The Biggest Deficit You’ve Never Heard Of | Robert Reich
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- เผยแพร่เมื่อ 25 ส.ค. 2024
- Former Secretary of Labor Robert Reich exposes America's real deficit problem…our deficit in public investment.
Watch More: The System: Who Rigged It, How We Fix It ►► • The System: Who Rigged...
The public investment deficit is the gap between what we should be investing in our future - on infrastructure, education, and basic research - and the relatively little we are investing.
Public investment is similar to private investment in that we invest today because of the payoff in the future. The difference is public investment pays off for all of us, for America.
Federal investments in infrastructure, education, and research and development have all shrunk as a portion of the economy - even though the payoffs from these investments are gigantic, and the costs of not making them are astronomical.
Public investment in clean energy has a return of 27%, but federal tax breaks favor fossil fuels over renewables by a ratio of 7:1. And that’s just one example.
Ignore the deficit hawk hypocrites who say we can’t afford to invest in the American people, in the same breath that they give trillions in tax cuts to the rich.
We can afford it. We can’t afford not to.
Joe Biden needs to recognize this, and make public investment a central part of his economic strategy.
#JoeBiden #economy #deficit
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Investing in America?
Step 1: End legal bribery in government.
Amen!
Correct! Also cap the salary of our public officials and tie it to the average wage.
@@ryanmitchell5614 Would paying them less, lower their susceptibility to taking bribes?
How about term limits for congress
public officials cannot have ties to any stocks ar assets to any private company
"Corporations are interested in getting the best return for themselves." Yes, thank you. That cannot be said enough. Many Texans got to freeze in the dark to prove this point.
And the majority of Texans will continue voting for Republicans like Ted Cruz, voting against their own interests. The Republican party sure boondoggled them.
@@christinemusselman5499 Let's hope it isn't the "majority" of Texas voters anymore, but I am certain it will still be way too many.
@@nathanh6439 I'd like to think that, but you can't fix stupid. Many Republicans I know are ignorant and proud of it. Thus they are easy to manipulate.
If you think that their power problems had more to do with profits than with government energy policies, you're a DANGEROUSLY stupid person. You are not educated enough about the topic to share an opinion.
@@IWLDELJ You mean since they weren't affected by any government energy policies?If they were to have just dealt with those policies instead of trying to do it on their own and having their grid privatized there wouldn't have been any issues
This is also a repercussion of forcing corporations to show a profit EVERY QUARTER! It forces a mentality of short term rather than long term investments which does not foster intelligent investment for the future.
That is true, many corporations do tend to value the short term over the long term. Companies such as Delta are highly cyclical and take large bailouts to stay afloat.
Burping out talking points. Be smarter. How many 🦄 companies lost money for years. Stop just repeating talking points.
NO!! Youre wrong!! Corporate Greed is corporate Greed!! Period!!
The flip side is the scam Amazon did. They posted losses for 20 years in an attempt to form a monopoly. By avoiding taxes and ramping up infinite growth by front loading debt they took over the American economy.
Both attempts, short term'ism and 20 year loss reporting, are accounting tricks where capitalism has been hacked.
Look up, what Wall Street tried to make Costco do to increase their profit, and the CEO fired back a comment that was historical and for the people
Maybe we should try making America great again by supporting unions and raising taxes to 1950s levels...
I think Trump's term in office was about about making Trump great again..
@@Zach-ju5vi 'scuze? The period from 1950-1970 is often called the 'Golden Age' of America. Most families got by on one income because unions kept wages high, public investment peaked, and Americans as a whole were wealthier on average than any other time in history. Yeah, sounds shitty, right?
@@Zach-ju5vi right wing talking point...NOT TRUE!
@@Zach-ju5vi Love to see you evidence for this ... seriously ... show your evidence. As a historian, I've not seen this to be the case, so I'd love to be shown how I'm wrong in my thinking ... please give me evidence.
@@Zach-ju5vi That is the 2nd stupidest thing I heard all week. What is your factual proof this will happen? Not bullshit lies you heard.
My favorite public investments are alternative energy and children's education. Those are things everyone can feel good about.
Investing in Children’s education and up ought be a no brainer , as they are the future workforce that shoulders society.
It’s a shame a few people are fooled thinking too much money is spent on public education (teachers are severely underpaid and Texas dictates national text book standards), and is often undermined by Religious intrusion in S.T.E.M.s and Political revisionism when it comes to American history.
It’s obvious from the get go that former secretary of education billionaire Betsy Devos had a keen interest to privatize and charter education.
Don’t know about Biden’s sec. of education however.
and the more we spend on education the less we get from it.
