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The US economy explained in 2 minutes, by Robert Reich

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posted on Jun, 29 2011 @ 11:53 AM
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reply to post by hdutton
 



From the way some have so agressively stated their case I can only think they will be amoung the first to cry when reality sets in.

Tbh, I didn't understand your comment, are you saying that higher taxes would create prosperity?




posted on Jun, 29 2011 @ 03:53 PM
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Originally posted by hdutton
reply to post by timidgal
 


You are not alone in your surprise at the content of some of these posts.

I have long thought our education system had gone down hill; I just did not think it could get this bad.


That's exactly what Professor Stiglitz mentioned. The education system, infrastructure and social security have all gone down the hill. Some of my notes of his guest lecture on the financial crisis:

*Economic models need constant readjustment

*Crisis is caused by difference of ideologies (to fulfill self interest)

*Crisis could have been avoided if measures had been put into place

*Higher rate of GDP growth (US vs EU) was based on a bubble, not sustainable

*Trigger-down economics don't work (everyone benefits). Americans experienced no wealth of growth in last 12 years, everything went to top. Most wealth in hands of few.

*Statistics don't support US claim 'land of the opportunities' most people have no equal opportunities

*Greenspan to congress: more debt, to repay debts in 10 years. Central banks are political and interfere all the time. Privatization of Fed = serving Wallstreet

*Inefficiency of health care system (17% of GDP) -> high mortality rates vs 8-10% for most other developed countries.

*True cost 3-5 trillion (instead of 2) of iraq war. Many soldiers coming back from iraq/afghanistan are disabled. close to a trillion dollars in liability claims.

*Underinvestment in education.

*Hundreds of billions spend on weapons that don't work against enemies that don't exist (subsidizing the weapon industry)


*Investment in education technology and infrastructure would lead to a more productive society and labor force, which eventually will lead to higher incomes.

*A country's most important asset: people, requires investment, which leads to efficiency (Key success factor of China's growth: investment in people, especially women).

*High investment in people short-circuits the equity-efficiency trade-off

*Developing a competitive advantage not through low wages but through high investments - low wages are not sustainable.

*Manufacturing sector lost its competitive advantage and due to a shortage of service-based jobs, people are trapped. Social safety net necessary for better entrepreneurial opportunities and hence, a stronger competitive position of the US (stimulates higher risk taking when backed by a safety net) - flex-security.

*Careful of deficit fetishism - there is another side on the balance sheet: austerity - likely to undermine the successes of the past and broader social values. Austerity measures has not only social consequence but also an economic. Division leads to lesser ability to act cohesively. In the US, there is no support for social cohesion (examples of public transport, parks) as the rich don't need it - they simply buy their own park.

*Brazil good example: from great inequality. People in top realized that this kind of society is not viable. Consensus on improving education, social programs - reducing inequality, which enables their economy to boom. Works in Scandinavia too

*High taxes is key - to pay for good public goods -> leads to efficient public society (larger participation of labor force): Clinton raised taxes in 1993 - strong economic performance
Bush lowered tax on capital gains - saving rates went down to 0%

*Measures of wealth (GDP output) don't measure sustainability.

*Start charging corporations for public resources (stuff as timber almost given away for free to corporations)

*Provisions in tax stimulate investment abroad, rather than domestically.

*Discourage banks from speculating will lead to recovery of US economy, no incentive now.

*35 years of regulations worked, were given up because of strong economic growth. Financial sector: no need any longer. Irresponsible behavior as result.

edit on 29-6-2011 by Mdv2 because: (no reason given)



posted on Jun, 29 2011 @ 07:32 PM
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Originally posted by hdutton
reply to post by eldard
 


Oh, I feel so sorry for those who refuse to learn from the past.

You spoke of your grandfather living through the depression.


Not really. He left the US in the 30s and resettled in the colony. Which wasn't really affected by the Depression (that much, anyway.)

You're the one who really don't know your history. Let me lay out a simple summary:

The world has been ruled by a shadow elite since Ancient Egypt
They build up empires, then collapse it hundreds of years later
Since Rome, the favorite method of collapse had been debt
Debt is also waht collapsed the Spanish, Ottoman, British and other countless empires
Debt is what will collapse the current power, the US
They are collapsing the West to build up the East
Why do think a Global Crossing spent billions to build a fiber optic network to India? Outsourcing
Guess who paid for it? Gullible investors
Can you guess who built the nukes to power India's outsourcing facilities?



posted on Jun, 29 2011 @ 08:25 PM
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Originally posted by Mdv2
*A country's most important asset: people, requires investment, which leads to efficiency (Key success factor of China's growth: investment in people, especially women).


Guess how many Chinese college graduates can't find jobs related to their courses?



posted on Jun, 30 2011 @ 05:48 AM
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Originally posted by eldard

Originally posted by Mdv2
*A country's most important asset: people, requires investment, which leads to efficiency (Key success factor of China's growth: investment in people, especially women).


Guess how many Chinese college graduates can't find jobs related to their courses?


Let's not discuss the number of US graduates who are jobless right now. It's not rocket science to understand that good and high-level education available to the masses leads to a higher rate of innovation and hence, higher wealth.



posted on Jun, 30 2011 @ 06:19 AM
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Originally posted by Rockdisjoint
reply to post by hdutton
 



From the way some have so agressively stated their case I can only think they will be amoung the first to cry when reality sets in.

Tbh, I didn't understand your comment, are you saying that higher taxes would create prosperity?




I am sorry, I did not think about my writing faster than you could read.

As I have often told people who seem to have trouble comprehinding something which I have said;

"If you will listen to the words I use, you should have little trouble understanding what I am saying."

I have never been one for speaking in riddles or using deceptive phrases to cover up or alter the meaning of anything I say.

Might I suggest a modest investment into a decent dictionary, along with finding a libriarian to help you learn to use it.



posted on Jun, 30 2011 @ 07:12 AM
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Originally posted by Mdv2
Let's not discuss the number of US graduates who are jobless right now. It's not rocket science to understand that good and high-level education available to the masses leads to a higher rate of innovation and hence, higher wealth.


Before the crisis, most American graduates were assured of jobs. Chinese graduates never were. I applaud the Chinese government for investing in its people. But it will take time.



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