I recently posted on former Clinton labor secretary Robert Reich's take on the economic downturn. I said that I didn't know nearly as much about economics as I'd like. I'm trying to remedy this, even if my progress is slow and painful.
One thing Reich said is something I've been thinking for a long time. The Republicans are about reducing taxes on the rich ostensibly so that they'll invest more in building the economy to benefit all of us. But it has long seemed to me, as it does to Reich, that putting more money in the accounts of people who already have more money than they can reasonably spend does little to grow an economy, especially if the rest of us can't afford, as increasingly appears to be the case, to buy the products and services generated by that economy. It seems to me that we need, through higher wages and other changes, to concentrate on putting more money in the hands of everyday consumers rather than in the hands of the obscenely wealthy.
What, if anything, is wrong with my (and Reich's) thinking about this, and if nothing is wrong with it, how might we actualize it?
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