Robert Reich, Former Secretary of Labor, Speaks For American Workers
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Former Secretary of Labor and now Professor at University of California at Berkeley, Robert Reich, discusses Trump’s repeated attacks on working people, and the injustice of billionaires’ wealth soaring as millions are unemployed and on the brink of eviction, in the video “what You Need to Know This Labor Day, Reich at Home“, below:
In honor of Labor Day, our latest interview with former Secretary of Labor Robert Reich reviews how the federal government should support the new virtual economy as we battle the coronavirus pandemic. He says the economy won’t fully recover until there is a vaccine and that President Trump’s first term in office will not leave behind any kind of economic legacy. Watch the video to see why he thinks a universal basic income will offer more economic reliability and why we need a revival of the CARES Act, in the video “What’s Next For The U.S. Economy: Robert Reich“, below:
Robert Reich believes these are needed: the Universal Basic Income, a revival of the CARES Act, $600/week amount over and above unemployment insurance, and that the contract workers get it as well. He stresses that this is the time for government to be the spender of last resort. He points out that even though the housing sector is already recovering, many sectors that cater to on-the-go consumers may not be able to recover fully. Virtual economy would be moving from the tangible to the intangible during past twenty years and has solidified its position during pandemic. Many people are being left behind as the world moves toward the intangible/virtual environment. Reich feels that local, state, and federal governments need to allot education budgets and online access to help prepare the populace for this transition. On the topic of immigration, Reich reminds us that young immigrants are needed for all kinds of work in child care, elder care, etc. as the American population group is aging. He further points out that the global economy is not a zero sum game but a positive sum game, such that if U.S. tries to manufacture everything inside our border, it would cripple us and make us much poorer than we are right now. Isolationism is not good any one. Finally Reich clarifies that the real issue is what form of capitalism (because Nordic countries, USA, as well as China all practice some form of capitalism): American capitalism is the harshest form (of capitalism) in terms of very little public investment and very little social safety net while the Nordic form (of capitalism) is the softest form of capitalism with big safety net and a lot of public investment. The harshest form of capitalism such as that of USA tends to generate great social inequality, resentment, and anger that finds its way into demagogic politics. It is no longer possible to talk about economy without talking about politics because they are so interwoven at the micro as well as at the macro level. Reich also points out that the American job growth during Trump administration before the pandemic was worse than the job growth in Obama’s second term and Trump essentially gave wealthy and corporations a huge $2 trillion tax cut that did not trickle down to lower income groups. In conclusion, Reich believes that: cities will still be the future agglomerations of knowledge workers and will not be diminished by pandemic. American workers now have better appreciation for better child care and health insurance, better public health system, for paid sick leave, and much much more that many other advanced nations have but not available here for ordinary working people in USA. It is not a question of leaning to the left or right, but the simple fact that American workers are better aware now and would appreciate these important elements to become part of the public agenda. When he looks into the future he sees that: education would compose a blend of basic education online, and universities will move in the direction of technology to help reduce the cost of higher learning.
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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