America's economic collapse of 2008 was directed almost everywhere Street Wall. In its September release, entitled Aftershock: The Next Economy and America's Future, Robert B. Reich argues otherwise. He believes that the real problem is structural: There is a growing concentration of wealth at the top, while middle class Americans struggle to maintain a decent standard of living.
Reich served in three national administrations, most recently as Minister of Labour underPresident Clinton. He has written numerous books and is professor of public policy.
to justify three phases of modern American capitalism message Empire. The first phase (1870-1929) was one of the growing concentration of income and wealth. Phase two (1947-1975), characterized by broad common prosperity and the third phase (1980-2010) is one of the growing concentration of wealth. Reich says it is crucial to our future to begin a fourth phase in which broad-based prosperityprevails.
Empire Marriner Eccles, a magnate during the Great Depression. Largely forgotten today, Reich believes the analysis of underlying economic stress preacher of the Great Depression relevant to autumn 2008. His hypothesis proved him a quick recovery in national injustice, as we know today. President Roosevelt called him to Washington DC, his financial acumen was to logic and experience to share.
Eccles chairman of the Federal Reserve Board1934-1948 (which is Eccles Building on Constitution Avenue in Washington DC his memoriam). History is repeating itself today, there is a huge accumulation of income between the richest men in the country. The result is all the other experiences reduced purchasing power.
The agreement in principle was employed in proportion to the fruits of economic growth. Average worker produces enough purchasing power to buy what they do.
The years of prosperity (1947-1975), theAmerica as a whole, the implementation of the agreement in principle. Almost everyone who wanted a job could be with a good salary, or at least where the wages, the trends are upwards. The U.S. government has created conditions for the middle class to complete and fully share the prosperity of the nation.
The three Americans are coping mechanisms, says Reich, developed to meet the growing concentration of wealth that are now useless to fight. They are:
Movements of women in paid work. Since the end of 1970, women began to worksupplementing the family income and wages stagnating or declining balance men earned. Today the point of diminishing returns is there, or how the costs of hiring outside help for children outweighs the advantage of the apparent additional revenue.
We all work longer. A growing number of people took two or three jobs, each demanding 20 or more hours. Well, even if they find more work, more time can be found.
We move to savings or borrow to an end. During the great prosperity,American middle class saved about 9 percent of their income after taxes. In 2008, slipped to 2.6 percent. By 2008 the average American family had 138 percent of their income after taxes. Consumer middle class has taken huge amounts of debt as a last resort. Median wages had stopped growing and the proportion of total income goes to the middle class has shrunk.
The Great Depression officially began in December 2007. The biggest difference between this and the Great Depression is what toafter the bursting of the bubble. The Great Depression inspired the policy of the government, which led to new economic order. Social Security, improving the nation's infrastructure, schools, universities and other initiatives, has a safer, more prosperous and productive America. The world economic crisis brought no new economic order.
"Technically, the world economic crisis is over," says Reich, "but its aftershocks is just the beginning." Reich said Jobs will come back in time,However, they offer us lower wages than Americans are used to.
Globalization and the outsourcing of American jobs to other countries often blamed for high unemployment in the country. But Reich reminds us, these factors do not tell the whole story. Automation is also crucial, such as jobs in the service sector, including bank staff and telephone operators are now extinct.
Based on the current national conditions, forecasts Reich in 2020 elections. The triumph of the Independence Party platform would, with its"A clear and uncompromising message." We also include zero tolerance of illegal immigration, the increase of duties on all imports, and the abolition of the Federal Reserve Board. His program would be extremely damaging to U.S. interests at home and abroad.
The Americans are more and more outraged if the U.S. economy seems outrigged the rich favor. Her concern Wall Street, major political campaign contributions from the rich saves to protect their interests, andElite educational opportunities for disadvantaged children.
Reich presents nine primary solutions to restore the basic conditions for the American middle class. He admits that some of his proposals are expensive initially, but over time the benefits outweigh the financial. The three main functions include:
A system back into employment against a system of unemployment. Today, most are losing their jobs never returned to their jobs and long-term unemployment is high. Implement wage insurance. Here, each loser of the work that takesJob that pays less than his former position would be for 90 percent difference is permissible up to two years. Since then many workers have acquired new skills, so that the wages paid similar past.
Public goods. Sizably increase in public goods such as public transportation, museums, libraries and recreational facilities. Keep them free of charge against the trend in "user fees". Public goods to improve the quality of life and help some of the stagnant or declining OffsetWages.
The money from politics. As inequality has increased, large companies, Wall Street, and its executives and entrepreneurs have distorted policy decisions and their heavy donations. to protect Recent decisions of the Supreme Court campaign contributions as a form of free speech must be reversed. In the meantime, all political donations should by a "blind trust" to go, so that no candidate ever know what he was wearing.
These are difficult times for our nation, in fact, as we adjust toGrowing pains of globalization. Despite home foreclosures, persistently high unemployment, lower income, less economic security, inequality and pay rise on Wall Street empire on an optimistic voice.
He points out that America was facing a depression, a war embracing moral and other emergencies, always to the occasion. "We choose to reform, I think, because we are a nation are sensitive, and the reform is the only sensible option wehave. "
Read more about the prospect of the restoration of the kingdom pact starting point to save the middle class America, to visit his blog http://robertreich.org.
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