It’s just about feeling good. THEY ARE our countries future! Yes kids are smart and eager to learn. They are like sponges! We will all benefit if we invest in them
If you haven’t read it, the System by Robert is phenomenal
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Drinking Robert’s kool aid
th-cam.com/video/T7R2-5aShVo/w-d-xo.html
@@mfernandez4869 imagine living in 2021 and thinking trickle down economics works. The countries with the highest productivity levels are social democracies. They also have lower debt and a higher status of living. Like what’s your point? There aren’t enough jobs for everyone, should those people just starve?
@@brandonbohan7281 I agree. We only need to convince half the country to work and support the other half. Or better yet just one third of the country works. And then if we can get them to pay 90% in taxes to support "us" then that would be great also.
"Conservative say if you don't give the rich more money, they will lose their incentive to invest. As for the poor, they tell us they've lost all incentive because we've given them too much money." (George Carlin)
yeah its funny...but where does money come from? ...
@@jamessilver6429 millions & millions of people working & not getting paid enough for their labor.
“Socialism for the rich, rugged individualism for the poor” ~ Martin Luther King jnr.
Notice a lot of similarities in the astute observations of generations gone by, yet not enough do not learn from history.
@@jamessilver6429 it’s the same as the “how are you gonna pay for it?” when it comes to Medicare 4 All from corporate media - CNN this time, not so much Fox News Network Corp.
The answer has always been, it is the people who generate the wealth of a country through our labor, services and ideas...it’s the misappropriation of those at the top that impoverishes the nation.
We were blessed with a comedian I could see through the bullshit
I would say "Why aren't you in Biden's cabinet?", but teaching the future is extremely underated. Go Robert, go! Infrastructure investment will help everyone!
He already had his chance.
He was with the Clinton administration and was largely ignored. He probably thinks he can make a bigger impact by influencing on social media.
@@brs293 It's working. Obviously. He knows a lot more than any of us about the ins and outs of this.
I agree 100% with you on getting this man in Biden's cabinet. That would be one of if not to best decision Biden could make.
Infrastructure investment is straight up malinvestment. Ideas from retards that do basically no deep research is evidence of democracy's idiocy.
As a software engineer, I often discuss "technical debt" with colleagues, which is essentially work we've put off doing by using cheaper quicker work-arounds or temporary fixes for real problems.
I've been telling people for years that the country has a similar "educational debt."
Bob, you're killing me softly.
I'm always impressed by Robert Reich's ability to explain things clearly in few concise sentences, but this time I think he knocked it out of the park!
One of the best posts ever. I would love to see more about the ROI from tax cuts vs public investment, as well as more details about industries started with public investment.
Ever wander why we pay so much for medicine from companies that get tax breaks & our federal money to develop these life saving drugs? Bazi ga!!!!!
We also need to slash our "defense" budget!
As a pacifist, I’d love to see that happen but China’s messing with us and they’re increasing their defense budget dramatically. We can’t afford to sit back.
Biden seems to be doubling down on starting a new cold war with China. We're going the way of the USSR with our military spending.
We spend three times more than anyone else in defense. We could cut this some.
Best comment
We spend TRILLIONS on the defense budget. If we took just 1% of that money and invested in infrastructure,education and welfare, we could help a lot of people.
*My state of Arizona was the first state to fully fund its highway system through public funds, and our roads are AWESOME!* The Highway User Revenue Fund (HURF) taxes Arizonians through a number of services such as license plates, vehicle registration, emissions, etc... so basically we pay very little (pennies on the dollar) in taxes. Since the money is carried across such a wide variety of services this frees our state to invest into future developments and not continually fixing the same broken system. Albert Einstein said “Insanity is doing the same thing over and over and expecting different results.”
In Norway, 89 cents of every dollar earned goes back to the stat in one way or the other 👎
@@iamchriswick cool! We should be more like Norway!
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Robert Reich for President 2024!
@@Zach-ju5vi Awesome, another troll for my good old block list. lol
@@Zach-ju5vi lol 😂 do you know how to do to respect other?
I believe every one who on earth are way way better then you seriously. 😂🤣
@@Zach-ju5vi bro have you been sleeping under a rock? Trump is no longer president now bidens in power
I'm kinda looking forward to someone running for office that wasn't born in the aftermath of WW2. Its time to pass the torch to a new generation of Americans. Only 3 of the last 7 presidents were even close to working ages, the rest were senior freak'en citizens! For me, that's a problem. It's becoming more obvious than ever, that an 80 year old career politician has no clue about the struggles of the working American middle-class.Why won't these out-of-touch dinosaurs just retire already. 😕
@@Zach-ju5vi you made a mistake in your wording. We _had_ a senile idiot in charge, we don't need another.
Insightful as always! Thank you Mr. Reich!
and wrong!
