To paraphraser Upton Sinclair, It Is Difficult to Get Congress to Understand Something When Their Campaign Donations Depend Upon Them Not Understanding It.
Sad thing is, neither party will do anything about it. Sure, the democrats will talk about wanting to reduce corporate profits and increase wages, but in the end, both the democrats and republicans are owned by big corporations and will do nothing or as little as possible to avoid corporate backlash while encouraging the plebs to get out and vote for more of the same nothingness because nothing is better than the other guys. FDR (aside from his racist Japanese-American policies) would be ridiculed and probably even censured by Pelosi for his revolutionary thought of a 94% upper income tax bracket for those making over $half a million (as she Qualifies from her and her husbands insider trading, as well as plenty other republicans and democrats alike), nevermind FDR's corporate policies. This has happened to a more veiled extent to the British labour party too (not allowed to support the rail strike, for example, when the labour party pre-blair was the party of unions). We need a real labour revolution and a real labour party.
Instead of breaking up these big businesses that are raking in higher profits and jacking off prices, nationalise them and turn them into consumer co-ops. Every citizen with a subscription (free or democratically decided) will get to be shareholders/members and vote for the board and decide how they want the company to be run. ATT, Verizon, Amazon, etc.
Companies have no problem continually giving CEOs raises and giant bonuses and then turn around and start 😭 because of the very idea that their real workers may get an extra penny per hour.
And CEO’s have no responsibilities. When they GET fired( never called as this) they have a golden parachute 🪂 and another company behind to take them in… And often enough,new selling companies don’t have a chance because they have to compete with Amazon…no bank give credits for them.
Thanks, Robert, for telling the truth and sticking up for us normal Americans! I recall a bill to stop price gouging, but the republicans refused to pass it.
Don't expect them to pass such a thing. They believe government programs should support big business and the rich or be shut down. Best plan is to turn out to vote against them.
@@luigivillani6411 - Conservatives are NOT for the working class. They are all about exploiting the working class to further enrich themselves and concentrate wealth and power among themselves and their corporate financiers. They have been doing this through fear, and a systematic gutting of public services, especially public education, for a very long time.
Universal plans on buying WB. One less movie company will mean fewer jobs and fewer movies. If they say they need to combine to compete with Disney, then they need to undo the Disney buyout of Fox.
It's also time for pressuring the Biden administration and Democrats in Congress to begin a public dismantling of our Neoclassical / Neoliberal trickle down supply side Reaganomics economics, based on creating endless private debt for Americans into endless profits for them owners of financial sector. And to replace it with a post-Keynesian higher wages and production over profits economics. Which pulled us out of the great depression and maximized post war prosperity from the 1940's until the 1970's when corporatists in both parties dismantled it. Undoing 25 years of wealth redistribution where the middle class shared at least half the wealth of the nation with the top 10%. When one wage earner could fund a household mostly by wages and savings, not reliance on credit card debt, to meet monthly and future expenses and to have wealth above and beyond that after meeting those expenses.
You also cant lose sight of making super-pacts and lobbying illegal. These companies in theory could be doing good but chose not to. As well as pay the government to ignore these facts that RR has presented. They have the best analysts in the world working for the fed and the pentagon.
CEO pay should be compulsorily indexed to the wages of employees - management excluded. The only way a CEO should ever get a pay rise is by increasing wages in line with corporate profits. The multiple of the index should be set according to the number of employees the company has.
Yeah, this is something that was already thought of by ancient philosophers like Plato. The highest pay in a society should not amount to more than 5x the lowest pay (or whatever the optimum multiplier should be).
Prior to Ronald Reagan being elected President the average CEO’s compensation was ONLY 40% above the average minimum wage earners! During Reagan and Ford’s presidencies compensation zoomed up to over 500% but has since leveled back down to a little more than 300%. 🤬
@@sandramarshall8127 I recently occurred to me that America was great (as in MAGA) the day before Reagan took office. The damage that one man did to this nation is astonishing. The Fairness in Reporting Act, Voodoo Economics, weakening of education, unions, and social safety nets, and so on. Nixon had nothing on Reagan when it comes to betraying the nation.
@@Zach-ju5vi Typical Ambien Zach delusional MAGA republican, cultist logic, putting everyone in a coma with your sedative drivel. YAWN....ZZZZzzzz.....
@@Zach-ju5vi That's contradicted by the rise of the US dollar. If so many dollars were printed and spread around as you claim then the value of the dollars you hold would have fallen, not risen. Also look at global inflation for countries around the world how do you explain the global inflation rate and rise of the dollar against every major world currency?
@@Zach-ju5vi your statement is baseless. If there are specific things you don’t like or agree with then what are they. This left wing right wing is a lazy unintelligent non-argument.
This is so important to the American people. If we want a future in this country where rents aren't skyrocketing and wages can pay for basic needs, we need more people like Robert Reich.
@@Zach-ju5vi Time to seek help for your compulsion that is triggered by all the love for Professor Rich here with another of his well researched and fact filled videos that everyone here agrees with, that sets your illness off. Poor sad Ambien Zach...
Robert Reich makes a very good point at the end. We are solely letting the Fed try to stop inflation. The Fed has one tool: changing interest rates. When all you have is a hammer, everything looks like a nail. That’s simply not enough to deal with complex macroeconomic problems. Congress has every tool at their disposal, and should be the ones trying to fix inflation, but refuses to act for fear of upsetting their donors.
That and the fear of their voters. Sometimes doing the right thing isn't super popular. Like our water crisis in the Southwest. If the politicians enacted strict household water restrictions, they'd lose the next election. So... life as normal until it's not. They'll have the ability to flee and leave us average folks with the mess.
