The Stock Market is Not the Economy | Robert Reich 

💚Is anyone stopping you from buying stocks? You should look into what you are saying because in economics many things sound right that aren't right at all. If the Fed prints more money then our money's value will tend to go down as other assets like stocks and commodities will tend to go up. If there is more supply of the dollar or any asset then it's value will tend to go down compared to other assets.

@@uiliumpowell4684 land is for me land is the best investment

Stocks today are affordable for everyone. You can invest as low as 1 dollar today. Any Joe Blow can buy stocks today with his beer money.

.....artificially inflated & they all KNOW when to buy & sell to make profit!.....The price collapses....and the cycle begins again.

Only those with money profit from stocks as they can afford to buy big when the price is low and sell when high and thus sending the price low again! To start their cycle of profit!

@@rgruenhaus that is silly

@@benius42 I agree with you. Silliness.

@@rgruenhaus everyone can profit from stocks! Don’t look at the $$ amount. All that matters is the %% amount. If you can make 25% on any amount of money using a sound strategy then you have a beginning. Edit: and with 25% you have a near-term end, too hehe

Keep trying! I'm guessing they like trickle down economics as well. That's another popular zombie ideology amongst conservatives..!

@@beesplaining1882 And repeating the same idiocy doesn't make it any less idiocy either.

It does make sense though if you simply get rid of jobs and wages. Then all there is left is the stock market.

@@beesplaining1882 That reminds me of that old saying: Stop pissing on my leg and telling me its raining.

@@robertmelvin5203that's a good one. Here's another from George Carlin, "Conservatives say if you don’t give the rich more money, they will lose their incentive to invest. As for the poor, they tell us they’ve lost all incentive because we’ve given them too much money.”

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LOL!!! "The rich" are backing Joe Biden, Sport, not Trump. Wall Street money is backing Biden 10:1 over Trump. Trump's campaign money comes from his working class supporters. Biden is the candidate of the rich, because they know his taxes won't hurt them, because they can protect their money in shelters. They back him, because they know he'll open up the borders and they can get all the cheap labor they want and impoverish American workers

@Phincter Yep and the most prominent of those people is President Trump. Average family income rose $6000/year under Trump in 3 years whereas family income under Obama rose $1000 in 8 years. Unemployment for all groups hit record lows under his policies. Covid knocked it back, but as this quarter's figures show, the economy is roaring back at a record pace. Biden has promised to raise taxes and in spite of what he claims, he will raise them on EVERYONE. High taxes only hurt the middle class..."the little guy," as you said. It's those wealthy Democrats who are immune to those high taxes.

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Very well said sir.

Yes, Reich is doing a tremendous job of educating people on being stupid with large parts debunked content and economic incompetence. It's tragic.

@@drsev61 Holy Non Sequitur, Batman!! That a political science hack served (with incompetence) as Secretary of Labor has nothing to do with anything. Ge didn't "serve" under Bush any more than does a postal employee (the level above is subject to appointment - he simply worked there). And he did *NOT* serve as an economic advisor to *anyone* at *any time.* Your assertion is factually wrong. His degree is a political science degree and he has acted as a donor magnet at institutions since teaching government (political science) not economics. And he did not study economics at Yale Law (obviously) or Dartmouth. I don't presume to know more about the law than Reich does (though I have better than the typical layman's understanding); I have orders of magnitude more understanding of Economics, Finance and Management because those are areas where I have specific education and expertise. Reich is an economic illiterate and a congenital liar. Now do you have anything better than a (grossly misapplied) Appeal to Authority or is that hilariously poor defense of Reich the best you have?

@@drsev61 Actually, I did. Just not in this thread. Here is but one example (repeated in its entirety). And I've added some relevant links: Reich lies again (as always). Some questions: Just how completely does the Bureau of Labor Statistics and actual economists have to utterly disprove the productivity gap graph - created by the endlessly discredited Economic (sic) Policy Institute? How often does it have to be pointed out that economists don't look at just wages but total compensation, which has continually risen and is half again as much as when the so-called (and long disproved) "stagnation" began? How many times must it be noted that (pre-shutdowns) unemployment and poverty had fallen to historic lows? Just how easy does it have to be to completely disprove the "stock market gains" graph when the underlying "stagnation" claim is already destroyed? How many times must the imbecilic "stock buyback" nonsense be repeated before someone points out to this buffoon that it doesn't alter earnings per share which would, on average, skyrocket of the asinine claim about stock buybacks were not the purview of imbeciles? While it is true that the stock market is impacted by other things (most notably interest rates) the notion that stock market performance (an indicator of the general success/failure of a material percentage of employment providers, product suppliers, etc.) is nit an indicator of economic performance is exactly the kind of economic illiteracy one must expect from such a demented political science hack. the links: US has best living standards (particularly since Trump): fee.org/articles/thanks-to-economic-freedom-america-still-outperforms-other-nations-in-standard-of-living/?FEEDaily Total real compensation has been increasing steadily and substantially (the “stagnation” myth has been long debunked): fred.stlouisfed.org/series/COMPRNFB Unemployment/underemployment (U-6) near record lows (pre-shut downs): fred.stlouisfed.org/series/u6rate Median weekly earnings at record highs: www.bls.gov/news.release/pdf/wkyeng.pdf Poverty at lowest level EVER: www.census.gov/content/dam/Census/library/publications/2020/demo/p60-270.pdf

