Robert Reich Explains Why We Make Less Money Now Than 1980
The economy has doubled since 1980, but most of us are making less money, and the government has failed to take in sufficient revenue to continue welfare programs that many of us benefit from (such as public education). How could this happen? The wealthy are making more money, and everyone else is making less money. In general, the more money made by one group leaves less for the rest of us. Our economy is doing quite well for a select few wealthy people, but not so well for the rest of us.
The fact that the wealthy have done well at lobbying the government and pay even less taxes than the rest of us has made it very difficult for the government to take in sufficient revenue and caused severe budget deficits. And now the government services many of us need is being cut because taxing the rich more is simply not an option.
- More information: Strong corporate profits amid weak economy – What’s up with that?