@@AltruisticWarrior Residential water use is something like 10-15% of the water used in the SW, the rest is going to mostly agricultural, industrial, and golf courses etc.. Asking home owners and renters to stop flushing so much, and take fewer and shorter showers won't do much; yeah sure cut back on the lawn, it's the most visible of residential use. But in the grand scheme of things, it's industrial users like factories; chip makers agro business etc that take up the vast majority of water use. Why aren't we asking them to stop gowning corn and alfalfa and switch to cotton, and other less demanding water intensive crops in the SW? They pay way way less per acre foot of water than the going rate for gallons of water for residential use. They keep pumping water out of the ground so fast that the ground is starting to go down several feet in places, ruining foundations. I know of a friends mom who bought a small house out in the country. They had a well, it worked the first few years and stopped. The water table has fallen too far below their well. She works for Walmart, not like she can afford $25k to dig a well even father down, only to have that go dry in a few years. If she were to try and sell the property now, it's probably not even worth a quarter of what she payed for it. Who wants a house with no running water? All she has is the water delivered to her house and the gallons she keeps buying. Try and live like that for a while.. All because of some dairy farms down the road buying water intensive feed. That in turn has farmers nearby pumping water for feed crops like sorghum and corn. She can't ask them to stop pumping so much, she probably cant even take them to court for lowering the water table below her well. Agro has so much money and congressional support behind them they will ignore someone like her and just go round and round in the courts waiting for someone like her to run out of money. Her property is now mostly worthless and she can't do anything about it.
@@marcusdamberger Florida's having a similar problem, though nobody wants to talk about it. In about 10 years the entire state will have to enact water rationing, and in 15 years whatever water's left will be too toxic for residential use. Why? Well, 10 years ago Ron DeSantis cleared what used to be protected wetlands for agricultural use. The sugarcane plantations use 3x more water than all other commercial and residential uses of water in the state *combined* while the chemical runoff from the plantations contaminates the aquifer. FLs freshwater drops about 15% a year now, and it's already at half of what it used to be, even 20 years ago.
Keep up this communication and education to your political friend Robert!! You comments are exactly what the issue is; everyone just needs to spend 10 minutes going out and researching how much the oil company’s profits have been over the past year. They are at record highs.
@@JohnFreedman0 you are horribly confused, and not worth the time to educate. The fact you refuse to do it for yourself? That's the ultimate kicker, and why you aren't worth the carbon your body is using and oxygen you spend daily.
I work for a large corporation and I’ve been in the business for almost 30 years. I received a 1.1% raise the last 2 years. I’ve been going backwards for 6 years because of rising healthcare costs.
Robert Rice is telling the truth because no company is controlling him you have MMS MSNBC The squawk box they talk about stocks and the economy they can't tell the truth like Robert is because they're controlled by the big media corporation so Robert actually whatever they're saying they're not telling you the truth Robert doesn't have to worry about being fired or suspended for speaking out so I rather listen to Robert than anyone else because if you listen to squawk box I mean this morning what they were saying I was almost I almost fell off my couch when the guy was talking so that's why you know what Robert saying he's basically telling the truth you can't you can't screw up as his lies he's not lying and you can't call him a liar and he's he's just you know think about it you know the guy knows what he's doing he's a really good economist educated always remember no one controlling him no one is controlling his narrative
We all need to get more involved with our politicians locally all the way to DC! I kept reading how so many Arizonans who voted for Sinema were surprised that she turned her back on Democratic party voters like them. If these same voters did even a "Google" of her voting record, they wouldn't have wasted their time & money on her! Civics is no longer taught in our public schools. Billionaires want Americans to be apathetic and ignorant of how important voting is, especially voting for the right candidate is. The greedy rich want dumbed-down, apathetic populace so they can screw all of us with ease. We all need to get involved with politics, the issues that are important to us & even run for office ourselves--if we can! Rethuglicons know that is how to get what THEY want.
Robert touched on a big problem. Monopolistic companies in the USA have no competition. They collude and raise prices without losing any business. The huge huge conglomerates control everything, because if Congress tries to correct windfall profits, the conglomerates can lay off hundreds of thousands of workers, and that destroys the entire economy. So, conglomerates have the ultimate power, and people are the bargaining chip.
We agree on this point. But I bet you don’t agree with my next point: The reason we don’t have enough competition to hold these companies accountable in the market is because the corrupt federal government has created so many barriers to entry through over regulation; they have stifled small businesses from forming and growing to compete. If you want to fix this problem, the solution isn’t more corrupt federal government involvement, it’s less. Deregulate, eliminate barriers to entry, get the corrupt federal government out of the way.
@@hugsandcurses ...very true. Huge amount of tax dollars are not collected from big, dominating corporations, their top executives, CEOS, big corporations that lobby in Congress to get zillions in tax breaks. If the tax code was proper, then taxes on the hard, hard, working middle class would be reduced. A middle class with more money can then open businesses to compete against the big corporations. Also, a happy middle class with enough money can spend, stimulating the economy, and creating more jobs as business sales grow. The key is a proper tax code to reduce the huge monopolies / conglomerates. The government must act to bring back competition !!
@@tommyboym6563 The politicians are what is corrupt. Largely the conservatives who want to privatize everything which is what they mean by 'small government'. Corporations are the ones who get 'barrier to entry' laws passed. Go through regulations with a scalpel. Tackle the tax code. Vote Blue.
Excellent testimony. I'm so glad that Congress has welcomed your counsel, albeit a very short time, on handling inflation. I've learned so much from you Dr. Reich.
Let's hope we get new leaders in office that gonna put stop to the scam that these Rep , Dem are allowing these corporate R , certain D get away with this con against the rest of us
This man has always been a shining light when comes to the economy he was the man that did the real work on the surplus that president Clinton administration lift for Bush and we all should know what happened when he lift office!! A very awesome man that needs to listen to! Thanks so very much you awesome humanitarian!!
A few years back, I had a boss that cut our raises, citing what I call “selective corporate poverty” saying profits were down - forgetting that we compiled the presentation touting our unprecedented success. His cost saving measure (which included cutting our raises) earned him a hefty bonus. He rolled up the next week in his brand new convertible without shame.
This was essentially the issue that caused me to quit a business masters program in uni. I got into a series of arguments with the professor and classmates over companies that would cut wages or lay off employees because of 'tough times and market conditions' then hand out massive bonuses to themselves. A specific case was nearly 10,000 people weeks before Christmas and year end bonuses. They praised the move for saving having to pay the bonuses. I argued that the bonus was for work done during the year they had already COMPLETED, and if the company could afford the extra millions for the executives, then they really should have paid it to the employees who had helped BUILD those profits. The counterargument was that those workers were all redundant, excess labor that was making the company wasteful and inefficient, so firing them was a move that merited the bonuses. Again, I pointed out that the company hadn't made any mergers or acquisitions recently, so that excess labor must have been poor planning by the executives. If cutting them earned a bonus, then which executives would LOSE their bonuses or have their salaries reduced for having CREATED the problem in the first place? I can't describe the looks on their faces. But a few comments made the meaning clear, "Da'fuq you talking about? Executives don't LOSE bonuses, only INCREASE their own payouts. We don't accept responsibility, we blame the workers so that WE keep the bonuses. That's the WHOLE DAMN POINT." Not grizzled business veterans who developed this attitude, but kids in college who already knew the greed was exactly the point and they were signing up for it, taking classes to join it. I guess I didn't get the memo. But I went to the office that day and transferred out. Never regretted it.