Thank you Robert. 🌍
In Denmark, we've built some bridges. Some pretty BIG bridges, given that we're only about 6M people living in a country you can cross both East-to-West and South-to-North in a day, total. The return on investment in pure bridge tolls are humming to the tune of 180:7. Yes, that's 180 dollars earned by the state for every 7 dollars invested. The less certain derived gains from productivity increases, less pollution, investment spread over the connected regions and so on are estimated to be another 580 dollars. Still for our 7 dollars investment.
Of course the greedmongers want to have that pie, and of course we're not letting them.
Here's hoping that our American friends will see the sense in buying into their own future, rather than selling it short.
(Edit: typo)
3:14 - I've watched so many of these, I now shout "Bologna!" before Prof. Reich does. :)
Proudly indoctrinating yourself?
@@IWLDELJ Well, since you asked: bologna.
Joe Biden needs some face-time with Robert, that's for sure 🎯
Biden is on the right track
He won't know who he's talking to or remember what is said. It wouldn't matter because Reich is full of half-truths and lies.
One Big Point:
I'm old enough to remember the 50's and 60's, and one thing gnaws : We MUST do a very difficult thing to make this happen.
We have to change the 'lack of sense of community' mindset. Because BOTH govt and business sectors consist of ordinary people, who by far reflect a selfish sensibility. Although it was rare by the 60's, I did meet some selfless people in business back then...AND I encountered many dedicated servants in govt.
If the govt, business and unions are filled with grifters waiting to cash out...the plans for a greater society will fail.
We have a lot to unpack and confront, folks.. so
'Lets Roll'
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A strong and clear voice of reason..
Robert, you need to get back to Washington and get to work!
I always love the graphics/visuals! ❤
They are! it covers the fact that he's not telling the truth.
Congratulations on reaching 300K subscribers!!! 🎉🎊🎉
CONservativism = CONserving the wealth of the already-rich.
@@Zach-ju5vi Yeah, well get back to us after you do some research on how much spending is done by "conservatives."
@@Zach-ju5vi My... "overloard?" O_o You're just an ignorant little troll who deserves no response, but for those who read your comment and are confused at your idiocy:
This video is about *infrastructure* investments. The troll who replied to me clearly didn't watch it and/or he has no idea that Republicans don't spend on infrastructure, but on tax cuts for corporations and the wealthy. And that, too, was clearly covered in the video.
That's Old School Conservatism.
Today, they are Con-Serving Thieves
@@Zach-ju5vi Well how are we supposed to have a good school system when the teachers, who are the backbone of education, have only passion as their motivation? They are getting payed piss poor because of deregulation and weak unions that can't bargain their salary for shit.
I probably dont have to even say who is pushing for deragulation and bad union communities, but i'll do it anyway. Conservatives.
@@tohotto1 Kinda hard to take someone's opinion on reading a book when they say payed instead of paid. Sounds like you need to take your own advice and read up on basic grammar. It comes off badly when you're trying to promote others to "educate themselves" and yet clearly you need some work there as well.
When the rich have more money what do they spend it on ?? themselves.
Or, they just let it sit and stagnate, which kills an economy, because money needs to circulate.
@Solstice of Snow Yeah, it trickles down so well. Funny that when the top marginal income tax rate was above 70%, the economy grew faster, benefited more people, and CEO to worker pay was at least ten times lower than it is now. How does shoe polish taste?
@Solstice of Snow All of those tech things that you mentioned were made by workers. If it wasn't for people building them and buying them, those rich people wouldn't be rich. You've got your cause and effect backwards.
@Solstice of Snow Who pays the workers? The people who buy the stuff. And the top tax rate leading up to the Great Depression was 25%. Harding and Coolidge cut that 77% top marginal rate years before it all came crashing down. If you want to interpret facts a certain way, at least have the decency to have your facts straight.
@Solstice of Snow "Massive tax cuts"? The top rate went from 91% to 70%, and the category for capital gains treatment was tightened up, so that doesn't prove your point, either. There was a lot more growth in terms of GDP in the 1940s and 50s when it was over 90%, or do you think that the real voodoo in voodoo economics comes when you lower the rate regardless of what you lower it to?
If only everyone would listen and truly hear this!
As usual, Robert, you make sense with your wise proposals. I am sharing this.
Thank you Mr. Reich, keep teaching we the American people. Yes , we must do this or we will fall.
Al Stewarts probably a nice guy but IT IS TIME: ROBERT REICH FOR LABOR SECRETARY AGAIN ! ! !
Why? Go back and look at his record. He didn’t do anything for the working class.
