Saturday, January 11, 2014

Robert Reich's 10 necessary steps to improve the economy

And now for some practical advise on addressing and changing systemic problems. Reich lays out 10 reasonable and proven steps to turn around income inequality, create jobs and get the economy going again. He admits that the regressives won't do it and the Democrats don't have the balls to try. So it's up to us to get active and put pressure on our representatives, which does work if enough is applied and they know their jobs depend on it. Please listen to Reich's prescription and if you agree then get off your ass and get busy.

(1) raise the minimum wage at least to its inflation-adjusted value 40 years ago -- which would be well over $10 an hour, (2) extend unemployment benefits to the jobless, (3) launch a major jobs program to rebuild the nation's crumbling infrastructure, (4) expand Medicaid to the near-poor, (5) enable low-wage workers to unionize, (6) rehire all the teachers, social workers, police, and other public service employees who were laid off in the recession, (7) exempt the first $20,000 of income from Social Security payroll taxes and make up the difference by removing the cap on income subject to the tax. And because the rich spend a far smaller proportion of their earnings than the middle class and poor, pay for much of this by (8) closing tax loopholes that benefit the rich such as the "carried interest" tax benefit for hedge-fund and private-equity managers, (9) raise the highest marginal tax rate, and (10) impose a small tax on all financial transactions.

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