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01:39 PM on 08/15/2013
In Europe they all practice socialism, but note on the graphs (saying Socialism works) Southern Europe has a bad record, and Northern Europe has the better record, France is in between. Is there a work ethic involved in these graphs, where in Northern Europe the common person is more likely to work for the good of society, where in Southern Europe people don't have this same type of work ethic? Could it be that Socialism only works if most in your society have a desire to work for the good of society? Does this same dynamic exist in the US, where the Northeast/Midwest is more progressive than the Southern states (In California, the North is more Progressive than the South)? Does living in the cold half of the year force people to have a different set of work values?
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schatsie
Reality is not disney world
02:11 PM on 08/15/2013
I think you are ignoring the fact that there is less socialism and more inequality in Southern Europe.... ignoring the very premise of his points.....
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mommamia526
01:21 PM on 08/15/2013
One other topic Dr. Reich touched on: Social Security. Has anyone noticed that we have lost our triple A rating? More important, has anyone noticed that it cost fewer Euros, or other currency units, to buy U.S. dollars? Has anyone noticed how much more expensive everything is? That is because of the value of the dollar. Incomes and wages have also changed, and moved up. Therefore, a certain dollarlimit above which one no longer pays Social Security, is a wrong measure, because it is not the same, but a much lower amount (purchasing power) of what it used to be. In fact, therefore, that limit has DECLINED. That is the reason why that limit should be brought up to a higher number and it should remain dependent on actual purchasing power of the dollar. Dr. Reich is correct. He had a time limit, and did not go into full detail on this topic.
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schatsie
Reality is not disney world
02:13 PM on 08/15/2013
Heck, I think SS should be applied to ALL INCOME including Capital Gains....any excess can go to funding higher education where this country is also notoriously lax since Reagan.....
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mommamia526
03:09 PM on 08/15/2013
Nah. SS is a tax on Earned Income. It is a measure to secure some retirement income for wage earners.  IF you apply this tax to Capital Gains, other income, those who would pay those taxes would also be eligible for SS. So, those who make money throughout their working life, and beyond, would be entitled to Social Security, an outflow. IF these investors are also wage earners are you advocating that they get double SS benefits? Investors can make more money for retirement investing themselves, and taxing the gains, again, would be double taxation. Capital Gains are subject to taxation.
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don
We're going to need a bigger nutshell
03:22 PM on 08/15/2013
Just as there is a cap on the level of income that can be taxed for social security, there is a cap on the benefits based upon what has been contributed. If you tax higher levels of income, the funds would go right back out to the wealthy as higher benefits. Excess funds already go to those programs because excess funds are invested into T-bills which fund the debt those programs draw upon.
03:28 PM on 08/15/2013
Much of it is about market manipulation by traders who add no value to the supply chain.
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mommamia526
09:14 PM on 08/15/2013
Money/currency is a product. It is a storehouse of value which takes the place of what was formerly paid in barter. Barter (goods) spoil. But supplies come from the supply chain, and therefore, money/currency is a product of the supply chain. Goods can be bought and sold. So can currency/money. And that is what happens. These goods (money/currency) when bought and sold are subject to similar influences as the buying and selling of any product. And, as with any product, one wants to make a profit. In banking what one gains, profits, is used as security to make loans, deals, on which another profit is made. One can only sell a product, including currency, profitably if people want it and it has a value to them, even now, that such trades consist of blips on the computer screen. Loans/credits are necessary to invest (seeds for example, raw material) for the next production. Your *reasoning*, therefore, makes no sense to me. In addition to all that loans, credits are also used in international politics. So, you can see that currency trade is a very important part of mainy *chains*, including the supply chain. International politics determine some important supplies, oil for example, metals, other raw materials, even food.
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tqjones44
Gotta put something into something to get somethin
01:17 PM on 08/15/2013
Trickle down economics and conservative overreach got us:

Two wars
A bloated budget deficit
The largest gap in income inequality since "Great Depression"
Greatest # of jobs shipped overseas, EVER!
Trillions of $ in hiding off shore

