24 June 2011

Reich: The Problem With the US Economy In Under Three Minutes

As with most summations it compresses much of the complexity and therefore loses information in the process. I know he is a smart man, and is doing this out of necessity to achieve brevity and conciseness.

He never mentions the various unfunded wars, over 700 global military bases, and out of control health care costs, only glosses over the profound corruption in the bloated financial sector, a culture of greed and selfishness, and the government intrusions into private rights of citizens as a reflexive response to their problem with a credibility trap. How can one allow free discussion, disclosure, and transparency during an ongoing widespread financial fraud that has compromised the political process?

He does not address the international trade regime based on mercantilism and 'free trade agreements,' started in the Clinton Administration, that have become predatory killing fields of the middle class workers and their rights.

But it is a good job given the time constraint, and an excellent starting point for the core of the discussion. The current level of inequality of access to power in the US is perhaps the root of much evil.

If only people have the ability to discuss things rationally, without resorting to slogans and caricatures fed to them by a well funded corporatist propaganda machine.

As Herman Hesse said, "When the suffering becomes acute enough, one goes forward." So it is almost a certainty that the pain will become worse before the US moves forward.

But forward into what, only time will tell.