Yes there would be a 1/365 impact to their finances...but I get your point. All I would say is that wouldn't likely change their behaviors or our own. Changes need to be made sustainably and marginally.
Boycott everything, even work, paying your bills, just stay home and totally shutdown the economy, remember the rich don't get rich off each other, they get rich off us, they don't circulate nothing, they need the whole of the population for the game to work in their favor!!!🤨🤔✌
Secretary Reich, thank you for your ongoing advocacy for the most disenfranchised in our nation. You are one of our most brilliant minds and treasured leaders. I appreciate you! ❤
Keep talking about this. I'm finally starting to see comments on articles regarding inflation that call out price gauging. This is new. So public awareness is growing. Mr. Reich thank you for your efforts on this. Keep it up!
How often do we get to hear someone address Congress who has real compassion for working people and does everything he can to speak up for and support them? Thank you, Mr. Reich. 💕
Thank you, Justice Thomas, for the mentally and physically exhausting tasks you perform each day. Hopefully your vacations were mentally and physically refreshing. May God Bless you and I pray you seek His guidance in your work and life.
Without ever having heard Richard’s explanation, I came to the same conclusion 15 years ago. He has hit the nail precisely on the head! Monopolies and corporate pricing collusion kills capitalism, there is no real free market competition anymore, which is essential for capitalism to function.
Inflation was about 8% last year. I just got a yearly increase of 3%. My boss proudly announced the raise we'd be getting ( he doesn't control it, he's "middle management ") and when I pointed out the 5% disparity meant we were actually LOSING, he shrugged and said "Well, it's better than getting no raise, right?"
Minimum wage should have been linked to inflation since the early 1970s. Of course, one political party doesn't believe in a minimum wage. Slave labor overseas whether $1/hour or $1/day is just fine.
Earlier this year, when I worked a wage job, a manager had the gall to say I was getting fatter paychecks due to having to work more hours due to under-staffing. Wages at that company hasn't gone up for well over a decade and I was actually seeing the pathetic pay be de facto reduced further.
@@johnr5252 "I don't think Lupe will be happy working on his day off." "If your employees are happy, you're doing something wrong." -Mr. Angelino from Three's Company rerun this past night.
Finally, someone voicing the fact that it's not those suffering the most from inflation, but those that profit the most from inflation who are the drivers. As I have always said, It's the price "setter's", It's individuals, small groups of individuals, and a failure of a highly fallible "free" market system that are to blame for our sufferance. I wish more would listen, I just had a short conversation with a friend that voiced his view that Government spending was the sole driver of higher prices. What annoys me, is when I voice the way I see it, he thinks for a while, then days later he reverts back to his old stance. Sometimes folks need to hear it several times before they come to understand. Keep up the good work Mr. Reich, I hope your not only speaking to the choir.
They need to listen to your advise!!! Janet Yellen needs YOU!!! Americans needs YOU!! Your wisdom and insight from the outside looking into government is a fresh viewpoint they lack. You’re great Robert!!!
Robert is very smart.............We need people like him in Washington! Washington lawmakers probably won't listen to his advice because our politicians have corporate greed in their pockets!
I wish there was a federal level corporation commissioner and that you, Robert were given that lifelong position to protect and guard against oligarchal control of America's economy and politics.
I agree with you Melissa he is very truthful it's about time we found someone like him he is awesome he knows what he's talking about as well educated about it he's not lying he's telling the truth I agree 100%, I'm an ex Union man shops do it from San Francisco in the trade show industry I always respected Roberts rice views
@@Zach-ju5vi No just allergic to your mind numbing, sleep inducing, blather you are compelled to spew every time anyone compliments the great Professor Reich. It's an illness that has a solid grip on you Ambien Zach. You need to read your comments to put yourself to sleep. The rest is much needed.
And I've yet to see a single politician speak out about this literally anywhere. Maybe I just missed it but I sincerely doubt it. Not in America, or here in Canada or anywhere else. Like they're all in on it (wouldn't surprise me). So thank you Robert, for continuing to educate people on these matters because the only way things will change is if enough of us are informed and put pressure on our "representatives".
They just pretty much point their fingers at the other party and blame it on Biden. A ridiculously vast oversimplification of a hugely complex system and issue. It's frustrating to see how dumbed down the American public has come to and facts and legitimate discourse like this video seem to have no effect on their stupidity
Instead of sitting back and feeling so unsettled with the reality of life in US, what are YOU DOING to fight back???? Your comment doesn't make any sense. Robert is telling all of us who care to listen of the change we all need to make and that takes us getting motivated instead of sick of the facts of our lives.
I love you and your commentary. You make more sense than any of these talking heads. Alas, here lately, no one that can make a difference is listening to and following your recommendations. Even so, your views give comfort because you tell us the truth. Thank you!!!
From the trenches, this looks true to me. All of my friends are struggling to keep up with rising prices, but companies seem to be doing perfectly fine, which means to me that they aren't baring any of the burden, they are the burden.
This should all be taught in high school. There's so many things that should be taught in school that have been eliminated or not ever taught at all. This is one of them financial intelligence. How to invest how the system really works. And the dangers of what is happening in America today.
We had planned to pay off our credit card by Dec 31st. Between gas and grocery prices and the constant interest rate hikes, that's put us into at least Oct of next year. We're on a fixed income with no way to to make more $$. I'm disabled and my husband took his social security early to be my care giver. The money we'd saved thru the years is going faster than we prepared for. I'm sure there are alot of people in a comparable situation. I see no end to this price gouging.
Well, just as there's a lag between supply of gasoline increasing and gas prices dropping (but no lag as they rise), it will be awhile after we get back to work and move imports off the dock before prices can drop. Do to American Right-Wing foolishness, we lost over 1 million Americans and many of them were workers.
Congress, listen to Robert Reich, he is speaking the truth. Dammit, get off your collective asses and stop the foolish dependency on the Fed's outmoded method of raising interest rates.
