Robert Reich Solves The U.S. Economy In Two Minutes

Discussion in 'Politics, Religion, Social Issues' started by R.Perez, Jun 21, 2011.

  1. SactoGuy18 macrumors 68020

    SactoGuy18

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    #2
    In my opinion, a better solution comes down to three parts:

    1. Streamline government by auditing government for bureaucratic overlap, agency bloat and excess regulations and using the audit results to cut the size of government 30% now and over 50% in 3-4 years.

    2. Clean up the income tax system to reduce compliance costs and make it more business-friendly. Do we REALLY need all those complicated deductions, exemptions and credits?

    3. Impose regulations on Wall Street to stop the type of uncontrolled speculation that caused the 1929 and 2008 stock market crashes in the first place. We may have to re-impose the 1933 Glass-Steagall Act, for starters.
     
  2. CaoCao macrumors 6502a

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    #3
    did you just suggest decreasing the size of the government more than 30% in four years? That's way too fast and there is no way you can get that much in cuts without taking a chainsaw to the budget
     
  3. Dont Hurt Me, Jun 22, 2011
    Last edited: Jun 22, 2011

    Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #4
    He makes a very valid point, to much wealth and political power has gone to the top and the middle class has been killed off. Mom and pop cant compete with the multinational corporations like Apple using china children to assemble things for pennys on the dollar(1 example) He is saying its time to tax the rich a little more like what was done say 20 years ago. Problem I see is the multinational corporations own the prostitutes we call politicians. Hence no law will be passed until we throw them all out. Flood the govt with new people (independents) and laws stopping these unfair practices.

    Big Oil subsidies are just ridiculous, G.E. paying no taxes again ridiculous but these kinds of corporations own both sides of congress hence nothing gets done. 2 examples of our bought off govt.

    My morning 2 cents.:cool:
     
  4. CaoCao macrumors 6502a

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    #5
    Even if Apple made it's stuff in the US it would still crush Mom and Pop technology people because there's no possible way they could have a product cheaper
     
  5. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #6
    The point is its no longer a level playing field, everything from huge tax breaks,subsidies,child labor, the politician is tilted to theses multinational corporations interests. The $$$ are all being funneled to the top while mainstream wages are stagnant. CEO's rake in millions even while running the company into the ground while the workers are screwed. The system is broke and a system based on pure greed for the top 1 per cent isnt healthy unless your a republican spin machine.
     
  6. Andeavor macrumors 6502

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    #7
    It's funny that his name is Reich (German for 'rich').

    The only solution I can present is to re-educate the rich and greedy to allow others to gain some fortune of their own.

    And if that doesn't work we should throw out paper money and credit for good and go back to trading goods and services.
     
  7. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #8
    I dont know how you do that because the greedy rich simply crave more and more and more, you have billionaires not satisfied with what they have. Its part of the human race sickness, just as having power and control over others. We see everyday tyrants that the only way they are put out of power is if you kill em. Solution is to throw out all the politicians and enact laws. No man needs a billion dollars just so he can crave more while workers get peanuts.
     
  8. IntelliUser macrumors 6502

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    #9
    It's not a sickness, it's a mentality we humans have created over time.
    There needs to be a radical change in our economic system and mentality.
     
  9. Huntn macrumors G5

    Huntn

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    #10
    I like Robert Reich until I remind myself he was part of the Administration who pushed through the NAFTA, a blatant job exportation program so I have to look at him with some level of suspicion. I do agree that trickle down is so much BS and that tax cuts don't pay for themselves.
     
  10. The Californian macrumors 68040

    The Californian

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  11. SactoGuy18 macrumors 68020

    SactoGuy18

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    #12
    This is why I am all in favor of massively overhauling the income tax system to make it really cheap to comply with and make it less onerous to business--the Steve Forbes flat income tax plan he originally proposed way back in 1996.

    I should know first hand why the current income tax system is a terrible idea: I work for a company that directly deals with income taxes and just blanch in horror how frighteningly complicated long-form income tax forms have become nowadays--no wonder why people make too many mathematical mistakes and/or engage in tax evasion behavior. :rolleyes: And it does explain why jobs, factories and even corporate headquarters are heavily being outsourced and why the "banks" in the Caribbean islands are booming. Worst of all, the tax laws are written in such a way it effectively becomes a new form of mercantilism--Adam Smith would rail against this in no time flat. By drastically simplifying the tax form to what Forbes suggests, it would drastically reduce math errors, cut compliance costs by at least 70%, and discourge the outsourcing of jobs, factories and corporate headquarters for income tax avoidance reasons--down goes the unemployment rate! And all that money owned by American residents and businesses now sitting in foreign "banks" will return to the USA, providing a gigantic liquidity boost to get the economy really going. And it would stop the corporate favoritism that seems to benefit the big corporations and Wall Street firms to the expense of everyone else.
     
  12. Desertrat macrumors newbie

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    #13
    Looks like we've sorta "grown" ourselves into problems in many areas: Think of the unemployment if we truly simplified the tax system. Not just IRS, but all those accountants in the private sector!

    Same sort of thing if we "bring the boys home" from the foreign wars. Same sort of thing if we got serious about how we deal with our drug problems.

    I have read that income taxes of the pre-Dubya rates would raise some $37 billion. If that's factual, it's an indicator that "tax the rich" wouldn't do much good when we're looking at deficits of around $1.5 trillion.

    QE2 did zilch, zip, nada to help the economy, other than pumping up the NYSE. Per Bernanke's comments at the press conference after the FOMC meeting, he's clueless about what to do next. Whether expanding or contracting the money supply, we're still losing jobs.

    Geithner sez to raise taxes on small business. Yeah, sure, there's another way to add to the unemployment rolls. Deep recession or Depression, raising taxes is exactly the wrong way to go.

    Take care of yourself, 'cause nobody in D.C. has a clue about what to do. But, as Keynesians, what else could be expected?
     
  13. NT1440 macrumors G4

    NT1440

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    #14
    :confused:

    The CBO report hearing (more specifically one representatives long winded question) on CSPAN said yesterday (thursday's hearing) that eliminating the bush millionaire and billionaire tax cut would raise revenues roughly one trillion dollars over 10 years.

    Closing the corporate loopholes and taxing US-based companies for all income (rather than just when the money is repatriated, while of course reducing the tax load by the amount they have to pay in the country where the money is earned) would go even further.

    Can I get a link to the underlined? I think someone may be feeding misinformation here, I want to know which news service it is.
     
  14. CaoCao macrumors 6502a

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    #15
    I think having the IRS simplify the tax code and reduce tax breaks would be useful
     
  15. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #16
    The impossible Dream....to dream the impossible dream.........to fight the unbeatable foe...........to..............:(
     
  16. Thomas Veil macrumors 68020

    Thomas Veil

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    #17
    I know what you mean; yet I can't deny the truth of what he's saying.

    He makes one hell of a lot more sense than that guy who does a similar shtick with a blackboard and chalk. ;)

    The Nazis were the Third Rich? :confused:
     
  17. CaoCao macrumors 6502a

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    #18
    He stuck it in google translate, reich as a noun can mean empire which AFAIK is what it mean in Third Reich
     

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