Looks like a winning philosophy to me...I think it is time for conservatives to rethink their narrative and platform because it has failed this country miserbly!
01:54 PM on 08/15/2013
Unemployment was 4.6% when the Dems took over congress in 2006. The Democrat controlled senate voted to go to war in Iraq. Much of the income inequality happened on Obama's watch. Democrats share much of the blame.
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drumz
The less you know the more you believe.
02:54 PM on 08/15/2013
NONSENSE
03:39 PM on 08/15/2013
No, Democrats do not share much of the blame, other then not actually doing anything.   The Democrats did not cause the worlds banking system so implode in 2008     Please buy a clue
iwrite2
If I were DNA Helicase I could unzip your Genes
02:26 PM on 08/15/2013
Trickle down did none of the above...you can argue for income inequality, but the reality is the velocity of wealth is faster than at any time in history. You can try to slow that but then the innovation will only move overseas.
03:22 PM on 08/15/2013
That's OK, as long as we are all equal in our poverty.
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gmaynyc
Meet The New Boss Same as the Old Bo$$
03:55 PM on 08/15/2013
We'll we here on Earth who understand facts, history, reality know that "Trickle Down" was not trickling down any wealth. Perhaps something wetter, but certainly not wealth.
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mommamia526
01:15 PM on 08/15/2013
Much of the discussion is STILL confined on a closed environment, i.e. in this case the US. We no longer live, operate, work, do financing, in a closed environment, on any level. Since the 1980's and before everything has changed, and such simple (now) a tool as a computer has made that option as fast working as an electrical impulse. Currency exchange/Arbitrage, buying currency and seeling it, used to involve using a battery of phones, keeping your eyes on margins, and making deals, fast. Now it is computers and they are more accurate. Pensions, investments, even of Unions, are not local, but international. Banking has always been international, but it is now more so and on a larger scale, and individuals are playing the currency markets and investment markets. Bank deposits are not static. They never were, but now they move around, increase, decrease, go sideways and work like gypsies playing for a quick gain, then moving out.. Old fashioned reasoning no longer works. Not in banking. Not in local politics, not in international politics. Breaking up local banks is a dumb idea in such environments, because it takes large deposits, which means securities, needed for operations, or the whole house of cards collapses..
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MrBIgp
If I'm wrong, please show me
01:10 PM on 08/15/2013
Mr Reich didn't expose seven lies, he knocked down seven straw men. Even if these were fair representations of conservative views, they would still be opinions not lies.

Mr. Reich complains about the polarization in America. I would suggest that a good place to start would be to stop misrepresenting your opponents views and stop making sweeping innuendos that people who disagree with his views are liars.
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MacTheCat
Those Clouds You See Aren't really clouds at all
04:53 PM on 08/15/2013
show us, exactly, how they are misrepresentations.
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MrBIgp
If I'm wrong, please show me
08:08 PM on 08/15/2013
Show me where a conservative who ever said "tax cuts for the rich trickle down to the rest of us".
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tqjones44
Gotta put something into something to get somethin
01:10 PM on 08/15/2013
If you want smaller gov't you must vote dem since the GOP has never reduced spending, cut the deficit, balanced a budget or created a surplus.
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mommamia526
01:07 PM on 08/15/2013
I remember clearly that Unionbusting was one of the main goals with, and right before, Reagnomics. The argument that competing with foreign workers' salaries and thus total cost of production was an impediment, however, has been debunked. We now use almost all foreign workers, on ll levels, and competition has increased for US companies from startups elsewhere. If you produce something, you now MUST have it produced abroad, otherwise you can not compete, however, foreign entities rip off your designs, produce even cheaper, and may even improve the product. ALL of it causes outflow, on many levels. We have now, since the early 1980's and reaganaomics the results of how that has worked all out. NOT in favor of the US and US workers.
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Derrick22
01:06 PM on 08/15/2013
Anybody who tries to discredit this Professor is wilfully ignorant.
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schatsie
Reality is not disney world
02:18 PM on 08/15/2013
Exactly and that explains 99% of the Mass Media.... of course their advertisers tell them what to say.....
iwrite2
If I were DNA Helicase I could unzip your Genes
02:26 PM on 08/15/2013
Seriously? He is completely wrong on six points and half right on a seventh.
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MacTheCat
Those Clouds You See Aren't really clouds at all
04:54 PM on 08/15/2013
Which ones? Proof?
01:04 PM on 08/15/2013
Some more lies:

Free markets exist and competition moves to lower prices.
You live in a democracy and your voice and vote count.
Free speech is protected (unless you say the wrong thing).
Government employees are public servants.
Elected officials always work for the benefit of citizens.
iwrite2
If I were DNA Helicase I could unzip your Genes
02:34 PM on 08/15/2013
1. Actually empirically absolutely correct.
2. We live in a republic, not a democracy...guess you failed history as well.
3. Your cynicism is ridiculous...get a job
4. On that we agree
5. See number four...why would we ever want more government in anything especially healthcare
09:59 PM on 08/15/2013
You did a 180. The above were listed as lies, not truths.
03:34 PM on 08/15/2013
Free markets do not exist in countries where the well-being of the majority of their People is governments primary concern.
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mommamia526
01:02 PM on 08/15/2013
I greatly enjoyed reading the comments on Unions. I know little about Unions and am happy with the education. Dr. Reich, however, or did I not listen carefully enough, did not touch on Unions. I agree with all the points Dr. Reich makes. Funding education, fully funding it, makes for more educated workers, earlier, if the educational system is good. Students who do not have to work graduate earlier, had more time to study, interact with each other during their studies, make lifelong friends. Some of those will be international connections. They start earning sooner, at a higher income and pay more in taxes. The people get their input back. I have seen this ina ction, by comparing the education we received in The Netherlands, NOT coming out of University with any debt, working and earning earlier. Some Americans can do it all. I know of some who do 4-yr College in 2-yrs, summa cum laude, while working full time. Even more who do it in four yrs while working full time, not summa cum laude. Most take longer.
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schatsie
Reality is not disney world
02:19 PM on 08/15/2013
There is a reason the 1% is trying to privatize education and it is not a good reason.....
04:54 PM on 08/18/2013
yea cause the governments public school system is soooooooooooo greeeeaattt !!
privatize everything except the military
12:59 PM on 08/15/2013
Alright, glad someone cleared that up...   Honestly, I find it hard to believe anyone actually thinks differently then these simple truths.
iwrite2
If I were DNA Helicase I could unzip your Genes
02:27 PM on 08/15/2013
What truths?
03:35 PM on 08/15/2013
You are too convincing when you pretend to be ignorant.
03:41 PM on 08/15/2013
Truth - That which is true or in accordance with fact or reality    
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Nic the wonder puppy
When life throws lemons, throw them back
12:58 PM on 08/15/2013
# 8 owning a cat
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SMBrown2
12:52 PM on 08/15/2013
It's funny when lefty economists point to the time after WWII as an example of how high tax rates don't hurt the economy. So all we have to do is completely destroy (literally) the economies of all our economic competitors so we can recreate the conditions at the time and we could see the same results!
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schatsie
Reality is not disney world
02:23 PM on 08/15/2013
You gotta be kidding me, we were also bailing out the destroyed economies from WW2 with tax money..... We managed to pay for everything with the taxes that were collected....We never went over a trillion dollars in Debt until REAGAN and he tripled that debt to 3 TRILLION Dollars in 8 years...Big Spender wasn't he, for the rich because he and Greenspam doubled the SS taxes.....
04:55 PM on 08/18/2013
we used to have a gold standard that prevented the perversion and corruption in our monetary system. Now we have a FRN which is backed by nuffin........ we are so smart.
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oneeasyrider
E=mc2: From light you exist
02:39 PM on 08/15/2013
As juxtaposed by Milton Friedman, go to godfather of conservative trickle down economics who served on Reagan's board of economic advisers, who championed deregulation and wealth consolidation in form of tax cuts for top 1% culminating with Bush who squandered our deficit, who left us trillions in debt, allowing Wall St. to cannibalize itself, which only now exists because profits were privatized while losses were socialized. If Milton's economic vision worked we would be experiencing an economic Renaissance instead of Great Recession on brink of our second conservative induced Depression...and yet, even now, despite the tragic, supremely devastating failed experiment, you continue to delude yourself.
03:42 PM on 08/15/2013
Preach on, brother man!   Well stated
04:57 PM on 08/18/2013
can you explain trickle down economics. did you know there is no such thing. lefties like to use it as an excuse why they cant make it in life, cause the man just got me down!! LIV's
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12:34 PM on 08/15/2013
Claim: "If we shrink the government we'll create jobs."