Mark your 100% ride on this I'm a retired Union man and shop Stewart San Francisco trade show industry and Robert is 100% right and you are 100% right thank you for the information
Zack in a way you're a little bit right but I don't believe that 100% the end of Trump's administration they gave all those tax breaks to the corporations two to three trillion dollars and they didn't do nothing with that money for the economy they they jacked up their prices during that during that covid era they were they were making 200% in the economy wasn't really working because where everyone was they shut down the economy because of covid but those guys jacked up the prices 200%. I just don't believe that that Robert's telling the truth yeah he's not he's not bullshitting I understand about taxes we didn't get no good tax break I remember when Trump was in office oh we ain't going to mess with the middle class taxes hell I usually break even on my taxes when he was in office I didn't owing the reason we he took it out on the middle class is cuz he gave those the corporations at two to three trillion dollar tax break which they didn't do nothing they put it back into the company the money bought stock so I don't believe that Zack I'm sorry brother
The corporations through their well known dupes have always preached that ‘economy of scale’ makes it more efficient to serve the needs of the public. It’s tragic that the lessons of history are never learned let alone understood. Bob is like a stranger in a strange land, a lone voice that cries out in the darkness. Walk in the light my friends and VOTE against the strangle hold and guile of those who would send you to die in war but pretend they’re dying when it comes to equity.
@@Zach-ju5vi Still waiting for you to admit your compulsion has gotten out of control here. All the positive comments the great professor Reich has received with this well researched and fact filled video has no doubt triggered your psychosis. I think it's time you seek professional help for this serious medical condition..
@@Zach-ju5vi You continue to expose your compulsion to spew nonsense here proving you must seek medical attention as soon as possible, you poor sick little man..
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To paraphraser Upton Sinclair, It Is Difficult to Get Congress to Understand Something When Their Campaign Donations Depend Upon Them Not Understanding It.
Exactly.
I was just thinking that but it didn't fit as a reply to another comment.
Sad thing is, neither party will do anything about it. Sure, the democrats will talk about wanting to reduce corporate profits and increase wages, but in the end, both the democrats and republicans are owned by big corporations and will do nothing or as little as possible to avoid corporate backlash while encouraging the plebs to get out and vote for more of the same nothingness because nothing is better than the other guys.
FDR (aside from his racist Japanese-American policies) would be ridiculed and probably even censured by Pelosi for his revolutionary thought of a 94% upper income tax bracket for those making over $half a million (as she Qualifies from her and her husbands insider trading, as well as plenty other republicans and democrats alike), nevermind FDR's corporate policies.
This has happened to a more veiled extent to the British labour party too (not allowed to support the rail strike, for example, when the labour party pre-blair was the party of unions).
We need a real labour revolution and a real labour party.
Instead of breaking up these big businesses that are raking in higher profits and jacking off prices, nationalise them and turn them into consumer co-ops. Every citizen with a subscription (free or democratically decided) will get to be shareholders/members and vote for the board and decide how they want the company to be run. ATT, Verizon, Amazon, etc.
Thats why you have to vote not just blue but progressive blue. Progressives do not take corporate donor-owner money.
Companies have no problem continually giving CEOs raises and giant bonuses and then turn around and start 😭 because of the very idea that their real workers may get an extra penny per hour.
And CEO’s have no responsibilities.
When they GET fired( never called as this) they have a golden parachute 🪂 and another company behind to take them in…
And often enough,new selling companies don’t have a chance because they have to compete with Amazon…no bank give credits for them.
yes, and many used the covid money to do it! 😡
The companies that can’t outsource jobs will 😭 to the government for more immigrants. Corporate welfare that liberals don’t want to talk about
We need salary caps in publicly-traded companies.
Curious how that relates to now and years past?
Thanks, Robert, for telling the truth and sticking up for us normal Americans! I recall a bill to stop price gouging, but the republicans refused to pass it.
Don't expect them to pass such a thing. They believe government programs should support big business and the rich or be shut down. Best plan is to turn out to vote against them.
But they are for the working class?
@@luigivillani6411 The Republicans? Not a chance. They've been lying to Americans since the 1920s.
@@luigivillani6411 - Conservatives are NOT for the working class. They are all about exploiting the working class to further enrich themselves and concentrate wealth and power among themselves and their corporate financiers. They have been doing this through fear, and a systematic gutting of public services, especially public education, for a very long time.
@@luigivillani6411 Only an id/ot would think that either party is for the working class.
It is time to enforce the antitrust laws. These corporations need to go the way of Ma Bell
Exactly..
Any corporation raising prices faster than the inflation rate should face an anti-trust review of it's practices and holdings.
Universal plans on buying WB. One less movie company will mean fewer jobs and fewer movies. If they say they need to combine to compete with Disney, then they need to undo the Disney buyout of Fox.
It's the government and fed that creates inflation
It's also time for pressuring the Biden administration and Democrats in Congress to begin a public dismantling of our Neoclassical / Neoliberal trickle down supply side Reaganomics economics, based on creating endless private debt for Americans into endless profits for them owners of financial sector.
And to replace it with a post-Keynesian higher wages and production over profits economics. Which pulled us out of the great depression and maximized post war prosperity from the 1940's until the 1970's when corporatists in both parties dismantled it. Undoing 25 years of wealth redistribution where the middle class shared at least half the wealth of the nation with the top 10%. When one wage earner could fund a household mostly by wages and savings, not reliance on credit card debt, to meet monthly and future expenses and to have wealth above and beyond that after meeting those expenses.
You tell them Robert! Great information. Break up the monopolies
You also cant lose sight of making super-pacts and lobbying illegal. These companies in theory could be doing good but chose not to. As well as pay the government to ignore these facts that RR has presented. They have the best analysts in the world working for the fed and the pentagon.
GOP = cut regulations on coorporations for greed.
ABSOLUTELY IT'S COMPANIES JACKING UP PRICE'S BECAUSE OF NO COMPETITION AND THERE GREED .
* PRICES * THEIR. But, yeah.
They don't see it as greed, they see it as an accomplishment that the stockholders will appreciate and reward them for.
*THEIR GREED. "their" not "there"
CEO pay should be compulsorily indexed to the wages of employees - management excluded.
The only way a CEO should ever get a pay rise is by increasing wages in line with corporate profits.