@@drsev61 Again, that was actually my first post on this video (which, because it doesn't fit with the echo chamber has been largely ignored - a couple of thumbs up but no interaction. While I can only agree that there is too much animosity in this country, it is clear that it comes from the bald-faced lies that Reich tells (he's hardly alone). I mean, how many people see the riots and death and property destruction and blame *anyone* but the people actually engaged in the violence and the prosecutors who refuse to enforce the laws and instead blame whoever they disagree with politically? I am always happy to provide substance and answer questions and I wish you (and everyone else) the best. I am not like the guy elsewhere in these comments cheering on Rush's cancer).

Well, yeah, children like to hear fairy tales...

@C Seay Again, look at my original post. Every point has been debunked.

@@FletchforFreedom so what is ur adult vision? FYİ, İ dont like fairutales but math prb solving as hobby. But i know there is a lot hidden truth in fairy tales.

@@SimpleEnglishHub- As posted elsewhere: Reich lies again (as always). Some questions: Just how completely does the Bureau of Labor Statistics and actual economists have to utterly disprove the productivity gap graph - created by the endlessly discredited Economic (sic) Policy Institute? How often does it have to be pointed out that economists don't look at just wages but total compensation, which has continually risen and is half again as much as when the so-called (and long disproved) "stagnation" began? How many times must it be noted that (pre-shutdowns) unemployment and poverty had fallen to historic lows? Just how easy does it have to be to completely disprove the "stock market gains" graph when the underlying "stagnation" claim is already destroyed? How many times must the imbecilic "stock buyback" nonsense be repeated before someone points out to this buffoon that it doesn't alter earnings per share which would, on average, skyrocket if the asinine claim about stock buybacks were not the purview of imbeciles? While it is true that the stock market is impacted by other things (most notably interest rates) the notion that stock market performance (an indicator of the general success/failure of a material percentage of employment providers, product suppliers, etc.) is nit an indicator of economic performance is exactly the kind of economic illiteracy one must expect from such a demented political science hack.

@@FletchforFreedom fairytales my ass, this man knows more than you

And yet, pre-shutdowns, poverty hit an all time low, unemployment hit record lows, total real compensation hit record highs as did median full-time wages. There is no debate that the economy was doing great and yet Reich was spewing the same debunked nonsense even then.

@@FletchforFreedom you have to stop watching FOX news only. You will never get the complete truth. You only get Trump and right wing truth. I listen to Left wing, right wing and read for myself to determine the truth. Believe it or not it's out there if you really want to know the truth.

@@JustMe-pi1zi It has nothing to do with watching Fox News. It has to do with my being something Reich is not - an economist. Every single point I made is an absolute provable fact. every point Reich made is an absolute disproved fabrication (particularly the "stagnation" claims and the long discredited graph he provides). I *know* the facts are out there. That's why I can say with absolute confidence that Reich is completely FOS. Try relying not on the left or the right and look at the actual data (from the Bureau of labor Statistics; the National Bureau of Economic analysis; actual economic research, etc.).

@@FletchforFreedom share your valid resourced links.

@@JustMe-pi1zi Glad to. Start here: Total real compensation has been increasing steadily and substantially (the “stagnation” myth has been long debunked): fred.stlouisfed.org/series/COMPRNFB Unemployment/underemployment (U-6) near record lows (pre-shut downs): fred.stlouisfed.org/series/u6rate Median weekly earnings at record highs: www.bls.gov/news.release/pdf/wkyeng.pdf Poverty at lowest level EVER: www.census.gov/content/dam/Census/library/publications/2020/demo/p60-270.pdf Americans are among the highest paid workers on the planet (OECD data already accounts for cost of living): en.wikipedia.org/wiki/List_of_countries_by_average_wage Poorest Americans Richer Than Europe: www.justfacts.com/news_poorest_americans_richer_than_europe.asp If you want more, let me know.

