SECURED.THE BEST THING TO DO YOUR MONEY IS TOINVEST IT BECAUSE MONEY LEFT IN THE BANK ALWAYS END UP BEEN IN ONE WAY OR THE OTHER WITH NO RETURN.I USED TO BE A VICTIM OF SUCH,NOT ANYMORE.I INVENTED AND MAKE STEADY PROFIT.

[@billroland1086]

The pandemic has taught everyone the importance of having multiple streams of income,unfortunately having a nice paying job don't mean you are financially free if secured.

[@billroland1086]

with the consistent weekly profits I'm getting from my investment with Brenda Adams,I have no doubt I am really financially free and safe,she is the most reliable in the market now.

[@marshallwalters2100]

investments is that tiny line that separates the rich and the poor.the words from other.i can proudly say I am a wise woman to because I can provide for my family through my investments.

[@marshallwalters2100]

Ever since I stop working with my former employers,I have been surviving through my investment with Brenda Adams,am so glad I invested when I did,months ago I was able to raise money to strat up my own firm.

[@tylerlopez107]

how do I begin,and how do I get her contact?I need to contact her ASAP.

[@johnmadison3472]

I've always thought about the economy like the human body. Blood (money) circulates through the veins (infrastructure) to supply oxygen to every part of our body. When blood slows, or stops, vital organs start to die. We have a huge blood clot in our country right now!

[@nowthenzen]

if we can predict that democracy will fail as income inequality grows that may be why income inequality is growing

[@dumphater7632]

They want to be the only one's with privileges. They will try to grind you into the dirt if you don't worship their obvious devinity.

[@TTTzzzz]

What is the point of being a billionaire? They can't spend all their money. I suppose that Billionaires are at least sociopaths.

[@tracesprite6078]

Yes, they may well be obsessive compulsive people.

[@johnmartin4641]

I’ve always strived to be a billionaire because it’s necessary to achieve my dream: buy a MLB team and have the highest payroll in the league so I can sign the best players and win the World Series every year. I just retired a few months ago. Unfortunately I did not hit the billion dollar mark, but I did come a lot closer than most people as I retired with upper 8 figures saved for retirement. It was also my goal to provide for as many future generations of my family as possible so they never have to worry about money.

[@TTTzzzz]

@@johnmartin4641 What about the rest of the people? Or does only your family count? If I was a billionaire I'd make sure that I wasn't a billionaire, not even a millionaire. I'd still have more than enough.

[@TTTzzzz]

@@tracesprite6078 I'm certain of it.

[@johnmartin4641]

@@TTTzzzz unless you’re in your 90s, if you have less than $1,000,000; you probably can’t afford to live the rest of your life off of it without working for close to the rest of your life. $1,000,000 doesn’t go as far as people think it does anymore. Also, I don’t know about you, but I love to travel and that’s expensive. I wouldn’t want to live the rest of my life with not enough money to travel.

[@lauradawson7737]

Then creditors take us to court and turn the screws, especially for underpaid women. Then add to that the working underpaid disabled.

[@punker4Real]

WNBA sucks they paid from the normal NBA earnings

[@davea6314]

End plutocracy!

[@wnklee6878]

Who is going to do it?

[@davea6314]

@@wnklee6878 We all should.

[@serendip5171]

Perfect explainer. I wish people on the right could see this and understand.

[@serendip5171]

@@Zach-ju5vi Well, for one, when the Fed issues all that fiat, guess who benefits the most, who gets to gobble it all up? Not the people at the bottom.

[@EricaNernie]

No. I wish ordinary voters would see this - and demand more from their government. Oh, and vote, too, of course.

[@Boris80b]

they probably won't.

[@myleslong5584]

From my experience,people on the political right see only what their cult leader(s) tell them to see. As far as wishing that they could understand,well,as the old adage goes, “Wish in one hand…” I’m sure you know the rest of that one.

[@myleslong5584]

@@Zach-ju5vi Well,I DO try to avoid them as much as possible.