The multiple of the index should be set according to the number of employees the company has.
Yeah, this is something that was already thought of by ancient philosophers like Plato. The highest pay in a society should not amount to more than 5x the lowest pay (or whatever the optimum multiplier should be).
CEOs have the best union in the country: the union of executives.
Prior to Ronald Reagan being elected President the average CEO’s compensation was ONLY 40% above the average minimum wage earners! During Reagan and Ford’s presidencies compensation zoomed up to over 500% but has since leveled back down to a little more than 300%. 🤬
@@sandramarshall8127 I recently occurred to me that America was great (as in MAGA) the day before Reagan took office. The damage that one man did to this nation is astonishing. The Fairness in Reporting Act, Voodoo Economics, weakening of education, unions, and social safety nets, and so on. Nixon had nothing on Reagan when it comes to betraying the nation.
@@sandramarshall8127 yep, Reagan f*cked everything up!!
Mr. Reich- again clear and concise. Completely understandable. Thank you sir. Now congress has to act. Good luck
❤ he has THE PEOPLE in his arguments!! Love this man!!
I love him & I am not even American!!
@@Zach-ju5vi Typical Ambien Zach delusional MAGA republican, cultist logic, putting everyone in a coma with your sedative drivel. YAWN....ZZZZzzzz.....
@@gdionwoodAll clear thinking Americans love him.
@@Zach-ju5vi That's contradicted by the rise of the US dollar. If so many dollars were printed and spread around as you claim then the value of the dollars you hold would have fallen, not risen. Also look at global inflation for countries around the world how do you explain the global inflation rate and rise of the dollar against every major world currency?
@@Zach-ju5vi your statement is baseless. If there are specific things you don’t like or agree with then what are they. This left wing right wing is a lazy unintelligent non-argument.
This is so important to the American people. If we want a future in this country where rents aren't skyrocketing and wages can pay for basic needs, we need more people like Robert Reich.
I agree Robert Rice is telling the truth for all Americans for all he is 100% right he's got it right and he ain't lying
@@henrybarrera6156 He always tells it the way it is. That triggers the trolls here like Ambien Zach.
YES! That's exactly right!
Indeed!
@@Zach-ju5vi Time to seek help for your compulsion that is triggered by all the love for Professor Rich here with another of his well researched and fact filled videos that everyone here agrees with, that sets your illness off. Poor sad Ambien Zach...
Robert Reich makes a very good point at the end. We are solely letting the Fed try to stop inflation. The Fed has one tool: changing interest rates. When all you have is a hammer, everything looks like a nail. That’s simply not enough to deal with complex macroeconomic problems. Congress has every tool at their disposal, and should be the ones trying to fix inflation, but refuses to act for fear of upsetting their donors.
This has to be a troll above...disregard!
That and the fear of their voters. Sometimes doing the right thing isn't super popular. Like our water crisis in the Southwest. If the politicians enacted strict household water restrictions, they'd lose the next election. So... life as normal until it's not. They'll have the ability to flee and leave us average folks with the mess.
@@AltruisticWarrior Residential water use is something like 10-15% of the water used in the SW, the rest is going to mostly agricultural, industrial, and golf courses etc.. Asking home owners and renters to stop flushing so much, and take fewer and shorter showers won't do much; yeah sure cut back on the lawn, it's the most visible of residential use. But in the grand scheme of things, it's industrial users like factories; chip makers agro business etc that take up the vast majority of water use. Why aren't we asking them to stop gowning corn and alfalfa and switch to cotton, and other less demanding water intensive crops in the SW?
They pay way way less per acre foot of water than the going rate for gallons of water for residential use. They keep pumping water out of the ground so fast that the ground is starting to go down several feet in places, ruining foundations. I know of a friends mom who bought a small house out in the country. They had a well, it worked the first few years and stopped. The water table has fallen too far below their well. She works for Walmart, not like she can afford $25k to dig a well even father down, only to have that go dry in a few years. If she were to try and sell the property now, it's probably not even worth a quarter of what she payed for it. Who wants a house with no running water? All she has is the water delivered to her house and the gallons she keeps buying. Try and live like that for a while..
All because of some dairy farms down the road buying water intensive feed. That in turn has farmers nearby pumping water for feed crops like sorghum and corn. She can't ask them to stop pumping so much, she probably cant even take them to court for lowering the water table below her well. Agro has so much money and congressional support behind them they will ignore someone like her and just go round and round in the courts waiting for someone like her to run out of money. Her property is now mostly worthless and she can't do anything about it.
@@marcusdamberger Florida's having a similar problem, though nobody wants to talk about it. In about 10 years the entire state will have to enact water rationing, and in 15 years whatever water's left will be too toxic for residential use. Why? Well, 10 years ago Ron DeSantis cleared what used to be protected wetlands for agricultural use. The sugarcane plantations use 3x more water than all other commercial and residential uses of water in the state *combined* while the chemical runoff from the plantations contaminates the aquifer. FLs freshwater drops about 15% a year now, and it's already at half of what it used to be, even 20 years ago.
Keep up this communication and education to your political friend Robert!! You comments are exactly what the issue is; everyone just needs to spend 10 minutes going out and researching how much the oil company’s profits have been over the past year. They are at record highs.
Is this what happens when the wealthiest americans moved to the dnc to join the unions?
@@JohnFreedman0 more like Fascist Republican Billionaires. Wake up!
It's not just the oil industry. They're all doing it. Maximize shareholder value. The hell with everyone else.
@@JohnFreedman0 you are horribly confused, and not worth the time to educate. The fact you refuse to do it for yourself? That's the ultimate kicker, and why you aren't worth the carbon your body is using and oxygen you spend daily.
@@JohnFreedman0 Read a book, or better yet, learn how to read and write.
I work for a large corporation and I’ve been in the business for almost 30 years. I received a 1.1% raise the last 2 years. I’ve been going backwards for 6 years because of rising healthcare costs.
I'm sure you are making more than the company passes on to the consumer.
Blame Reagan, his voodoo economic disaster has devastated everyday Americans.
The American People have gone backwards since the 1980s and Reagonomics.
Thank you Dr Reich for telling the truth.