So shouldn’t u increase ur check by investing? Like I managed to save a few thousand dollars and got nice returns 👍

@papa red And who exactly gets the returns from *your* investment? That would be *you.* Envy is not a strategy. Moreover, contrary to Reich's BS, everybody's paychecks have increased steadily and substantially.

@papa red bro Obviously ur check won’t increase 😂😂😂 It’s a way of talking. U can increase ur yearly revenue by doing some business(side hustle) or investing.

@papa red And what blithering idiot gave you the idea that working at Auto Zone gives you any particular insight. I stated an (obvious) fact. If they told you the same (obvious) fact, you were foolish to discount it.

@papa red Clearly you haven't else you wouldn't take such an unimaginably stupid position. I have invested in company stock a number of times and my 403(b) is doing particularly well but, of more relevance, I've been an economist (something Reich is not) and finance professional likely longer than you've been alive.

You can thank Nancy Pelosi!

@@michaelfitzgerald434 🙄🙄Really.. Yea.. Sure!! We all can see through the BS! He got the judge confirmed though!!!!👁👁 so Miss me with the Bullshit

It's important because GOP represents the 1% - the culture wars over abortion, guns, immigration... all smoke and mirrors. They couldn't care less.

Keep holding back the 2nd stimulus. How long ago did trump say a 2nd stimulus check was being sent to the American people? People are struggling but the ones with secure jobs dont think a 2nd check is needed. What about those of us who lost our job because of the pandemic that is getting worse by the day, it is NOT going g away

@@MCJSA Bingo. "Conservative" judges aren't there to rule against abortion, guns, and gays. They're there to rule against labor and the environment at every turn in favor of capitalist interests. Financial securities and the right to monetize and financialize every aspect of your life and the economy is the ultimate goal and concern of the GOP.

As wages are *still* at record highs, unemployment and poverty had reached record lows pre-shutdowns (and the US is doing better than most countries on the job front since)...

@@FletchforFreedom 42% of the workforce makes less than $15 an hour while a living wage is somewhere around $16.50. See Economic Policy Institute white paper, State of Working America Wages 2019, "Rising wage inequality and slow and uneven hourly wage growth for the vast majority of workers have been defining features of the U.S. labor market for the last four decades, despite steady (if too slow) productivity growth...". www.epi.org/publication/swa-wages-2019/ Unemployment rates continued to fall from 2016 to early spring 2020, when the pandemic hit. The the fall in the first three years of the Trump administration was about the same as the fall in the final year of the Obama administration, so while unemployment did fall from 2016 to 2020, it came down at a significantly lower pace than under the previous administration. Data is here: Bureau of Labor Statistics, US Gov www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm# Just because they print stuff on campaign flyers, doesn't make it so.

@@MCJSA Here's the problem. You have fallen for literally the most discredited union propaganda shop ever to exist. Nothing - repeat *nothing* - from the Economic (sic) Propaganda Institute can ever be taken seriously. Setting aside the obvious problem that a calculation of a "living wage" is meaningless since a) it is economically impossible to underpay workers and b) no onw working on such wages are trying to live on them. Given the fact that the median full tome worker makes in excess of $25/hr, the 42% is obvious bullshit in any case. Further, no competent and honest economist looks at just wages. Total real compensation has increased steadily and substantially in every decade since statistics have been kept. And, again, the EPI is unequivocally *lying* to you with the claim about 40 years even with just wages - that have been rising for the last 25 years. In fact, the graph showing the productivity shift was from the idiots at the EPT/ Shortly after it's publication the Bureau of labor Statistics denounced it because it failed to account for either the different inflation measures used for real wages and productivity and used wages alone instead of real compensation. Adjusted for comparable inflation measures, half the differential vanishes. Adjusted for total real compensation, nearly all of the rest disappears. The tiny difference that remains does indicate a microscopic increase in the amount of the sales dollar going to capital instead of labor but that is easily attributable to increased regulatory risk, not workers getting shafted. As for unemployment, you have engaged in a ridiculous non sequitur. Even if it were true that the reduction in unemployment under trump has been comparable to that under Obama, even basic common sense dictates that the higher the unemployment rate the easier it is to reduce it so, objectively, were Obama economically competent, the fall should have been *greater* during his administration than under trump. Here are the realities: US has best living standards (particularly since Trump): fee.org/articles/thanks-to-economic-freedom-america-still-outperforms-other-nations-in-standard-of-living/?FEEDaily Total real compensation has been increasing steadily and substantially (the “stagnation” myth has been long debunked): fred.stlouisfed.org/series/COMPRNFB Other cases debunking the “stagnation” myth: www.cato.org/sites/cato.org/files/serials/files/cato-journal/2019/2/cj-v39n1-13.pdf fee.org/articles/are-we-really-worse-off-than-our-parents/ capitolism.thedispatch.com/p/the-annoying-persistence-of-the-income?token=eyJ1c2VyX2lkIjo1NTgzNjA4LCJwb3N0X2lkIjo3NzY5NjkwLCJfIjoibW1acGgiLCJpYXQiOjE2MDIwMDUxMDAsImV4cCI6MTYwMjAwODcwMCwiaXNzIjoicHViLTkwODU3Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.LDf41G1FoSTGhA5tZUFPam65dSEC0k1SWBFD4GzjQN4 www.dartmouth.edu/~bsacerdo/Sacerdote%2050%20Years%20of%20Growth%20in%20American%20Wages%20Income%20and%20Consumption%20May%202017.pdf www.manhattan-institute.org/html/stagnationists-are-simply-wrong-8993.html www.washingtonpost.com/opinions/the-rise-of-the-upper-middle-class/2020/08/16/3aa1aea4-de60-11ea-b205-ff838e15a9a6_story.html Unemployment/underemployment (U-6) near record lows (pre-shut downs): fred.stlouisfed.org/series/u6rate Median weekly earnings at record highs: www.bls.gov/news.release/pdf/wkyeng.pdf Poverty at lowest level EVER: www.census.gov/content/dam/Census/library/publications/2020/demo/p60-270.pdf It is economically impossible to underpay workers: eh.net/encyclopedia/monopsony-in-american-labor-markets/ Relying upon *reliable* sources is essential to understanding reality. Neither Reich nor the EPI come within a trillion parsecs of being anything of the kind.

