Tag Archives: robert reich

It seems that Bernie Sanders’ has solid econ numbers

bernie sanders

I have heard it over and over again. Bernie Sanders is promising too much. Where is he going to get the money? His numbers just don’t add up. Well, maybe his numbers do add up. I have been following Bernie Sanders for over a decade. He is a serious politician. He isn’t the type of politician that will just throw out stuff.

From Robert Reich:

Not day goes by, it seems, without the mainstream media bashing Bernie Sanders’s economic plan – quoting certain economists as saying his numbers don’t add up. (The New York Times did it again just yesterday.) They’re wrong. You need to know the truth, and spread it.

1. “Well, do the numbers add up?”

Yes, if you assume a 3.8 percent rate of unemployment and a 5.3 percent rate of growth.

2. “But aren’t these assumptions unrealistic?”

They’re not out of the range of what’s possible. After all, we achieved close to 3.8 percent unemployment in the late 1990s, and we had a rate of 5.3 percent growth in the early 1980s.

3. “What is it about Bernie’s economic plan that will generate this kind of economic performance?”

His proposal for a single-payer healthcare system.

4. “But yesterday’s New York Times reported that two of your colleagues at Berkeley found an error in the calculations underlying these estimates. They claim Professor Gerald Friedman mistakenly assumes that a one-time boost in growth will continue onward. They say he confuses levels of output with rates of change.”

My esteemed colleagues see only a temporary effect from moving to a single-payer plan. But that view isn’t shared by economists who find that a major policy change like this can permanently improve economic performance. After all, World War II got America out of the Great Depression – permanently.

5. “So you think Bernie’s plan will generate a permanent improvement in the nation’s economic performance?”

Yes. Given that healthcare expenditures constitute almost 18 percent of the U.S. economy – and that ours is the most expensive healthcare system in the world, based on private for-profit insurance companies and pharmaceutical companies that spend fortunes on advertising, marketing, administrative costs, high executive salaries, and payouts to shareholders – it’s not far-fetched to assume that adoption of a single-payer plan will permanently improve U.S. economic performance.

News Roundup – Ferguson, Super CEO, Inflation Fairy

ferguson
Have we learned nothing from history? The violence and confusion that is currently happening in Ferguson, Mo. was completely predictable. There are lessons from the 1960s which seem to have been completely forgotten. There are the lessons from the England soccer riots, too, but this seems to be a new lesson in how to do everything wrong. Arresting journalists? For what? Arresting a city alderman? BTW, how does an unarmed Black man get shot to death?

Arthur T. Demoulas should be rewarded and not fired for trying to do the right thing. From Robert ReichContinue reading News Roundup – Ferguson, Super CEO, Inflation Fairy

News Roundup: Zimmerman, Inequality, NFL Hall of Fame

I’m so tired of hearing about George Zimmerman. Why is he going to fight someone? Cuz he will make some money. So DMX is going to fight George Zimmerman. Crazy.

Income equality is something that we need to address. I know that conservatives are blowing it off, but this is significant. From Robert Reich:

In fact, America’s savage inequality is the main reason equal opportunity is fading and poverty is growing. Since the “recovery” began, 95% of the gains have gone to the top 1 percent, and median incomes have dropped. This is a continuation of the trend we’ve seen for decades. As a result:

(1) The sinking middle class no longer has enough purchasing power to keep the economy growing and creating sufficient jobs. The share of working-age Americans still in the labor force is the lowest in more than thirty years.

(2) The shrinking middle isn’t generating enough tax revenue for adequate education, training, safety nets, and family services. And when they’re barely holding on, they can’t afford to — and don’t want to — pay more.

(3) Meanwhile, America’s rich are accumulating not just more of the country’s total income and wealth, but also the political power that accompanies money. And they’re using that power to reduce their own taxes, and get corporate welfare (subsidies, bailouts, tax cuts) for their businesses.

All this means less equality of opportunity in America.

Congratulations to the 2014 NFL Hall of Fame – Michael Strahan, Andre Reed, Walter Jones, Derrick Brooks, Aeneas Williams, Claude Humphrey and Ray Guy. Let me just say something about these men. Strahan was a rushing machine. He was quicker to the quarterback than almost anyone. Andre Reed was one of the greatest receivers of all time. Derrick Brooks was a force in the middle of the Tampa Bay defense. Walter Jones was one of the best left tackles of all time. Aeneas Williams was a truly great safety. Claude Humphrey was a force in the middle of the defense. Ray Guy changed the game as a punter. He became an offensive weapon.