Robert Rice is telling the truth because no company is controlling him you have MMS MSNBC The squawk box they talk about stocks and the economy they can't tell the truth like Robert is because they're controlled by the big media corporation so Robert actually whatever they're saying they're not telling you the truth Robert doesn't have to worry about being fired or suspended for speaking out so I rather listen to Robert than anyone else because if you listen to squawk box I mean this morning what they were saying I was almost I almost fell off my couch when the guy was talking so that's why you know what Robert saying he's basically telling the truth you can't you can't screw up as his lies he's not lying and you can't call him a liar and he's he's just you know think about it you know the guy knows what he's doing he's a really good economist educated always remember no one controlling him no one is controlling his narrative
Robert is not a big man. He’s a giant. Keep fighting for us Sir. You are what it means to be an American. Fighting for truth, justice, and equality.
Please keep fighting the good fight Mr. Reich. It means so much to have someone of your caliber standing up for everyday working people. Thank you. 🙏
Knock em’ out of the park Prof. Thank you for all you do.
No respect for RR. He's typically wrong as he is in this video.
@@williamerdman4888 you are either a bit, a wanna be billionaire or completely and totally brainwashed.
@@LG-dj9qr I don't know what a bit is? But you are right about one thing... I do want to be a billionaire. Robert R has always been a disaster.
@@williamerdman4888 bot.
@@LG-dj9qr Still don't know what that is?
I pray Congress listens to you Robert. You have much knowledge to share and if they we wise they would hear your words.
Keep praying, but Congress isn't about to acknowledge that inflation is caused by monopolies: the monopolies own the politicians.
We all need to get more involved with our politicians locally all the way to DC!
I kept reading how so many Arizonans who voted for Sinema were surprised that she turned her back on Democratic party voters like them. If these same voters did even a "Google" of her voting record, they wouldn't have wasted their time & money on her!
Civics is no longer taught in our public schools. Billionaires want Americans to be apathetic and ignorant of how important voting is, especially voting for the right candidate is.
The greedy rich want dumbed-down, apathetic populace so they can screw all of us with ease.
We all need to get involved with politics, the issues that are important to us & even run for office ourselves--if we can!
Rethuglicons know that is how to get what THEY want.
Seems unlikely - he’s threatening the ability of business, their donors, to continue to increase profits to higher and higher records.
@Vote Blue if 💕 Women n November they wont.
You need to do more than pray
Robert touched on a big problem. Monopolistic companies in the USA have no competition. They collude and raise prices without losing any business. The huge huge conglomerates control everything, because if Congress tries to correct windfall profits, the conglomerates can lay off hundreds of thousands of workers, and that destroys the entire economy. So, conglomerates have the ultimate power, and people are the bargaining chip.
The main problem is that they use parts of those enormous profits to fund campaigns.
We agree on this point. But I bet you don’t agree with my next point:
The reason we don’t have enough competition to hold these companies accountable in the market is because the corrupt federal government has created so many barriers to entry through over regulation; they have stifled small businesses from forming and growing to compete. If you want to fix this problem, the solution isn’t more corrupt federal government involvement, it’s less. Deregulate, eliminate barriers to entry, get the corrupt federal government out of the way.
this really affects most of the western world that relies on unrestricted capitalism and does not take appropriate actions to plug tax loopholes.
@@hugsandcurses ...very true. Huge amount of tax dollars are not collected from big, dominating corporations, their top executives, CEOS, big corporations that lobby in Congress to get zillions in tax breaks. If the tax code was proper, then taxes on the hard, hard, working middle class would be reduced. A middle class with more money can then open businesses to compete against the big corporations. Also, a happy middle class with enough money can spend, stimulating the economy, and creating more jobs as business sales grow. The key is a proper tax code to reduce the huge monopolies / conglomerates.
The government must act to bring back competition !!
@@tommyboym6563 The politicians are what is corrupt. Largely the conservatives who want to privatize everything which is what they mean by 'small government'. Corporations are the ones who get 'barrier to entry' laws passed. Go through regulations with a scalpel. Tackle the tax code. Vote Blue.
Excellent testimony.
I'm so glad that Congress has welcomed your counsel, albeit a very short time, on handling inflation. I've learned so much from you Dr. Reich.
Let's hope we get new leaders in office that gonna put stop to the scam that these Rep , Dem are allowing these corporate R , certain D get away with this con against the rest of us
We always learn a great deal from him.
This man has always been a shining light when comes to the economy he was the man that did the real work on the surplus that president Clinton administration lift for Bush and we all should know what happened when he lift office!! A very awesome man that needs to listen to! Thanks so very much you awesome humanitarian!!
And when Clinton was in, that's the only time when our govt was in the BLACK!!!!! (No pun intended)
A few years back, I had a boss that cut our raises, citing what I call “selective corporate poverty” saying profits were down - forgetting that we compiled the presentation touting our unprecedented success. His cost saving measure (which included cutting our raises) earned him a hefty bonus. He rolled up the next week in his brand new convertible without shame.
I trust the thing gets keyed every day?
This was essentially the issue that caused me to quit a business masters program in uni. I got into a series of arguments with the professor and classmates over companies that would cut wages or lay off employees because of 'tough times and market conditions' then hand out massive bonuses to themselves. A specific case was nearly 10,000 people weeks before Christmas and year end bonuses. They praised the move for saving having to pay the bonuses. I argued that the bonus was for work done during the year they had already COMPLETED, and if the company could afford the extra millions for the executives, then they really should have paid it to the employees who had helped BUILD those profits. The counterargument was that those workers were all redundant, excess labor that was making the company wasteful and inefficient, so firing them was a move that merited the bonuses. Again, I pointed out that the company hadn't made any mergers or acquisitions recently, so that excess labor must have been poor planning by the executives. If cutting them earned a bonus, then which executives would LOSE their bonuses or have their salaries reduced for having CREATED the problem in the first place?
I can't describe the looks on their faces. But a few comments made the meaning clear, "Da'fuq you talking about? Executives don't LOSE bonuses, only INCREASE their own payouts. We don't accept responsibility, we blame the workers so that WE keep the bonuses. That's the WHOLE DAMN POINT." Not grizzled business veterans who developed this attitude, but kids in college who already knew the greed was exactly the point and they were signing up for it, taking classes to join it. I guess I didn't get the memo. But I went to the office that day and transferred out. Never regretted it.
If everyone would boycott these price gouging Companies for just 24 hours it would have absolutely amazing results.