@@gertrudewest4535 Sec. of Labor is only as powerful as the sitting president and the zeitgeist of the moment allow, Gertrude. I acknowledge that Labor Secretaries don't have magic wands, Gertrude. President Biden today is FAR MORE vocally pro-Union than Bill Clinton of yesterday and, as such, is compelled to greatly increase the Secretary of Labor's purview. Robert Reich promoted the interests of the working class better than most! As Secretary today he would be permitted to do a hella alot more now than he was allowed to do then, Gertrude.
There is a direct correlation between lowered education levels and republican votes. The right needs low information/ education people to stay in power, the more education one has the more likely one is to vote for progressive policies.
Kyrsten Sinema and Joe Manchin would beg to differ.
That's nonsense. The Republican states and cities have far better education and school systems. Why are so many people leaving left leaning states like CA and moving to red states like TX and FL? I live in Los Angeles and I wouldn't dream of sending my children to the public schools here. Every Democrat lead city across the country has higher deficits, worse education, higher crime, yet the people who are most affected by this continue believing that Democrat leaders are helping them. Utter nonsense.
@@fixbuildrentrepeat Utter nonsense is what you are spewing alright. People are leaving blue states because of real estate prices. Then finding low education standards in the southern red states and complaining en masse. Fear not though, we will raise the education levels where you live too, then you can see the error of your statements.
Many thanks, Mr. Reich, for speaking out so eloquently about the financial mismanagement that plagues the United States. The disparity in wealth, power, and privilege represents a deadly threat to the future. Money is like manure; when it's spread about it makes things grow, but when it piles up it tends to stink.
GREAT ANALOGY!! Thank you!
So true. I love your analogy.
The GOP is an austerity party, when it tries to be an actual party.
Not even that, they happily let the military budget run away to amounts nobody can imagine anymore.
@@uncinarynin they are a neo-feudal party, "greetings m' lord, your grace"
However, the Greedy Oligarchic Partisans do NOT believe in imposing austerity on billionaires.
I wish. Crazy old Reich has gone full on commie. He seems to have missed the fact that free market capitalism made us the most productive and thereby the most prosperous country ever.
They are also, sadly, an unAmerican/pro authoritarian party as seen through the last few years.
Thank you Reagan.
Rand Paul says: I will oppose this new debt (unless it comes from a tax cut proposed by Republicans and mainly benefits the rich).
Robert is so right! I was born in 63 and by the time I hit 5 years old I was fortunate enough to benefit from the Great Society all the programs that went with it including public education period as a teacher, talk about an investment. Not just from an intellectual standpoint but because smarter people critical thinking people will be better employees, entrepreneurs, legislators and politicians. Watching this almost breaks my heart and if you look at that graph everything really went downhill in 1980 when Reagan became president. I have a lot of respect for the way President Reagan handled the finality of the Soviet Union with Mikhail Gorbachev. But so many programs were slashed, and when people suggested bring them back or create something new we kept getting told that you have to have the budget in the black. Yet we have a tax code that says if you're extremely wealthy like the people that run on Amazon and Walmart oh, you don't have to pay any taxes. But the middle class which has been shrinking for 20 years and the poor has to take up the slack. Take morality out of it, if you're just a ledger person is that sustainable? Is it sustainable for one company to own social media? Sustainable for one company data Gathering, etcetera. I was just a kid but I remember Geral Ford and even Richard Nixon there's not a whole lot good I can say about Nixon but he did believe in clean water and promoted anti-pollution public service announcement. If you look back at film you can find Bush 41 talking about the threat of global warming in the late 1980s. Think if we had made the investment then. And unlike all my woke brothers and sisters you know what? The United States France and the UK are the ones that use nuclear power safely and responsibly. At one point France was 80% nuclear . I now think they're down to low 70s high 60s. If we could make cold fusion I would say screw nuclear power also. If we could store solar energy long term I would say screw nuclear but right now the only viable form of energy that's carbon-free is nuclear. If we can store solar or go cold fusion I'd say close the nuclear reactors in a moment but training nuclear for fossil fuels that run just a teeny bit cleaner but risk our water supply is a stupid investment unless your day trader. And we have way too many day trader running shit right now. NASA was the government agency that not only took us to the moon but created the Genesis for all the technology that Millennials and Generation Z uses. Look at history the song is not only had their Chernobyl but they lost multiple nuclear subs at the bottom of our oceans. Now look at the nuclear program that the US Navy started in 1950s. This day I'm not aware of a nuclear incident at sea buy a us or Allied vessel. Three Mile Island happened 13 days before The China Syndrome was released. Yet President Carter had served under Admiral Nimitz in 3 days after the leakage at Three Mile Island went directly to the island with his wife and they are both very healthy and have had a long life span. I hear old hippies talking about how they made a mistake about nuclear. But