Answer: False.

Reason:: Because the money that the government would have been spent on firefighters and teachers would have been lost, as would the money that they would have spent on buying groceries and the like.

Reaction: Frederic Bastiat rolling in his grave. But, because you can't see him rolling in his grave, it didn't really happen.
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EnvironChief
Environmental Engineer
12:41 PM on 08/15/2013
"firefighters" and "teachers" are the responsibility of LOCAL govt.....not the Fed
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Joey Call
01:08 PM on 08/15/2013
and local governments get funding from the federal government
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Derrick22
01:09 PM on 08/15/2013
That still does not discredit the professor. Plus, it's the Fed that bolsters and keeps a state alive.
04:59 PM on 08/18/2013
no, 100 percent of their pay is tax dollars, money stolen from those who produce to give to those that dont. fire all government employess and pay them PERMANENT unemployment and the taxpayer pays less. Pretty sad
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08:44 PM on 08/18/2013
I think we are closer to playing on the same team than you might at first realize. 
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12:15 PM on 08/15/2013
David Ricardo's principle of comparative advantage has been replaced by absolute advantage...

From "Business Week Guest Commentary--The Harsh Truth About Outsourcing - PaulCraigRoberts.org"...

"...Today’s economists can’t identify what the new industries and occupations might be that will replace those that are lost, but they’re certain that those jobs and sectors are out there somewhere. What does not occur to them is that the same incentive that causes the loss of one tradable good or service—cheap, skilled foreign labor—applies to all tradable goods and services. There is no reason that the “replacement” industry or job, if it exists, won’t follow its predecessor offshore.

For comparative advantage to work, a country’s labor, capital, and technology must not move offshore. This international immobility is necessary to prevent a business from seeking an absolute advantage by going abroad. The internal cost ratios that determine comparative advantage reflect the quantity and quality of the country’s technology and capital. If these factors move abroad to where cheap labor makes them more productive, absolute advantage takes over from comparative advantage..."
05:03 PM on 08/18/2013
eonomics is not a science or even a good ' guess '. Labor has always gone to the lowest bidder, simple as that.
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07:16 PM on 08/18/2013
The only jobs that will be left in the U.S. are low-paying ones.

Sometimes offshoring fails.

http://www.manufacturingnews.com/news/11/0415/Fellowes1.html
A Cautionary Tale Of Outsourcing To China: There Is No Recourse, You Could Lose Everything

"Thousands of American companies that have moved production to China to take advantage of cheap labor might want to consider a case study that is unfolding for a U.S. manufacturing company. Fellowes Inc., one of the world's largest makers of office and personal paper shredders, is witnessing the destruction of its business, as its large Chinese manufacturing plant has been shut down by its joint venture manufacturing partner.

The company's Chinese joint venture firm has barred 1,600 employees from entering the plant, stolen all of its proprietary manufacturing production equipment and forced the venture into bankruptcy. The contracts Fellowes signed with its Chinese production company meant nothing. For Fellowes, there is no such thing as rule of law in China.

The Itasca, Ill.-based company has lost $168 million worth of business and is no longer able to produce personal shredders for the world market. It has taken its case to Chinese courts, to no avail. It has pleaded with members of Congress and federal agencies, with no results..."