Yes there would be a 1/365 impact to their finances...but I get your point. All I would say is that wouldn't likely change their behaviors or our own. Changes need to be made sustainably and marginally.
Annual national “Don’t Buy Day.”
I'm with you!
Boycott everything, even work, paying your bills, just stay home and totally shutdown the economy, remember the rich don't get rich off each other, they get rich off us, they don't circulate nothing, they need the whole of the population for the game to work in their favor!!!🤨🤔✌
24 hours wouldn't be enough. 24 weeks would.
Secretary Reich, thank you for your ongoing advocacy for the most disenfranchised in our nation. You are one of our most brilliant minds and treasured leaders. I appreciate you! ❤
Keep talking about this. I'm finally starting to see comments on articles regarding inflation that call out price gauging. This is new. So public awareness is growing. Mr. Reich thank you for your efforts on this. Keep it up!
I love this man. He speaks the truth.
Sadly so many people are influenced by his opposite: liars.
Excellent testimony
Here here!
Yes so informative indeed..
How often do we get to hear someone address Congress who has real compassion for working people and does everything he can to speak up for and support them? Thank you, Mr. Reich. 💕
Opportunistic price gouging!
Thank you, Justice Thomas, for the mentally and physically exhausting tasks you perform each day. Hopefully your vacations were mentally and physically refreshing. May God Bless you and I pray you seek His guidance in your work and life.
The current economic system is unsustainable!
We need you more than ever in Washington my great man! Thank you for your decades of education and service to the people
Without ever having heard Richard’s explanation, I came to the same conclusion 15 years ago. He has hit the nail precisely on the head! Monopolies and corporate pricing collusion kills capitalism, there is no real free market competition anymore, which is essential for capitalism to function.
It's always about money and greed. You can't have a system built off that and expect there to be no problems
Thank You for fighting for the people ! You are 100 percent correct, our Government needs to do something!
Yes, thanks for speaking on our behalf.
Inflation was about 8% last year. I just got a yearly increase of 3%. My boss proudly announced the raise we'd be getting ( he doesn't control it, he's "middle management ") and when I pointed out the 5% disparity meant we were actually LOSING, he shrugged and said "Well, it's better than getting no raise, right?"
Minimum wage should have been linked to inflation since the early 1970s. Of course, one political party doesn't believe in a minimum wage. Slave labor overseas whether $1/hour or $1/day is just fine.
Earlier this year, when I worked a wage job, a manager had the gall to say I was getting fatter paychecks due to having to work more hours due to under-staffing. Wages at that company hasn't gone up for well over a decade and I was actually seeing the pathetic pay be de facto reduced further.
Surprised he didn’t say that you should be thankful you have a job: now get back to work!
@@johnr5252 Well, it was because I had given my two weeks notice. Kind of hard to pull the "lucky to have a job" with someone who is leaving.
@@johnr5252 "I don't think Lupe will be happy working on his day off."
"If your employees are happy, you're doing something wrong." -Mr. Angelino from Three's Company rerun this past night.
Finally, someone voicing the fact that it's not those suffering the most from inflation, but those that profit the most from inflation who are the drivers.
As I have always said, It's the price "setter's", It's individuals, small groups of individuals, and a failure of a highly fallible "free" market system that are to blame for our sufferance.
I wish more would listen, I just had a short conversation with a friend that voiced his view that Government spending was the sole driver of higher prices. What annoys me, is when I voice the way I see it, he thinks for a while, then days later he reverts back to his old stance. Sometimes folks need to hear it several times before they come to understand.
Keep up the good work Mr. Reich, I hope your not only speaking to the choir.
They need to listen to your advise!!! Janet Yellen needs YOU!!! Americans needs YOU!! Your wisdom and insight from the outside looking into government is a fresh viewpoint they lack. You’re great Robert!!!
Robert is THE MAN!!
Mr. Robert,
Your speech was right on point. Thank you👍👍
Brilliantly written and delivered, as always.
Go Robert! Thank you for speaking with truth, intelligence and a primary concern for the poor and the middle class!
Robert a true hero for the people 🙏
So good to hear Robert spak truth about cause of inflation! 👏👏
Thank you for everything your fighting for !!!
Robert is very smart.............We need people like him in Washington! Washington lawmakers probably won't listen to his advice because our politicians have corporate greed in their pockets!
I wish there was a federal level corporation commissioner and that you, Robert were given that lifelong position to protect and guard against oligarchal control of America's economy and politics.
Bravo, Sec. Reich, you are a wonderful truth teller. Thank you!
Thank you for all you do!!! Speak the truth!
I agree with you Melissa he is very truthful it's about time we found someone like him he is awesome he knows what he's talking about as well educated about it he's not lying he's telling the truth I agree 100%, I'm an ex Union man shops do it from San Francisco in the trade show industry I always respected Roberts rice views
@@Zach-ju5vi Poor Ambien Zach, your Reich derangement compulsion is at the point where you need professional help..
@@Zach-ju5vi No just allergic to your mind numbing, sleep inducing, blather you are compelled to spew every time anyone compliments the great Professor Reich. It's an illness that has a solid grip on you Ambien Zach. You need to read your comments to put yourself to sleep. The rest is much needed.
@@Zach-ju5vi haters hate with conviction and that's what you are and that is what you do. You're just a hateful troll
Thank you and God bless you and people like you, Dr Reich!
We need people like you Robert!
We sure do.
Thank you, Mr. Reich, for speaking the truth.
TY MR REICH WELL STATED TO TRUTH!👍👌🤗💖
Well done, well said and agreed sir. Thank you.
You did a good job. They will not listen they are the reason we are an oligarchy.
Preach the truth these greedy cretin don’t think we NEED to be bothered with Robert. Love ya! Keep up the great work.
And I've yet to see a single politician speak out about this literally anywhere. Maybe I just missed it but I sincerely doubt it.
Not in America, or here in Canada or anywhere else. Like they're all in on it (wouldn't surprise me). So thank you Robert, for continuing to educate people on these matters because the only way things will change is if enough of us are informed and put pressure on our "representatives".
Bernie , Elizabeth Warren ...... a few others
Bernie Sanders always talks about the greedy elite--widening inequality and where it comes from. Monopolies and breaking them up is big on his list.
They just pretty much point their fingers at the other party and blame it on Biden. A ridiculously vast oversimplification of a hugely complex system and issue. It's frustrating to see how dumbed down the American public has come to and facts and legitimate discourse like this video seem to have no effect on their stupidity
Thanks Robert. I hope this gains steam.