[@angeldetierra3855]

► *Thanks for the simple and clear explanation!*

[@angeldetierra3855]

@@Zach-ju5vi ► *A truth that you don't know and can't understand -- Troll Go Away!*

[@angeldetierra3855]

@@Zach-ju5vi ► Too much for you!

[@FletchforFreedom]

Wouldn't it be better if he gave a remotely accurate one without so many factual inaccuracies that have been debunked like the EPI graph?

[@angeldetierra3855]

@@FletchforFreedom ► *Be my guest.... Please explain in detail!*

[@anthonytom-duyquang3558]

@@angeldetierra3855 The productivity-pay gap is actually not true. This is because the productivity index accounts for all private workers, but the compensation index includes public sector workers only. When corrected, the gap is gone. Inequality, in general, does reach its highest in the latest 50 years though.

[@walkerhaw5468]

It's not about money, it's about POWER.

[@thomaspenderel]

Robert Reich for President in 2024.

[@jstewart310]

Scary.. As a retired person I am wondering how to prepare for the inevitable..

[@carlstephens1532]

It's not inevitable, pay workers enough to buy products and the economy works again, every business should pay taxes , when 90 plus don't, that would help ease things, fixing our roads and such is how we all keep making money. Think it's worth trying ?

[@dumphater7632]

My plan is to not contribute to their wealth if I can avoid it. When I'm old enough I'll do like people have done for millenia, die, and not give a lifetime of earnings to some doctor who is just extending the time on the clock.

[@montecristo1845]

The wealth inequality gap is the ultimate game of “stop hitting yourself!”

[@janettedean4713]

Another outstanding video as usual by Inequality Media with such helpful & crucial information! Thank you, Robert & team, for your relentless hard work. Many more people are catching on to the true causes of our many existential & political problems. 🥇👏🏽👏🏻👏🏾👏🏼🏆🎉🥰

[@practicaliching2311]

Reich is lying. Again. Spending as percent of GDP. States & local government about 20% Feds 25% Capital goods. 22% Charities. 2% Thats 69% right there. No way consumer spending could be 70%. Reich is a con artist. He is not an economist. He got his job by being in Hillary Clinton's law class and she saw someone with no ethics that she could manipulate.

[@aking3624]

Until we stop giving bailouts, tax cuts & loopholes we will continue to see the wealth gap widen.

[@Corvaire]

Base Economics: The stronger the flow of currency equats to a stronger economic performance. You tell'm Robert! ;O)-

[@frigginjerk]

Yeah, everything that we refer to as "the economy" is really just money moving from one person to another. And then another, and another, and so on. Hoarding it at the top doesn't help with that.

[@thethirdgeneration1738]

Tax the Rich.

[@FletchforFreedom]

They already pay most of the taxes...

[@améliehester6996]

@@FletchforFreedom MORE! TAX THE C0CKSUCKERS AT 98% NOT 28%.

[@davem3325]

@@FletchforFreedom But they do none of the work!

[@Soleilune1995]

@@FletchforFreedom By dollar amount, not by percentage of what they "earn." By that metric, overall, they pay far less in taxes than even the lowest income bracket. Which is utterly asinine. And Bezos continuously pays nothing in taxes.

[@FletchforFreedom]

@@davem3325 Setting aside the fact that most of the rich gained their initial wealth by working their asses off and taking risks, they make most of heir income once becoming rich by *providing real value* - capital provision and further risk assumption for which they are paid - just as are the workers - value for value. This is pretty basic stuff. Please, please, please don't tell me you're one of those truly galactic imbeciles that didn't get the memo that every aspect of Marxism, including the hilarious labor theory of value, was completely refuted more than a century ago. Now that would be truly aggressive ignorance.

[@ChelseaColeslaw]

Wow, it sounds like they might not need all that money.

[@anonymoususer4376]

need has nothing to do with it...

[@jasonrichter497]

This is exactly why conservative parties are not conservative at all.