it has to be done safely. It's going to cost money but in the long run it's going to pay off. First of all you'll have and environment that's no longer receiving carbon waste, secondly you'll have a lot of people being put to work and yes the cost of electricity will go up but wages will as well and quality of life as well as human health. Asthma has been on the rise for the last 40 years with kids. Think of how much money we could save if we just reduced asthma by 50%. Yes the Japanese were using old technology 10 years ago when the Fukushima plant meltdown. It was preventable if they had upgraded. What's wrong what's worse Japan addressing and updating their nuclear power program we're following the plan there currently on which is increasing consumption of fossil fuel along with Germany and most of Europe. Hey if there was no consequence for burning fossil fuel I'd be all in but there are many we know about and there may be many we don't know about. Many people say nuclear power is a bad idea because it's expensive and you look at not only the health benefits but the fact that it is expensive oh, that it will require lots of people to work and it will stimulate the economy it's a no-brainer. By the way the last time we balanced the budget was under quote super liberal Bill Clinton. Into thousand things were pretty damn good. There were cracks and the things that came to pass were exacerbated by the next Administration. It's time for people to think critically rather than on a partisan nature. There are so many things else that this invest, reward hypothesis works but and she probably should be at the top because it's going to determine whether or not we're going to be around and whether or not our kids can't have a life. Nuclear has gotten such a bad rap that Germany went back to burning coal. Good economics means you avoid the unsustainable, fossil fuel and feeling good about putting solar panels on our house that work when the sunshine are not sustainable. I don't care how much stock you have in Mobile or Exxon or you going to die before you see the people you love suffer the consequences monopolies and bad investment.
Nuclear has its own issues, mainly the mining and processing of uranium and disposal of spent fuel rods. In the Defense sector machinists and other workers were exposed to radioactive metals without adequate protection. Seek out better and more thorough information than industry propaganda and old hippies beguiled by said propaganda.
Have you told this to Joe Biden yet?
Tomorrow at 8am PT/11am ET, prof. Reich will be testifying at a Senate hearing led by Bernie Sanders on how to tackle our crisis of widening income and wealth inequality. You can tune in on Sen. Sanders' Facebook page.
@@natashadavis824 Thanks a bunch. However, I don't have Facebook.
@@natashadavis824 for starters , why doesn't bernie give away all his houses!? and lets not even get started about polosi. and theres maxine and the clintons, and the obomas, al gore , etc. loud mouths , locked pockets ! HYPOCRITES AND FOOLS.
@@natashadavis824 and good ole biden got a bunch of houses hisself come to think of it ! hmm wonder how he got them? 50 yrs. of being a corrupt hack , play along with the "system" polotician didn't hurt none !
@@natashadavis824 and lets see , in recent times corrupt buisness dealings with ukraine, china etc etc etc. maybe you're rich? if so why don't you give away your belongins and money , instead of asking people who can't afford it ie taxing, outsourcing etc and also who just don't want to give it. it seems doesn't it , that sanders, obama,biden etc. don't want to.
Very important topic.
You go, Robert! 😃
This is the best set of notes on deficit spending I've heard for quite some time. Thank you.
Excellent , really enjoyed the video. Thank you Robert and all who made it.
Actually since the 80s the job market has been dying indatus or after the eighties people don't have the houses anymore.. it's been going downhill since..
Thank you, President Regan for your absurd notion of the benefits of "trickle down" economics. But the billionaires seem to be happy.
@@growthandunderstanding you are so right my friend this is the price of capitalism it doesn't profit the regular people it's about the big companies making the biggest profits while paying us nickel and nothing am I guess I'm lucky because I downsize I live more simple ..I will turn to Billy and I work for myself anyway buffalo.com do that those are the people ..I'm sorry for..
@@growthandunderstanding Regan didn't lie. The people got what he thought they deserved. Aka a golden shower.
@@justinfowler2857 Trickle Down Economics is not a lie? There's just no educating the ignorant.
@@skapunkoialternativeliving6522 I am a fan of capitalism, I just believe that all the agencies that existed to regulate large, over powerful corporations should not have been decommissioned by Regan, Bush 1, Bush 2, Trump and other pro-oligarch presidents.
Excellent presentation!
As for infrastructure, we have too much per capita and utilize it very poorly. Our infrastructure investment now should be focused on Repair and Maintenance for what we already have before we think of building anything new.
On the other hand, the most obvious deficit is the moral one....
Truth!!
I certainly hope you have the president's ear. We need to get back on track and invest in our country and it's people. And Biden needs to understand that and act upon it!
Indeed Professor. Shared
Agreed, we need more public investment in education and basic research.
This is a deficit I am very well aware of because I'm old enough to remember free state college and a small but important welfare system that provid3d an important safety net, it allowed families to get back on their feet when things went wrong. There was a lot of investment in public schools and other important investments in the future like a robust space program.
