"Robert Reich and Mark Zandi debate Glenn Hubbard and Arthur Laffer on the topic:
The Rich Are Taxed Enough. Moderated by John Donvan.
How do we fix the economy? The U.S. government's budget deficit is nearing a trillion dollars for the fourth straight year and unemployment remains high. With the Bush-era tax cuts that are set to expire at the end of 2012, what is the best move for continued economic recovery? President Obama says we should raise taxes on those making more than $250,000 to reduce the deficit. Others say that the richest 1% already pay more than a quarter of all federal taxes and higher taxes for job creators would slow economic growth. Are the nation's wealthiest not paying their "fair share," or should tax breaks be extended for everyone in the name of job creation?
For: Glenn Hubbard
For: Arthur Laffer
Against: Robert Reich
Against: Mark Zandi"
Debate starts around the 10-minute mark
Laffer and Hubbard get taken to school!
This book report got me kicked out of B.A.101 It's a rough draft so don't beat me up on the typos.
The main thesis of “Beyond Outrage” a book by former Secretary of Labor for the first Clinton administration Robert Reich, attempts to explain in a simplistic and entertaining way, through his own perspective, historical data, and some cleverly drawn (by Reich) cartoons, the fallacies and quasi-criminal activities that existed and still exist within the structure of the U.S. economy and offers somewhat altruistic solutions for its repair. This book was well written and lacked any organizational incongruities that would prevent the reader from becoming informed and entertained. Reich touches on several key topics which include the question; what has gone wrong with our economy? Other topics include the breaking of the “basic bargain,” social regression through political appointments, and the ethical behavior of corporations and their Chief Executive Officers.
My interest in this book is as it pertains to Business 101 is the study of ethical and moral standards used by corporations, robber barons, and big business, that in my opinion, have always been woefully negligent of any moral character throughout history. Additionally, I have always been interested in the opinions of the author because of a proven track record of success with fiscal policies when administered at the highest levels. Regardless of whether or not I agree or disagree with certain policies, it is my personal belief that Reich has taken his fiduciary responsibilities seriously and operated in a manner that is above reproach.
As for what has gone wrong with our economy and our democracy, Reich does not come out and simply blame elements of the right wing. He blames a consensus of people from the right, left, and center. “The rigged game” is Reich’s description of how during the three decades after World War Two American were the recipients of grate prosperity because of large investment by government and corporations in education and infrastructure. He notes that following those years starting in 1981 that the top tax rate paid by Americans the upper income was as low as 35 on capital gains in juxtaposition to the 70 percent paid in the previous years. Today capital gains taxes are as low as 15 percent according to Reich. He actually puts names and dollar amounts to the financial malfeasance that has been conducted by the corporate officers that preside over the larger institutions. For example, Reich claims that “the chairman of Merk took home 17.9 million in 2010 as Merk laid off 16 thousand workers.”
