Wall Street loves socialism for bankers, but not for ordinary people | Robert Reich

JPMorgan CEO Jamie Dimon decries socialism. Unless of course it’s the banks that need a government bailoutIn his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster…

Read more

Jamie Dimon, spare us your crocodile tears about inequality | Robert Reich

If the CEO of JP Morgan really cared about American workers, he would put an end to corporate executives like him rigging the systemIf I may be so bold as to try to lure your attention away from Trump and Mueller for a moment, consider Jamie Dimon’s la…

Read more

The shutdown has exposed Trumponomics for what it is: a disaster | Robert Reich

When the president is proud to close government and proud to slash taxes for the rich, American workers get shaftedOne of the least talked-about consequences of the partial shutdown of the US government – courtesy of Donald “I’m proud to shut down the …

Read more

The US is on the edge of the economic precipice – and Trump may push it over | Robert Reich

Government shutdowns hurt millions. Great depressions hurt even more. History suggests real pain is round the cornerOn Friday, Donald Trump said: “We are totally prepared for a very long shutdown.” It was one of his rare uses of the pronoun “we” instea…

Read more

Friction is now between global financial elite and the rest of us

The anger and frustration felt by hard-working people who have seen their wages and job security steadily diminish is fuelling a populist revolt against the political establishment

The standard explanation for why average working people in advanced nations such as Britain and the United States have failed to gain much ground over the past several decades and are under increasing economic stress is that globalisation and technological change have made most people less competitive. The tasks we used to perform can now be done more cheaply by lower-paid workers abroad or by computer-driven machines.

The left’s standard solution has been an activist government that taxes the wealthy, invests the proceeds in excellent schools and in other means that people need to become more productive, and redistributes to those in need. These prescriptions have been opposed vigorously by those on the right, who believe the economy will function better for everyone if government is smaller, public debt is reduced and taxes and redistributions are curtailed.

Continue reading…

Read more