Wait. Was that you in the 1991 clip?
Yep, that was him!
@@MizaT11 neat!
Every democrat should make public investment a central part of their strategy including Joe Biden!!!!!!!!!!!
Robert Reich has BEEN doing this before i was born, to think i wasn't even born yet.. and the man was trying to plant seed for my future before i had one... .... thank you sir ive been enlightened
3:45 is the most important image here when it comes to understanding the myth of an ever increasing stock market today. Especially relative to the pandemic’s economic impact, the market seems to be cash chasing cash. I recall being disappointed with the nightly news in the 80s and 90s, I think it was NBC, but could have been any of the networks, when they gave a snapshot of the economic state of the nation each night by providing the DJIA.
who is that handsome guy at 1:14? I bet he has a great youtube channel these days. I should look him up
I had no idea the individual in this video was actually very close to real life people that were the subject of the movie "Mississippi Burning" in the other Philadelphia of Mississippi as opposed to PA. Mentally putting 2 + 2 together pausing in the middle of that documentary caused me to start sniveling and crying. It is because of people like him and that over the past 9 to ten 10 years I have become increasingly religious. My comments concerning the people he's describing on both sides of the political duopoly that runs the United States of America may not be vulgar and profane but it is rude. It is "Lashon haRah" (Derogatory Speech) people like Robert Reich I believe are saving me from myself. 🐕🐈🔯🕎
you make a good point that money invested in public interests have decent returns..However, it is scary when our debt becomes a multiple of our GDP and we default on our debt. Why wasn't the debt reduced during the last three years of growth? There is a lot to be said about sticking to a budget and paying down your debt in good tiimes.
True to some degree, the major problem being that when the republicans have the congress during good times, the money is used for tax cuts for the people supporting the republican party's coffers. And as much as they beat their drum about patriotism, actually investing in the future of their country is apparently not something they see as sound spending.
@Solstice of Snow Nobody is talking about taxing the hell out of people. What's argued here is that the richest quartile of people paying at least 25% of the total taxes, and not less than 2% as it is now.
Missed you Robert where have you been
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Thank you!!!
Hot stuff @ 1:15. Hell, who am I kidding? RR is still hot stuff!🔥🔥🔥
Fabulous! Thanks for making it so plain to understand!
3:15 I can't seem to get that point across to anyone: They focus on return "for themselves!" I'm so glad you made this video.
can we put military spending on that graph?
Let me save you some time.
Borrow + Bomb = a False Profit.
@@humboldthammer so...you don't know why i'm asking the question or what information i'm looking for. I wanted to see the rise in military spending vs the decrease in infrastructure spending.
yes, the military is almost totally a waste of money.
@@Frostfly That Visual is easily extrapolated from the charts. The last 4 NDAA's have all been around $740 billion.
Not just a waste of money. It's the planned demise of our 250-year experiment in self-government on 09/23/26, the autumn equinox of the US' and the Illuminati's 250th year.
And it was the brainchild of the FISCAL CONSERVATIVES. When all the money is gone, they will finally End Entitlements.
They went underground right after fully funding the War on Terror and the Spy State -- except for those who masquerade as Democrats. Those Democrats have approved every NDAA, too, and then added some SOCIAL PROGRAM pork with a trickle down promise -- just like the Republicans.
@@humboldthammer oh good, can you put that on the graph in the video now so i can show it to people who don't understand? Cuz I don't give a shit about the math. i want a PICTURE to SHOW people.
@@Frostfly Gosh Dang, draw your own, bro.
Military spending since 2017 $3 trillion.
Infrastructure spending since 2017 $127 billion.
Somebody needs to say it plainly!!! The richest needs to pay higher taxes because they have the money to do so!! It’s not going to break them!! They should still be able to buy that 2 million dollar cabin , Rolls Royce, extra aircraft and boat!! It’s a moral argument. How much does one really need?????? 🤦🏾♂️
The "Gig economy" is another direct reflection: no investment in people. Use them, then kick them to the curb. Appalling. I'm living it too.
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@@meetkevin8280 I sure wish You were working under the Biden Administration.
Professor Reich makes a lot of sense. I hope the President and members of Congress start listening to him.
FEED the BEAST and the BEAST is the MIDDLE CLASS!!
"You have destroyed yourselves with your war of Gods. Now bow down and worship YOUR BEAST." That's what Xi says, 10/12/26. He's the X-Christ (Daniel 7: 8) whose time has now come. He means the NEON GAUD, unveiled at the Jubilee to forgive ALL OUR DEBTS on 09/23/26. hint: in GAUD we trust. Men will LIE, CHEAT, and STEAL every time.
@@humboldthammer Wow...Relax dude!
Mr. Reich please run for President!!!