@@FletchforFreedom Thanks. Given the rapidity of your response, I assume it is canned. And CATO Institute? Seriously? But you lost me at "union propaganda". Literally everything you enjoy is due to the labor movement, from the five day week to workers compensation to, well... I see not much common ground here. Right wing libertarianism offers a pie in the sky to nostalgic romantics and free ride to elites who will use it roll back the progress we have made on every front throughout the 20th century. Hitch your wagon to that if you like. My family lived through the entire 20th century in the Midwest, and the 19th too, and that isn't a world I'd particularly like to return to.

@@MCJSA Thanks for your quip o glaringly dishonest one. No, it is *NOT* canned. It is a list of useful links that I have because this is my field). I could bury you with links, particularly on the fact that minimum wages have been objectively proven to be entirely harmful to workers, for example., but selected only those that I felt were of immediate relevance. One reference to CATO and a couple to FRR among numerous links to official data and you act as if that undermines anything. There's no escaping it now: you're a liar. Your response is also complete BS. The claim that *ANY* of those benefits come from the labor movement is easily disproved (and completely contrary to actual history). in fact, in the 18th century, in the complete absence of labor laws and *BEFORE* the rise of union power (after 1880), real wages *QUADRUPLED,* working conditions improved dramatically, the average workweek was slashed by a third (and the 8 hour day began taking hold long before any union demanded it). child labor, which had approached 100% (agrarian society) plummeted to fewer than 1-in-3 boys and 1-in-8 girls and continued to fall (the majority of those still classified as child workers did so on family farms). organized labor provided *NONE* of this. In fact, even in more recent years, the *only* benefit attributable to unions is an overall wage increase of about 2% (see, most notably "What Do Unions Do?") barely above the average cost of dues (about 1.3%) at the expense of non-union workers. The strike-threat system has also tremendously undermined the economy, costing in excess of $50 *TRILLION* that could otherwise have been used to ... hire and compensate workers. The lack of common ground is understandable as I am extensively versed on the issues and have been examining them for decades and ... you haven't the slightest clue what you're talking about. Setting aside the fact that there is no such thing as "right wing libertarianism", it's irrelevant because I am dealing solely with economic and historical *fact* unaltered by any political perspective. No one is suggesting going back to, well, anything, albeit rolling back regulations that have done nothing but harm would be a good thing. Again, there has never been a time when workers were ever better compensated so it's Bernie bots and Reich drones that want to go back.

Na fam I’m happy when it goes Dooown

@@enriquellerena4779 Honestly, I usually make more money when it goes down than when it goes up.

It's a graph representing an accommodating Federal Reserve and the ability of US corporations to offshore manufacturing jobs That's all it has been for the last 40 years.