[@rogernull6151]

This is SO obvious! I've been thinking this for years. I saw the housing bubble coming in 2006. I was in Real Estate then. I helped some friends buy their 1st home. The homes they were looking at were $100K in 2000. By 2005, those same houses were $140K. (40% increase.) Their income, however, had not increased at all. It was obvious that 1st time home buyers were being priced out of the market. Collapse was inevitable. A major driver of that fiasco was easy credit. Now, as you point out, folks are 'supporting' the economy by going into debt. At some point, a large portion of the population will simply stop paying. Just like in the housing collapse. Only this time, lenders will not have collateral like a house to repossess. It will all come a tumblin' down.

[@ostrakon5303]

We can talk all we want about income inequality and the deleterious effects it has on our economic and political systems, but we really don’t want to address it. Deep down, we all fantasize that we will one day be rich, and when that happens, we won’t want to share. The problem is each of us, so is the solution.

[@erincaitlin1655]

Once again, Prof. Reich, thank you for spelling out so clearly the current economic situation that will help people to act, and vote for their own interests.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@practicaliching2311]

Reich is lying. Again. Spending as percent of GDP. States & local government about 20% Feds 25% Capital goods. 22% Charities. 2% Thats 69% right there. No way consumer spending could be 70%. Reich is a con artist. He is not an economist. He got his job by being in Hillary Clinton's law class and she saw someone with no ethics that she could manipulate.

[@tarmotyyri6733]

Greetings from Finland. Since I prefer the truth more than misinformation and baseless propaganda, I subscribed your channel. Keep up the good work of spreading the truth.

[@rabbitland9837]

He is very wrong please crack a book or try to think for yourself. He is not giving any solution or even addressing the problem right.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@robgrant4265]

You are showing history from an earlier time in which this country/world was experimenting/developing and growing as it still is today! Sorry, and I am not one of them but Intellectual property/thinking assisted in those MEN's decisions at that time. Mental and Physical prowess are the same. Example: I can do more push-ups than you? Am I better than you? My answer would be YES! The question is, do YOU! want to do more push-ups than me? Great men/women are always looking for others to be greater than they are! You do not know what these humans have contributed that's not in a book, data, records, or known to the general public!

[@longlakeshore]

Give 'em hell Robert!

[@1JamesMayToGoPlease]

Excellent, as usual. Mr. Reich should work on messaging for the next real progressive presidential candidate's campaign.

[@fuglong]

The next real progressive presidential candidate is something I've been waiting for since I was fucking born lol

[@rabbitland9837]

You mean bad as usual!!!!

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@id10t98]

Mr. Reich, with all due respect, you really think we avoided another depression in 2008? You even admit the Fed has had interest rates near 0% and that has now gone on for over 13 years. That doesnt say we avoided any depression, it tells you we are living in the Denial Depression! Over a decade of record low interest rates and the USA economy cannot even muster annual GDP of 3%. THAT is a depression.

[@rabbitland9837]

Exactly and he is clueless.

[@joegolfer9372]

Many years ago my mother said something very profound. She said one day, there will be only 2 classes of people in the world. The super rich, and the starving, groveling poor.

[@atd5684]

Just watched Saving Capitalism today. You're an amazing soul. Thank you for your dedication to educating us all. With love from Canada.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@farrahupson]

I've never understood why someone like Jeff Bezos, supposedly a brilliant forward thinker, can have a business model where more and more people can't afford what he's selling.

[@anonymoususer4376]

Jeff Bezos is rich because the company he founded is selling everything cheaper than anyone else.

[@FletchforFreedom]

As Bezos pats his employees the full value of the labor services they provide (it is impossible for him to do otherwise) and worker have never been better compensated in history (despite the ramblings of the idiot who produced this video) your lack of understanding is quite real and problematic.

[@anthonytom-duyquang3558]

@@FletchforFreedom Rising housing and education costs eat up most of the gains to the workers' earnings though.

[@FletchforFreedom]

@@anthonytom-duyquang3558 Except, of course, that's completely wrong. The gains already account for *ALL* price increases including those.