This is so intelligently well done! Thank you!
Excellent points. However, taxing the wealthy generally does not work. They change citizenship or find ways of paying less tax. Taxing corporations helps, but generally ends up in higher prices for products sold to consumers. I think the real answer is cutting the budget across the board. Reduce spending in all government agencies by 5-10% including defense, etc.
It is not a deficit but a conversion from a monetary asset to an infrastructure asset. Bob, good to hear you talk about something besides Trump, Biden, etc..... You are correct. Keep up the good work.
This is the not-so-"secret" of China's success. The public sector investment has been China's focus for the past 40 years. Thanks to its intense success, Beijing is shifting its focus to its "circular economy" plan, in which increased emphasis is placed on domestic consumerism and international trade. While most individuals (and governments) have difficulty seeing the big picture of long-term investment, China has become the global model for developing economies that are both prosperous and peaceful.
While the financial model for China's public sector investments might be a story of success, there's still the issue of basic rights for the citizens of China, which - according to a number of articles brought by Western media - seems to be lacking.
If our Western media can be trusted on this, the people of China
- are being monitored all the time
- are being subjected to a massive amount of propaganda
- are being cut off from the information highway, only having access to a narrative approved by the Chinese government.
And also, with China's level of (super)power increasing in relation to other nations to the point, that China is able to bully other nations into submission with threats of either military response or trade wars, the future starts to look very autocratic.
@@pHD77 Key phrase of your comment: "If our Western media can be trusted..."
The media has gotten its information about China, Tibet, HK and Xinjiang from the same sources it got its info about Vietnam, Guatemala, El Salvador, WMDs, and the murder of Asian women being the consequence of some guy having a "bad day."
I'm a U.S. citizen who has been residing in China for more than 14 years. What's actually being under-reported are statistics such as in 2019, there were more than 5,000 local public demonstrations against local policies and corruption, and in most cases, Beijing sided with the demonstrators. People in today's China truly do have a voice! While they can criticize government policies and make suggestions, what they don't get to do is to challenge the authority of the government to govern. That's when they get into trouble. (January 6 insurrection, remember? Some politicians actually refuse to call it that!)
There are cameras everywhere, and anyone who has nothing to hide is quite thankful, as they're not being misused. There are laws in place prohibiting use of cameras in private places such as hotels and bathrooms, and penalties are severe. The recordings of public cameras are used only when there is an event or occurrence that justifies the reviewing of the videos. Meanwhile China is a country that is essentially free from fear, something the U.S. certainly cannot claim.
@@RechtmanDon But is China a country of censorship? I mean, something like news outside of China... The reports I've read says, that news websites outside of China are not accessible. Same goes for Facebook, TH-cam... pretty much most popular American websites.
@@pHD77 No, Chinese people know very well what's happening elsewhere as well as in China. What they don't get access to are the dozen or so China hate channels on TH-cam or the anti-China Facebook terrorist cells that are still permitted to exist. (The Middle-East terrorist groups were recently pretty much cleaned up by Zucker, but not the anti-China stuff.)
Rather than review every TH-cam post, China decided to simply ban TH-cam outright, as there is so much fake news and anti-human/anti-humane channels permitted in the name of free speech.
Did you know the U.S. gov't has an official policy created in the Bush years during his war that prohibits media showing all the caskets of returning U.S. soldiers? At least China is attempting to censor fake news. Why do that? You can look at the U.S. as a great example of what can happen to a nation that is constantly swamped with fake news--can you say QAnon?
Chinese people quite often ask me what I think about Trump, Biden, and even Obama, and I tell them, and they also tell me what they think. They are also very aware of the COVID disaster and the love of guns in the U.S. However, they cannot understand it, as they have grown up with a government that places people above money. They are quite proud of the way the Chinese government took control of the virus; they also knew when certain areas were medium or high risk, and when the risk status was removed. When an asymptomatic case accidentally got on a train, the Chinese news immediately reported the train number, time of travel, and stations visited. When the tracing was completed, that too was reported.
It doesn't trickle down, it evaporates up.
Thank you for pointing this out Robert.
Trickle down economics mean that the bottom half get pissed on. Plus the number of people getting pissed on is growing.
A good deal of investment is made into drug research and high technology by the tax payer and the government then gives it to private business for further development. The tax payer receives no royalty and the public pays premium prices for drugs, smart phones, robotics and computerization. Theses corporations have made great profits at the tax payer's expense and yet, they want more and more tax breaks..
Great information. The graphs say it all. We need a future with clean energy public transportation and investments into clean energy for homes and businesses. The youth may not appreciate the deficits but they will certainly appreciate clean air, water, better health and healthy children.
I wish the media made public investment a topic to cover and educate the American people.