No matter the stock market crash one needs to have different portfolio, I already invested in Forex and Crypto which are really profitable

Yeah sure Forex and Crypto yields more profits with the favourable market rise

I had interest in investing in Forex and crypto but I was discouraged by friends and family, I was being ignorant though

@@timothywarren8871 Exactly ! That's definitely ignorance , they are good Markets to invest in and earn profits of your investment

@@ebukaebuka4114 I have been trader for over 7 month's with no good returns ,rather loss and blown accounts , really heart breaking 😢😢

CORPORATE AMERICA sold out America by out-sourcing jobs to foreign countries in favor of cheap Labor. NIKE was one of the first but they have continued to sell Their expensive foreign made shoes and apparel back to us.

Because nowadays people CHOOSE not to believe or do their own credible research and believe the same easter bunny BS their parents taught them instead of the ugly truths about this country

Well they keep capital gains low.

too many.

How many ordinary people have bought into the fable of the Democrat party being their party?!

@@FletchforFreedom How many Republicans bought into the idea that tRump cares about them. He's been quoted as referring to his rally fans as, "disgusting". Not to mention luring them out into the freezing weather to be stranded in a field, some being taken to the hospital. 92 percent of the stock market is owned by the top 10 (ten) percent of the wealthiest Americans. The top one percent own 50 (fifty) percent of the stock market. The minimum wage was last raised during the Obama administration (a Democrat) to, $7.25 per hour. The highest purchasing power of that Minimum wage was in 1968 under Democrat Johnson. Republican (so he says) tRump has said he doesn't think the Federal Government should have a minimum wage. The true "Fable" is the tale Republicans have spun for their "suckers and losers", (tRumps words again) they fondly call their Base.

Way to combine a complete straw man (no one suggests that jobs are charity - though leftists seem to believe they should be) and factual inaccuracies. The *FACT* is that it is economically impossible to underpay workers which is why, long debunked :stagnation" myth aside, capitalism has been solely responsible for the massive (and continuous) improvement in working conditions and worker pay. Moreover, since the *FACT* is that, pre-shutdowns, employment had reached record highs, unemployment and poverty had fallen to record lows, real wages, which have been rising for a quarter century. reached record highs and total real compensation, which has risen steadily and substantially in every decade since statistics have been kept (never stagnating) had climbed to half again as much as in the 1970s. Contrary to congenital liar Reich, workers have literally *never* been better off and with the reopening rebound already resulting in record quarterly economic growth...

My comment above is based on the way politicians and their supporters like you talk. Listen to Trump or any of his Flying Monkeys talk about jobs, and it's precisely the way they speak of them. Certainly, it isn't economically correct- but you'll never criticize it, for sure, because discouraging workers from organizing is very important to your status quo. "Capitalism", as you describe it, is inadequate. I'm not interested in your cheerleading for it, nor in your melodramatic spectatorship and gadfly commentary about it. Mr. Reich, here, is an actual economist after all, and you're just a fanboy of theoretical laissez-fairyland capitalism, eager to repress and suppress the disobedient "socialists", or whatever. I'm long over all that sandbox squabbling over nineteenth-century determinisms. Practical solutions, based on taking care of people, rather than conforming to academic "ideologies", are what I'm interested in, and you've got nothing.

@@ice9snowflake187 And my comment was on the way the left is so historically and economically illiterate. For example, while I have no problem with workers (or anyone else for that matter) freely associating, the *fact* is that unions have not been beneficial to workers or the economy being responsible for *none* of the things for which they take credit and only being responsible for a miniscule (about 2%) increase in union members' wages (barely more than the average cost of dues - 1.3%) while costing the economy by conservative measures $50 *TRILLION* that would otherwise have been available to ... hire and compensate workers. There is nothing "inadequate" about capitalism. There is nothing remotely controversial about the fact that capitalism has been *entirely* responsible for the massive improvement that ordinary people have enjoyed over the last three centuries. In fact, in the 18th century, in the complete absence of labor laws and before the rise of union power (after 1880), real wages *QUADRUPLED,* working conditions improved dramatically, the average work week was slashed by a third and continued to fall, starvation was effectively eliminated, child labor, which had approached 100% (agrarian society) plummeted to fewer than 1-n-3 boys and 1-in-8 girls (the remainder mostly working on family farms). Don't insult my profession! Mr. Reich is not now, has never been and will never be an economist. His degree, though including the term "political economy" is a Political Science degree and he has *never* worked as either an economist or taught economics (he teaches "government" in the political science department). He is an economic illiterate of the worst kind. this is what you get - imbecility - trying to learn economics from a non-economist! Here are some links to *facts* and reliable research completely obliterating your (and Reich's) ignorant claims: Total real compensation has been increasing steadily and substantially (the “stagnation” myth has been long debunked): fred.stlouisfed.org/series/COMPRNFB Child Labor in the United States eh.net/encyclopedia/child-labor-in-the-united-states/ Hours of Work eh.net/encyclopedia/hours-of-work-in-u-s-history/ Median weekly earnings at record highs: www.bls.gov/news.release/pdf/wkyeng.pdf This is what distinguishes the left, criticizing others when they haven't the slightest clue what they're talking about.

