The 3 Biggest Myths Blinding Us to Economic Truth

Robert Reich breaks down the 3 biggest economic myths. 1. The “job creators” are CEOs, corporations and the rich, whose taxes must be low in order to induce them to create more jobs. Rubbish. The real job creators are the vast middle-class and the poor, whose spending induces businesses to create jobs. Which is why raising the minimum wage, extending overtime protection, enlarging the Earned Income Tax Credit, and reducing middle-class taxes are all necessary. 2. The critical choice is between the “free market” or “government.” Baloney. The free market doesn’t exist in nature. It’s created and enforced by government. And all the ongoing decisions about how it’s organized – what gets patent protection and for how long (the human genome?), who can declare bankruptcy (corporations?... read more
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The 3 Biggest Myths Blinding Us to Economic Truth