Robert Reich: Widening inequality is not inevitable

[unrepentant progress]

From Reich's public Facebook page:

Widening inequality is not inevitable. If we wanted to reverse it and restore middle-class prosperity, we could.

We could award tax cuts to companies that link the pay of their hourly workers to profits and productivity, and that keep the total pay of their top 5 executives within 20 times the pay of their median worker. And impose higher taxes on companies that don’t.

We could raise the minimum wage to half the average wage.

We could increase public investment in education, including early-childhood -- especially in the poor and middle-class communities that now lack decent schools.

We could eliminate college loans and allow all students to repay the cost of their higher education with a 10 percent surcharge on the first 10 years of income from full-time employment.

We could expand the Earned Income Tax Credit.

And we could pay for all this by adding additional tax brackets at the top and increasing the top marginal tax rate to what it was before 1981 – at least 70 percent.

But none of this will happen until the public understands why widening inequality is so damaging. Even the rich would do better with a smaller share of a rapidly-growing economy than a large share of one that’s barely growing at all.
https://www.facebook.com/RBReich/posts/595249310487669

[byeya]

1. We could except that the forces aligned against it happening are Big $$$, the RepubliKKKans,

the DLC Democrats and the courts(to a lesser degree).
When we can do is struggle to try and make these things right; expose the hucksters and Economic Bourbons; and find common cause with people and groups whenever possible.
When 400 people own more wealth than the bottom 120 Million people, the situation should not be tolerated.

[woo me with science]

2. K&R

[ProSense]

3. Reich's suggestions

We could award tax cuts to companies that link the pay of their hourly workers to profits and productivity, and that keep the total pay of their top 5 executives within 20 times the pay of their median worker. And impose higher taxes on companies that don’t...raise the minimum wage to half the average wage...increase public investment in education, including early-childhood...eliminate college loans and allow all students to repay the cost of their higher education with a 10 percent surcharge on the first 10 years of income from full-time employment...expand the Earned Income Tax Credit...pay for all this by adding additional tax brackets at the top and increasing the top marginal tax rate to what it was before 1981 – at least 70 percent.

...are very good. They're similar to some of the proposals in the President's budget.

In Obama’s Budget, Poverty Initiatives Face an Uphill Battle
http://www.democraticunderground.com/10022674502

President's budget: Maintains Strong Support for Worker Protection.
http://www.democraticunderground.com/10022673679

President's budget: Excellent proposals that Congress should support.
http://www.democraticunderground.com/10022670043

[pampango]

4. Greater income equality is not rocket science. Every other rich country does better at it

than the US. Reich's suggestions are good plus there are many other policies that have proven to work in other countries.

The problem in the US is a lack of political will to deal with income inequality, rather than not knowing how to go about it.