@@FletchforFreedom I'm impressed that you're so worked up over this shit. My dad was a developmental economist, and professor, so though I'm a musician and artist myself, I'm fairly versed in what economic theory is supposed to be about, and you're just a theorist, really. I worked with my dad in Central America organizing successful workers cooperatives, and I've walked picket lines, and I've helped on a successful city rent-control campaign. Of course things have been improving- statistically- for SOME people, on paper, which is what you're talking about here. I'm not impressed. People aren't struggling for economic justice because they've read books on economic theory, and one day just decided to be naughty. You can't just say "capitalism" is perfect, as long as you just get to exclude, deprive, punish, or even exploit everyone who isn't already wealthy in the system, and use your readymade excuses about "bad life choices", laziness, "bad character", or even race and ethnicity to justify keeping them down and out. It's not "economically illiterate" to notice that one's wages are too low, and one's rent is too high. It's not economically illiterate to form unions, cooperatives, and political parties to achieve better lives for ourselves. What we've achieved up to now may have been under a "capitalist" regime, but it's been the collective struggles of us actual working people that have gotten these things done, and NOT the formulaic following of somebody's concocted, self-serving "capitalist" schemes (or even "communist" ones).

@@ice9snowflake187 Quite the contrary, I'm an economic historian but even laymen are generally better than developmental economists (the robed and pony-tailed airport flower providers of the profession) so your source of anything economic is questionable at best. Sorry if the truth hurts. I have no doubt that worker cooperatives function in low tech circumstances and on small scales. The empirical evidence demonstrates without possibility of debate that they do not work otherwise absent special tax and regulatory treatment (a la Mondragon). Similarly, your experience walking picket lines is of no relevant value and since the unmitigated harm of rent control is one of the most universally understood concepts in economics, it's clear that you are amazingly disconnected from reality. None of this has anything to do with the topic at hand except inasmuch as it confirms your complete ignorance of actual economics and its real world applications. I have no need to "impress" the ignorant. Actually, in the first world, people are "struggling for economic justice" because they've been conned by morons like Reich. In the rest of the world they are "struggling for economic justice because they are trapped in socialist hellholes like Venezuela or North Korea. I never said capitalism was "perfect", but you cannot name a single instance in which capitalism has been harmful that is not easily obliterated. Again, capitalism is the most effective anti-poverty program ever conceived by the mind of man and has improved the lives of literally everyone, most particularly workers and ordinary people. That is an historical &fact.* deal with it. Every aspect of Marxism was completely debunked more than a century ago, including the Marxian concept of "exploitation". Only government can "punish" and government action is in all cases, by definition, not capitalism (so you can spare the idiotic reference to slavery if that is among the leftist fairy tales that you subscribe). The chief causes of poverty are created not by capitalism but by government: Minimum wage laws that serve only in disemployment and reduced opportunity; a welfare system that entrenches poverty - not necessarily because people are lazy but because the system creates disincentives to work (the woman who won't accept a job and incur the costs of transportation and wardrobe and daycare because that coupled with the loss of benefits costs her more in the short run is not lazy or making an obviously poor choice - that's a systemic problem); rent control that serves only to reduce the stock of housing; licensure laws (like forcing ethnic hair braiders to go through cosmetology training) that limit opportunity to engage in entrepreneurship; poor public schools (dominated by teachers unions) that fail spectacularly in preparing students for the real world with marketable skills (despite vastly more money per student than in other countries); etc. It *IS* economically illiterate to claim one's wages are too low. The employer/employee relationship is an exchange of value for value. The only way for the worker to earn more is to improve their value and, as has been empirically *proven* time and time and time again, it is economically impossible to underpay workers. It *IS* economically illiterate to claim "rent is too high" when it is determined by simple supply and demand and could not be priced at such a level absent demand (which is why only imbeciles and self-interested rich people wishing the value of their existing property to increase push for rent control). It's not economically illiterate to form unions or cooperatives. It's just historically illiterate to believe they actually benefit workers. Again, it is *BOTH& economically and historically illiterate to argue that "it's been the collective struggles of us actual working people that have gotten these things done". That's ahistorical bullshit from beginning to end. Saying you haven't the slightest clue what you're talking about suffers primarily from being too much of an understatement.