Someday, hopefully, Robert will be recognized for his genius and patriotism.
He's a great man..
I can't say it enough - thank you for sticking to your guns and supporting the "little people"
Thank YOU Robert Reich
Robert, sir, you are the best! Thank you!
Well said.
Thank you thank you thank you for what you do
Got to answer to the shareholders not to the 99%. I really hope someone will listen to you Professor Reich
Well done, Professor Reich! You handled the questions with skill and finesse! And yes profit priorities destroy community priorities.
Listening to this gave me chills--and not in a positive way. I feel for those who will suffer in the policies we are watching play out.
Instead of sitting back and feeling so unsettled with the reality of life in US, what are YOU DOING to fight back????
Your comment doesn't make any sense.
Robert is telling all of us who care to listen of the change we all need to make and that takes us getting motivated instead of sick of the facts of our lives.
Mr Reich I'm not american but I salute and commend you on your quest to show the truth to the people
Someone was smart enough to call on Secretary Reich to testify: Now, LISTEN to him!
Thank you, Robert! You're a beacon of rational thought for the nation. More people need to subscribe to you.
I love you and your commentary. You make more sense than any of these talking heads. Alas, here lately, no one that can make a difference is listening to and following your recommendations. Even so, your views give comfort because you tell us the truth. Thank you!!!
Go Robert, telling it like it is! Much respect sir!
Thank you, Robert.
From the trenches, this looks true to me. All of my friends are struggling to keep up with rising prices, but companies seem to be doing perfectly fine, which means to me that they aren't baring any of the burden, they are the burden.
Everyone has a civic duty, particularly the upper middle class, to avoid overpaying for goods.
Thanks Robert. Wish you were our Secretary now.
Reich be spitting straight undeniable facts.
Robert is too articulate and eloquent to "spit" when he speaks.
Robert IS SPOT ON!!!!
Very clearly explained with powerful details! Let's hope that some of the reality seeped through.
This should be required listening for everyone!
This should all be taught in high school. There's so many things that should be taught in school that have been eliminated or not ever taught at all. This is one of them financial intelligence. How to invest how the system really works. And the dangers of what is happening in America today.
We had planned to pay off our credit card by Dec 31st. Between gas and grocery prices and the constant interest rate hikes, that's put us into at least Oct of next year. We're on a fixed income with no way to to make more $$. I'm disabled and my husband took his social security early to be my care giver. The money we'd saved thru the years is going faster than we prepared for. I'm sure there are alot of people in a comparable situation. I see no end to this price gouging.
Well, just as there's a lag between supply of gasoline increasing and gas prices dropping (but no lag as they rise), it will be awhile after we get back to work and move imports off the dock before prices can drop. Do to American Right-Wing foolishness, we lost over 1 million Americans and many of them were workers.
@@sandal_thong8631 foolishness? Try malignant, intentional neglect. Remember that drumpfh did nothing until covid started hitting red States.
@@sandal_thong8631 Not to mention the thousands disabled by long COVID.
@@chezmoi42 Glad you mentioned that. A lot of fools are saying, "I got it and I'm fine" who may have heart or lung damage.
Wisdom and experience being ignored by congress!! Thank you Robert Reich!😊
Robert, hugs respect to you sir. 🌸
Thank you, again, Mr Reich!
Congress, listen to Robert Reich, he is speaking the truth. Dammit, get off your collective asses and stop the foolish dependency on the Fed's outmoded method of raising interest rates.
Mark your 100% ride on this I'm a retired Union man and shop Stewart San Francisco trade show industry and Robert is 100% right and you are 100% right thank you for the information
He's right about that temporary windfall tax Congress needs to wake up and do it now temporarily
Zack in a way you're a little bit right but I don't believe that 100% the end of Trump's administration they gave all those tax breaks to the corporations two to three trillion dollars and they didn't do nothing with that money for the economy they they jacked up their prices during that during that covid era they were they were making 200% in the economy wasn't really working because where everyone was they shut down the economy because of covid but those guys jacked up the prices 200%. I just don't believe that that Robert's telling the truth yeah he's not he's not bullshitting I understand about taxes we didn't get no good tax break I remember when Trump was in office oh we ain't going to mess with the middle class taxes hell I usually break even on my taxes when he was in office I didn't owing the reason we he took it out on the middle class is cuz he gave those the corporations at two to three trillion dollar tax break which they didn't do nothing they put it back into the company the money bought stock so I don't believe that Zack I'm sorry brother
Her thank you at the end is what we all feel, Dr. Reich.
The corporations through their well known dupes have always preached that ‘economy of scale’ makes it more efficient to serve the needs of the public. It’s tragic that the lessons of history are never learned let alone understood. Bob is like a stranger in a strange land, a lone voice that cries out in the darkness. Walk in the light my friends and VOTE against the strangle hold and guile of those who would send you to die in war but pretend they’re dying when it comes to equity.
Brilliant!
Thank you for talking about what these corporations are doing... their greedflation is the problem.
Thank you for your support Dr Reich
He's always looking out for everyday Americans against the greedy corporations and the filthy rich.
Greed is destroying this country's bottom line!!!!!
Thank you
Outstanding Analysis Dr. Reich! I concur.
right on the money, quite literally
Preach it Brother Robert!!!!
Well done Professor Reich..
Simon, mi amigo!
My sentiments exactly I couldn't have said it any better!,!!!!!!! Got bless. You.
Unchecked runaway corporate greed.
@@Zach-ju5vi it is true, but corporations aren't dumb enough to price themselves out of the market.
@@Zach-ju5vi More of the same tripe from our resident corporate bootlicking troll, Ambien Zach the cure for insomnia..
@@Zach-ju5vi Still waiting for you to admit your compulsion has gotten out of control here. All the positive comments the great professor Reich has received with this well researched and fact filled video has no doubt triggered your psychosis. I think it's time you seek professional help for this serious medical condition..
@@Zach-ju5vi You continue to expose your compulsion to spew nonsense here proving you must seek medical attention as soon as possible, you poor sick little man..
Telling it like it is... Thank you, sir.
Tell the TRUTH!!
As Always, Thank you Mr Reich for explaining the ACTUAL REALITY of our economic situation as always... 😊 -Stay Well