[@anthonytom-duyquang3558]

@@FletchforFreedom I forgot. Rising cost for healthcare as well, besides those two.

[@edwardsmith5453]

*1) It's unfair how things has turned up to be ever since the outbreak of Covid last year things has been so difficult* *2) we see complains here and there in the social Media from different people in different countries all around the world* *3) The government has less or no time for their people anymore* *4) I think we all should try to engage in different things to make money and hope on God than hoping on the government*

[@veralupita56]

Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain

[@raychristian5672]

Exactly I'm also happy to start investing too than to have my money sleeping in bank

[@kingsleydominic1921]

Stocks are good but we have to make the right plans

[@jeffmorgan4207]

@@kingsleydominic1921 Yes Stocks are good but they are alot of businesses more convenient than stocks

[@stevenreyes2005]

That’s the fact well I only invested in stocks and will love to know a better investment too

[@peterliggett5229]

Trickle down economics LOL The only thing that trickles down in gonorrhea.

[@chillz469]

Crazy idea but let's eliminate loans. Entire problem solved.

[@stephaniemclean3458]

Absolutely correct. The problem is this situation is going to get worse as factories and all kinds of industries become completely automated on a scale we have never seen before. Meaning unemployment will skyrocket in epic proportion’s leaving consumers unable to consume due to lack of income and credit. Once the backbone ( the people) of the economy collapse’s it all falls down. This however has not gone unnoticed by some, and solutions are being discussed as well as experiment’s such as universal basic income along with socialised health care and housing etc. This of course would mean a complete economic and social structure change, the likes in which we have never seen before. Nobody knows exactly what effects this would have psychologically or even how it would best work ( hence why they are experimenting with it). But at the end of the day something has to be done.

[@NashHinton]

And baby boomers, the biggest consumers and homeowners, are dying from covid. Something is bound to happen.

[@juliebutler8241]

I have enough electronics, decorations, and cookware to get the job done. Get used clothes. I only need food. I get it from small farms. Don't patronize the large companies.

[@billfitting5196]

Genius! Every human should be required to watch this!

[@Phlegethon]

Lol the people who defend billionaires in the comments but live paycheck to paycheck

[@phelanmcdonald1635]

This is the reason that I have chosen to leave the US and go live in a country whose cost of living is substantially lower. Where I can live comfortably on my Social Security income. I don't want to be here when the US economy collapses.

[@kevintewey1157]

There's only a couple of countries that you can stay in and get Social Security disability income which is a paltry $750 and I don't know what you can do with retirement SSI?

[@furryp2402]

Excellent job Robert Reich. I love the videos. So insightful. I send them to my children

[@RBReich]

Wonderful!

[@annarepetto2430]

Thank you, Robert, for making these topics easy to understand. I wonder if you might elucidate on the topic of GDP and the possibility of it decreasing over time if Biden's "Build Back Better" plan were to pass at the 3.5 trillion level (I know not realistic, but for argument's sake). I remember reading not so long ago that the GDP may no longer be an effective measure of our nation's economic success. Yet, it seems to prevail as a measuring stick with regards to this plan, as revealed by the Penn Wharton Budget Model.

[@nathanielrollins8735]

I can't believe it I like the way you explain this on your show even a person like me that is dyslexic and have a reading problem I can understand you very well what you say educate us about wealth and the economy 👍🤗🙏 again thank you very much

[@milfordcivic6755]

I hope it does. Inflation is out of control right now.

[@mikewilson8600]

"Never argue with stupid people they will drag you down to their level and beat you with experience." Mark Twain

[@robertschlesinger1342]

Excellent video. Well said and informative.

[@rabbitland9837]

m.kzbin.info/www/bejne/i3ivXniuZqh3Z8U

[@robostrangetv558]

This is the result of capitalism. It’s natural conclusion. I love RR’s stuff, but it’s so irritating that I can’t find anything directly indicting capitalism for all of this.

[@edwinwise6751]

Improperly regulated capitalism leads to bottomless greed…..