Why Robert Reich Is Never Worth Listening To On Anything. Ever.

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Robert Reich tells us that the rich made money last year:

Hmm. OK. I can’t say I’m all that worried about that. For the definition of being rich is that you’ve made money – why it should surprise that the rich have made money is a bit of a puzzle therefore.

The other thing being that Reich doesn’t actually tell us what actually happened. That the poor got richer.

That’s total US wealth. About $100 trillion or so. As we can see it has been rising. Given our definition of rich being the people with wealth can’t say that it astonishes that the wealthy have got richer as the country has done.

But there’s more! The poor have also got richer:

That’s wealth owned by those we’re considering to be poor by this measure. Sure, it’s a fraction of the whole but that’s rather implicit in our division into rich and poor to start with.

The poor’s fraction of total wealth is rising:

And the rich’s share of wealth is falling over this past year or two:

So, Robert Reich gives us the total increase in wealth of the very richest. Without telling us that the poor’s portion of wealth is increasing, the rich’s falling. The reason being here that while what Reich actually desires is that these last two happen he cannot admit that they are because a Republican is in the White House.

For Reich isn’t even attempting to tell us anything about the economy or even economics. He’s engaged in political propaganda. Which is why Robert Reich is never worth listening to on anything. Ever.

Well, OK, one thing. He did have the good sense to only ever date Hillary Rodham the once. That makes him brighter than Bill, perhaps a low bar.

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Esteban
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Esteban

Cue Margaret Thatcher: “Socialists would rather have the poor poorer provided the rich were less rich”. If you haven’t watched the video of her response to Simon Hughes it is classic. Never mind how much better your life has gotten, look at those rich bastards over there.

John B
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John B

Where is that $5,9 trillion? Invested throughout the global economy and therefore being used by members of the wider population for their benefit. It is not in the possession of those who generated it. They do not own it per se, they have a claim to it.

A wealth tax would require they claim their money back to hand it over to the parasite class to use as bribes for votes and to pay off cronies.

How would that help wider society?

David Moore
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David Moore

Don’t forget these people can only conceive of wealth as a giant piggy bank for them to loot. It’s the Scrooge McDuck school of wealth.

Snarkus
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Snarkus

unfair to McDuck. He started his money bin working hard then in the Klondike Gold Rush. I digress. I suspect the conceptual difficulty for those desiring bureaucratic control is that they see economics as a zero sum game. The concept of win/win does not occur. Often, there is also a need to have a hate figure or two, hence the vitriol heaped on the Trumps.

David Moore
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David Moore

Agree they can only see the zero sum game. If they want something someone else has, the only thing they can see is to take it from them. That does seem to be a large part of the philosophy many on the left have.

I’m not sure if it’s driven by a desire to have things, or simply to ensure others don’t have. I suspect it’s very largely the latter. The ‘fairness’ is just a fig leaf for this desire.

Gavin Longmuir
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Gavin Longmuir

Agreed that Robert Reich is never worth listening to. If he were brighter, he would realize that his complaint about the rich getting richer is merely a symptom of a deeper problem — governments printing money and inflating the paper value of assets (which of course are owned by … the rich!). But if a country estate or a London townhouse is now “worth” more in inflated Pounds Sterling, it is still the same estate or townhouse. As for his comment: “Never in history have so few owned so much.” — that is a highly debatable assertion. When William the… Read more »

David Moore
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David Moore

Good point. It’s not really the wealth that has changed, it’s the price.

Mike Colosi
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Mike Colosi

Tim So True….I have been saying that for Years….yet just like Krugman …some people not only listen to them, but actually pay them to write and talk..even though most of their ideas have been discredited over and over…. of course Reich got along by working for another Loser…Obama…all three men are wealthy with Krugman and Obama multi Millionaires acting like they make the minimum wage. Yet when Tax Time comes surely they hire their $500 hour Tax lawyers to minimize their Taxes while calling on Trump to release his….all are Overage College Students…just like the Crazy 4 Squad… hopefully the… Read more »

Spike
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Spike

Oh, yes, like the global-warming-or-cooling runaway crisis, all roads lead to bigger government, and the call has a built-in audience.

Bernie as goofy oldster won’t be able to dislodge a goofy oldster President where we’ve had 4 years withough the mishaps the left says are continually happening, Bernie having no appeal except the promise of Free Stuff where we’re increasingly worrying what it will cost.

Spike
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Spike

PS – There’s a better example of hypocrisy than hiring a pricey tax accountant to navigate one’s own tax complications. The Massachusetts state tax is finally back down to 5.0%, 19 years after a referendum to that effect, followed by off-again-on-again “phase-in.” Any taxpayer convinced that funds are better spent by government can “check the box” to continue paying at 5.85%. Elizabeth Warren, who continually makes that very claim, is not one of them.

Mike Colosi
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Mike Colosi

That’s BAD. not to top you but try New Jersey…every year one of top 3 States for Corruption and Highest Taxes. Get this $8100 annual rest estate property taxes on a $259000 home….than add in State Income Tax. Countries highest utilities after even crazier, but Richer California