In which I feel validated...Robert Reich says:
We're in a recession because the rich are raking in an absurd portion of the wealth.
Well, I want to thank Robert Reich for that. As far as I know, no one but cranks like yours truly have been saying this so plainly. But has he been saying this for a long time and I just haven't happened to catch it? This isn't suddenly true. It's been coming on for a long time. It's looked like a recession to a lot of working class people for at least ten years.Ian Welsh says:
It’s really, really simple. The rich crashed the world economy. They were bailed out, with their wealth having almost entirely recovered and corporate profits likewise have pretty much recovered. Now, at the G10, the world’s leaders are discussing how to make regular people pay for the rich’s follies.