Why you were right, huh in 1991? :)
Democrats need to get on board with this and abandon other rediculous party line issues. They are losing on too many issues because of this
Bob you are so crafty.. when you use the term INVESTMENT TELL YOUR VIEWING PUBLIC YOU MEAN NEW TAXES...
Absolutely 👊🏽
America would never had any debts if they properly taxed the wealthy and corporations, and did away with privatization of public services.
It blows my mind that the vast majority of comments supporting Robert Reich's ideas reveal mostly ignorance. Also, notice how you don't have any hard numbers on what would make them "properly" taxed? It's all intentionally vacuous, meaningless, and vague. The entire US population that makes less than 50K a year pays less than 6% of all of the US federal tax revenue. That's the bottom 60% of earners paying less than 6% of the taxes. About 22% of the population earns 50k to 100k a year, and they pay 14% of all of the US taxes. This data can be further broken down, but for brevity's sake, not one US state considers people earning 100k or more a year to be less than wealthy, and the 100k and more populace, about 17% of the populace pays the remaining fucking 80% of all US tax revenue. How much is fucking "properly" taxing them? How about a number?
Also, where is this phenomenon of privitizing public services? What are some actual numbers? ANY trends? WHERE is it happening specificially? Because I have lived in various places, and my private services in Georgia and Mississippi were VASTLY more effective AND cheaper than my public services here in California.
Do you actually know ANYTHING or are you just another completely brainless extension of the leftist hive mind whose incorrect conclusions are drawn from false premises?
There is an un-asked question in this: why does a sovereign nation need to borrow money?
It’s like they wait for the bridge to collapse, before doing anything to repair it, but by then it’s way to late or it costs 3 times as much now that they waited 😡
Then they try to sell the people a private bridge.
Thanks
How do we get people to hear our message? The majority of videos like these do not leave the people that already believe in these ideas.
America’s future generations have the problem with the deficit, the rest of us are just riding the bubble
So agree with Reich! As tax rates on the wealthy have fallen, so has public investment, and it shows. The concentration of wealth is not good for the country. Years ago, I lived in a rural town with an Air Force base. Most of the local businesses were owned by a few wealthy families. The local wages for nearly everyone was $5.00/hour, even for the district manager of a convenience store. Locals were so underpaid they could not afford to patronize the businesses where they worked, nor could they afford to move. But the airmen and their families had the funds to keep local businesses afloat. What became of that town after the base closed? I imagine most of those businesses are gone and many of the locals lost their jobs. Healthy economies depend on a strong middle class.
2:09 very interested in learning more about this since solar panels are still like 40% efficient
Start by investing in a half decent education system so the kids will not grow up to be anti intellectuals.
That comment alone says you (probably) don't know very much.
It would help if the textbooks weren't mainly from Texas
@@IWLDELJ Your comment says you like to be rude and not contribute to the conversation. Mr. Reich literally pointed out early childhood education as a wise investment so not sure why you think you have a point rather than a useless quip
@@everentropy Reich is commonly incorrect. His data is generally highly selected to offer the exact narrative he wants to support. I don't like to be rude, and I do like to contribute to conversations, but I understand the reality that there are rarely such things as productive conversations with ideologues, so my strategy is not to engage the ideologues, but to ensure that normal people that browse comments under ideological zealots, like Robert Reich and Bernie Sanders are offered the opportunity to see that there are alternative narratives to the dangerous idiocy peddled by ideologues like these and their fan base.
@@IWLDELJ The education system is one of the reasons for the significant anti intellectualism in the U.S. But I guess you know better.
Robert - you make too much sense. As always. Thank you.
Thank you as always for educational and informative on the topic of public investment!!!
How do we know how much we “should” be putting in?
Great video. The whole west worlds problem today. Very few borrow for good investments longer term, people think to short
All of those people who still keep saying "America is number 1" should really watch this video.
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The problem of course is that politicians are very poor at discriminating between long term investment and consumption. For example, handing out "stimulus" is consumption whereas hiring the same people receiving "stimulus" to build a water treatment plant is investment.
Thanks Robert
""Borrow"" what? My guy, our debt is 30 trillion now, you got this into this.
Vital point made brilliantly.
Thank you Sir.
Agree.
I totally agree. On the other hand, currently I am quite affraid of the current monetary policy and inflation. Biden just started talking about 3 trilion stimulus focused on public investment. While I do belive this is a good way, I also belive it is crucial to ask where to get the money. Sure, you can issue bonds and let the FED buy them. But this will come with huge devaluation of purchasing power that will disproportionately impact the middle and lower class. So the money must come from higher taxation - as you mentioned, the taxation on the richest is too low. And also from cuts in different parts of the budget - here I would pinpoint the Pentagon MASSIVE budget.