Former Secretary of Labor for the Clinton administration Robert Reich is on a mission to save capitalism from the threats of an increasing income gap, the corrupt political influence of big businesses, and a growing sense of cynicism. In his new book,” Saving Capitalism: For the Many, Not the Few,” Reich deconstructs the current state of our economy and how to prevent advantageous capitalists from tearing it apart.
“So many people feel like the game is rigged against them and it is rigged against them. You have an economy that is now in the sixth year of a so-called recovery, but median household income is below what is was in 2009,” said Reich on Boston Public Radio on Thursday.
“ There is very little that most people feel like they can do, they feel powerless. For the first time since surveys were done about people's attitudes toward the economy and their children, people don’t feel like their children are going to live as well as they live.”
Reich went on to explain about a new class that has been on the rise in America called the working poor, who still find themselves in poverty, regardless of having a regular paying job. According to Reich, in the history of this country poverty has not been an issue for people who have jobs, but a problem for people who are unable to participate in the workforce. What has happened to cause this then?
Reich believes that rule makers of the ever changing free market are to blame.
“Over the past thirty years, those rules have been set by very powerful corporations and Wall Street, and very powerful wealthy individuals to benefit them and not for the benefit of most American,” said Reich.
The Glass-Steagall Act, which separated investment and commercial banking, was repealed during Reich’s tenure as Clinton’s Secretary of Labor. This rule change is considered to be one of the causes of the 2008 financial crisis.
“I think it was a big mistake,” said Reich.
“If we are going to get this economy and democracy back on track, the vast majority of Americans regardless of if they call themselves Republicans, Democrats, left, right, or center, they’ve got to understand what is happening and they’ve got to get together, they’ve got to get engaged politically and get united.”
Listen to more of Former Secretary of Labor Robert Reich’s interview above.
