Self-made wealthy people are disappearing – six of today's 10 wealthiest Americans are heirs to prominent fortunes after being 'born into the right family,' writes Robert Reich. What does this mean for the rest of the US?
Putting ideology aside, the practical choice isn’t between capitalism and 'welfare-state socialism,' Reich writes. It’s between a system that’s working for a few at the top, or one that’s working for just about everyone.
Timothy Geithner's latest book on the Wall Street bailout argues that the bailout worked. But it was a huge failure in some ways, writes Robert Reich.
Business leaders realize that their companies and capitalism are at stake, writes Robert Reich. Unless the middle class becomes stronger and more confident, businesses could face more financial trouble.
Some Republicans misinform people about poverty and the economy, writes Robert Reich. What do they say about the poor, and why are they are wrong?
Mississippi's new voter-identification law suppresses those who cannot afford the cost of a photo ID, writes Robert Reich. How is Mississippi's effort to stop voter fraud actually a step back?
As General Motors' recall saga continues, 15 GM employees have been fired and five others have been disciplined in light of an internal investigation of GM. But GM as a corporation shouldn't be legally responsible, writes Robert Reich – it should be the individuals who break the law.
More Americans than ever believe the economy is rigged in favor of Wall Street and big business. As a result, populists on both the Democrat and Republican sides are bending toward one another and against the establishment.
Though economists have made the case that we're headed toward levels of inequality not seen since the days of the nineteenth-century robber barons, certain myths about inequality still persist. Here are the four most pervasive.
CEO pay has skyrocketed to hundreds of times that of the typical worker, which is wildly unfair but also bad for the economy. New legislation in California attempts to curb the trend by tying corporate pay to taxes.
Comcast and Time Warner's merger would allow the new company to effectively control what Americans see and hear. Teddy Roosevelt and his anti-trust allies never would have allowed it.
MInimum wage reform is gaining steam around the country, and Senate Democrats will soon introduce legislation raising it nationally to $10.10. But we need to be more ambitious. We should be raising the federal minimum wage to $15 an hour.
We can't make the reforms we need to raise wages and create new jobs because some wealthy people and big corporations have a strangle-hold on our politics. 'McCutcheon' makes that strangle-hold even tighter.
Almost limitless political donations coupled with America’s dramatically widening inequality create a vicious cycle in which the wealthy buy votes that lower their taxes, give them bailouts and subsidies, and deregulate their businesses – thereby making them even wealthier and capable of buying even more votes. Corruption breeds more corruption.
A relative handful of Americans receive ever bigger slices of the total national income while most average Americans, working harder than ever, receive smaller ones.
The Koch brothers exemplify a new reality that strikes at the heart of America. The vast wealth that has accumulated at the top of the American economy is not itself the problem. The problem is that political power tends to rise to where the money is.