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Saturday, March 5, 2011

Inequality and crises: coincidence or causation?

Robert Reich: “The problem wasn't that consumers lived beyond their means. It was that their means didn't keep up with what the growing economy was capable of producing at or near full-employment. A larger and larger share of total income went to people at the top.“So in the longer term, it's hard to see where the buying power will come from unless America's vast middle class has more take-home pay.”

from Inequality and crises: coincidence or causation?
Paul Krugman


via Crisis at Princeton

This is something the Republican right doesn't get at all. They rail against "redistribution of wealth" as if the wealthy could keep the economy afloat all by themselves.

Joke from NHGranite
“KOCH JOKES.....­A Koch brother, a tea partier, and a union rep get a plate with 12 cookies. Koch immediatel­y takes 11 of the cookies for himself, then turns to the tea partier and says "watch out for that union guy - he wants your cookie."

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