We can spell it out as much as we want. The selfish do not care. Their latest slogan is that having wealth is not the same as having lots of money. I really want to facepalm every time I hear that. What do those aholes think we want money for? It's to be able to buy some wealth of our own. The goal isn't money, the goal is owning something. Fucking intellectually dishonest greedy assholes. The fact that so many poor and middle class people buy into that bullshit and defend the super rich makes me boil. It's not just the rich assholes who are hoarding all the money. Too many poor people would rather step on each other for the slight chance to make it to the top than help each other have an equally good life. The middle class is so afraid of the poor coming after their money that they defend the super rich, not realizing that the only reason their taxes are so high because the super rich pay little to nothing.

@@maythesciencebewithyou This moron, again. You should really strike the word science from your user name until you decide to actually do fucking research. The top 1% of earners in the US pay more in taxes than the bottom 90% combined. That's FAR more than the middle class pays. Not to mention that statistically there aren't even actually that many poor people in the US. There wouldn't even be any more poor people in just a few years if they weren't having more kids than every other demographic. Percentage of people with multiple jobs now: www.bls.gov/opub/ted/2018/4-point-9-percent-of-workers-held-more-than-one-job-at-the-same-time-in-2017.htm?view_full Income now: www.bls.gov/oes/current/oessrcst.htm Work Hour Trend: stats.bls.gov/opub/mlr/1997/04/art1full.pdf Hours worked now: www.bls.gov/news.release/empsit.t18.htm Characteristics of minimum wage workers: www.bls.gov/opub/reports/minimum-wage/2016/home.htm Sixty percent of people in the US overspend on non-essentials: www.swnsdigital.com/2019/05/americans-spend-at-least-18000-a-year-on-these-non-essential-costs/ Total real compensation has increased steadily and substantially in every decade since statistics have been kept (no competent economist anywhere still repeats the long debunked stagnation myth). Economists know to use total compensation rather than just wages: fred.stlouisfed.org/series/COMPRNFB Median incomes have reached $22.70/hr (a record high): www.bls.gov/news.release/pdf/wkyeng.pdf Unemployment and underemployment were near record lows: fred.stlouisfed.org/series/u6rate Poverty was the lowest it's been in 30 years and was approaching record lows: www.census.gov/library/publications/2019/demo/p60-266.html The poorest among us are the only ones that skew our statistics so badly downward, and that’s ONLY because they have statistically significantly higher birth rates than any other group of people. As individuals, their lifestyles are getting better every generation by leaps and bounds as well, but the fact that we pay them to have children has severely bad consequences for the rest of us, and eventually for them as well. Birth rate by income in the US: www.statista.com/statistics/241530/birth-rate-by-family-income-in-the-us/ Poverty rate vs Child Poverty Rate: Income and Poverty in the United States: 2018 One percent pay more than bottom ninety percent combined: www.irs.gov/statistics/soi-tax-stats-individual-income-tax-rates-and-tax-shares

@@IWLDELJ Del....Del....Del..... Re Format your hard drive, Buddy. Your elevator doesn't go all the way to the top. Think about it with simple logic: Why would the rich make laws where they pay more in taxes? So they don't! We do...& Bail them out for their mistakes!

Valvoline offers its employees a 401(k) that would help any responsible 28 year old save for the future. He clearly benefits from increased values in the stock market.

@@markfoster1520 the flaw in your logic is obvious. It isn't the "rich" who make laws; it's pandering politicians who *get* rich by pandering to special constituencies, like organized labor (that demanded bailouts for the auto industry to protect those union jobs). Your "simple logic" collapses under ... simple logic.

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Except, of course, Reich has *NEVER* been an economist. Both of your choices are laughingstocks among economists.

@@FletchforFreedom thank you for the corroboration of my second sentence.

@@timmmahhhh I actually agree with the title - though it is a strong indicator. That doesn't change the fact that every point Reich makes (as in virtually every other video) is completely disproved BS. And as pay levels have increased *faster* in right to work states (most of which adopted the policy where workers were paid the least originally) it is clear that you haven't the slightest clue what you're talking about (as a Reich follower that's inevitable). Nor does it change the fact that Reich is not now, has never been and will never be an economist (and i a complete economic illiterate).

Just take profit when they take profit. Easy as that.

The 'Real Economy'.

Wesley Skinner apps like Robinhood allowed small timers to get into the stock market. The way I see it is they are squeezing the last penny out of small timers. I hope I’m wrong as millions have bought into this concept and they are just amateurs who have no idea how stocks and finances work.

