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Robert Reich has a Sensible Plan

Economist Robert Reich has a sensible plan to fix our deficit and debt woes.

In a November 19 post, Reich gives the following advice to the Deficit Supercommittee (which has since disbanded, after failing to reach an agreement):

1. Make no cuts before unemployment is back under control (down to 5%).

2. Make the boost big enough. We need a huge jobs program with components like the New Deal’s Civilian Conservation Corps and Work Progress Administration to restore our infrastructure.

3. Raise taxes on the super rich and tax all income (capital gains included) at the same rate. Restore the tax structure to pre-1980 levels and put a 2% surcharge on income over $5 million.

4. Cut the real welfare — military spending and corporate subsidies. Savings = $400 billion annually.

Reich’s closing plea, of course,  fell on deaf ears:

Do you hear me, Washington? Do these four things and restore jobs and prosperity. Fail to do these, and you’ll make things much, much worse.

Unfortunately, there’s not a chance any of this will get through in this political climate.

It seems like we are constantly in a battle to mitigate damage from bad policy and those actively on a misguided crusade to make things much worse, and not making any headway in actually fixing the problem.

-Chris

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November 22, 2011 - Posted by | Debt, Deficit, Democrats, Economics, Politics, Republicans, Tax Debate | , , ,

3 Comments »

  1. No analysis here. Just more envy, hate and jealousy. Jobs programs do not work, they are workfare(make work jobs combined with welfare). An every time someone wants or needs money, the mob goes out and robs the rich. Bad policy is wasting money because the mob want something. Now the nation has become one of take from someone else instead of working hard for what is wanted.

    Censorship is evil.

    Comment by solutions777 | November 22, 2011 | Reply

    • Interesting. You deal with none of the specifics of Reich’s plan and accuse him of hatred.

      The WPA and CCC worked. Ask an economist.

      The rich haven’t paid their fair share since about 1980. Even in the late 90s, when we had a booming economy, the tax rate was much more progressive than it is now.

      As far as “the mob” and “taking from the rich” it seems to me that class warfare has been waged from the other end of the pay scale.

      Huge tax breaks and subsidies were passed with the promise that they would stimulate job growth. Of course, that was all trickle-down nonsense that even David Stockman, on of Reagan’s economic advisors, has since refuted.

      What is the answer (if you even recognize that the income gap is a problem)? Do you have any? Or is your only answer to cut taxes more, increase military spending, and cut all entitlement programs?

      -Chris

      Comment by wcward57 | November 22, 2011 | Reply

    • Oh.

      I just read your blog.

      After reading your comment here, I was under the impression that you were an adult, but your postings seem to indicate that you may be a child.

      My advise to you is to read some good non-partisan histories of the United States, and to shy away from talk radio, Fox News and cable news in general.

      Read thoughtful pieces from both sides and learn to weigh the evidence without partisan rancor.

      Be honest with yourself and don’t follow the pack.

      Good luck in your writing and your search for the truth and the answers to life’s questions.

      -Chris

      Comment by wcward57 | November 22, 2011 | Reply


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