The U.S. economy crashes when it becomes too top heavy because the economy depends on consumer spending to keep it going... For a time, the middle cl… - Robert Reich

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The U.S. economy crashes when it becomes too top heavy because the economy depends on consumer spending to keep it going... For a time, the middle class and poor can keep the economy going nonetheless by borrowing. But, as in 1929 and 2008, debt bubbles eventually burst. We're getting dangerously close. By the first quarter of this year, household debt was at an all-time high of $13.2 trillion.

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About Robert Reich

Robert Bernard Reich (born June 24, 1946) is an American economist, professor, author, lawyer, and political commentator. He served in the administrations of Presidents Gerald Ford and Jimmy Carter, as well as serving as the United States Secretary of Labor from 1993 to 1997 in the cabinet of President Bill Clinton. He was a member of President Barack Obama's economic transition advisory board.

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Alternative Names: Robert Bernard Reich

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So let me get this straight: Extending additional unemployment benefits to out-of-work Americans during a pandemic will make them lazy and lead to socialism, but trillions in bailouts to Wall St. bankers and corporate execs is good for the economy?

I’m Jewish. I detest Hamas. I know what it’s like to have family members murdered brazenly because of their beliefs and ethnicity. Which is why I take social justice and human rights so seriously. And why I, like millions of others, am committed to a ceasefire in and humanitarian aid for Gaza. [...] Where is the moral clarity? Where is the moral authority? Why aren't we doing everything possible to stop the deaths? It's time for all of us who care about human rights to demand a ceasefire. Now.

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If nothing is done to counter present trends, the major fault line in American politics will no longer be between Democrats and Republicans, liberals and conservatives. It will be between the 'establishment'—political insiders, power brokers, the heads of American business, Wall Street, and the mainstream media—and an increasingly mad-as-hell populace determined to 'take back America' from them.

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