@@greghelton4668 I've been using it to learn about how it works. I already had a retirement account. I'm not day trading on there either. Mostly just buying growth index funds and some shares of big tech and pharma (Amazon and Johnson n Johnson)

Wesley Skinner wise choice. There’s a lot of speculation going on out there and many aren’t researching companies they buy into. The same dynamics that caused the dot com implosion are in play today and it won’t last in my humble opinion. The professionals will pull out a lot quicker than us amateurs.

@@greghelton4668 I'm really just in for the long haul tbh.

Right.....the rich should remember to Prime-the-Pump.....if we don't have enough wealth to be a consumer.....there are no consumers!

@@markfoster1520 There is enough money for us to remain consumers but only JUST that. Consumers are only lost in extreme circumstances like the Great Depression. The way *I believe* it is now is that much of the working class works unreasonable hours to sustain themselves, so they don’t have a lot of time and energy. The time that they do have, however, they might need to relax and gain their energy back before they return to work. So instead of investing in themselves through things like higher education (which they might not be able to afford, or do simultaneously with living off hourly wage), they might spend money on less expensive things like a TV, internet service, a smart phone, and some streaming subscriptions (because, again, they want to relax). In that way, the underpaid working class can still be consumers. It’s a sustainable model for the super rich that also prevents the advancement (and long term stability) of the working class

@@INKonPaper23 You contradict yourself. Workers have literally *never* been better off. The median full time worker pulls in $25/hr. Total real compensation - what workers actually make - is at record highs, fully half again what it was in the 70s when the (long debunked) "stagnation" supposedly began. Poverty reached record lows. And the "poor" in this country (the wealthiest in the world and by most measures living better than the middle class of nearly every other country in the world) have ... multiple TVs, internet services, smart phones and cable/streaming service. Further the average workweek has declined steadily (to 34.5 hours/week) while those working longer hours are typically higher end salary workers. Meanwhile, the percentage of the population with college degrees has never been higher. You simply haven't the slightest clue what you're talking about.

It would have happened with almost anyone that had a chance at being president of the US.

@@lperezherrera1608 Not really, as president if you if you have the knowledge on how to balance the budget and stay on top of the economy businesses would boom and people would be working we would have a surplus and stock market would be up 1000 points, and you wouldn't have to worry about in fluctuating the market, which causes inflation and that causes our taxes to go up, which proves that under President Trump our taxes have been raised and we're paying for his careless mistakes.

@@philiplombardo4332 But it would have happened under any democrat or republican president. Trump is not the problem, he's a symptom.

@@lperezherrera1608 not true. The 14%corporate tax cut for very profitable multinational corporations has skyrocketed the federal deficit over the past 3 years going to over 1.1 trillion in 2019. That would not have been passed and will be gone once the Democrats are in power. Do not be so cynical friend.

@@honestbusiness1371 Not true. The corporate tax cut has had very very little to do with the deficit as corporate taxes have always been a relatively smaller contributor to tax revenues. It is further offset by the taxable increases in both profits and worker pay that have risen materially in the wake of the tax cuts. The primary cause, by several orders of magnitude, of the deficit overall and its increase has been *spending* - most notably "stimulus" spending that can never work. While such spending is economically illiterate, it was politically inevitable and likely could not have been avoided regardless of who held the presidency. you simply have no idea what you're talking about (inevitable for anyone taking Reich at all seriously).

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It always bothered me that layoffs led to a rise in stock prices. Never made sense, but I have seen it in the markets so often.

Deficit Debt + Deficit/GDP 2014 $485 $1,086 2.8% 2015 $438 $327 2.4% 2016 $585 $1,422 3.1% 2017 $665 $672 3.4% Trump Tax Act 2018 $779 $1,271 3.8% 2019 $984 $1,203 4.6% 2020 $1,083 $1,181 4.8% Budget before COVID-19 2020C $3,700 $4,226 17.9%

Convince enough other economic and historical illiterates to vote that way.

Excellent point. We need to go back to pensions.

Very true. Americans do not have, any more, the discretionary income to invest. All their earnings go to survival. Thanks.

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Money is a freely created commodity. Debt at a national level is works provided we never attempt to pay it back. Neither should a government follow any directives of the usurers for the usurers will always bail them out and lend more money because any default will collapse the usurers money racket. King Henry III refused and the money system of Europe collapsed.

It can;t be blamed on either. Blame the Fed. Inflation is a purely monetary phenomenon. There is no such thing as either "wage push" or "price pull" inflation.

@Kenneth Vitaliv Oh yeah one can see the minimal effect the US elections has on the crypto and forex market's compared to traditional stocks

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