As we segregate by income into different communities, schools in lower-income areas have fewer resources than ever.
Robert ReichRead
The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.
Interpretation
The quote emphasizes the need for the wealthy to contribute more in taxes to support essential public services and reduce national debt.
Robert Reich's quote highlights a critical viewpoint on fiscal policy, suggesting that to address the long-term budget deficit while sustaining important social programs, America must consider tax increases on the wealthy. This reflects a belief in economic equity, where the wealthiest individuals bear a larger share of financial responsibility to support a fair society and to ensure vital services remain intact for the middle class and the less affluent.
In practice
During a political debate on social equity.
As we segregate by income into different communities, schools in lower-income areas have fewer resources than ever.
What are called 'public schools' in many of America's wealthy communities aren't really 'public' at all. In effect, they're private schools, whose tuition is hidden away in the purchase price of upscale homes there, and in the corresponding property taxes.
What someone is paid has little or no relationship to what their work is worth to society.
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
The dirty little secret is that both houses of Congress are irrelevant. ... America's domestic policy is now being run by Alan Greenspan and the Federal Reserve, and America's foreign policy is now being run by the International Monetary Fund [IMF]. ...when the president decides to go to war, he no longer needs a declaration of war from Congress.
You can't inspire people if you are going to be uninspiring.
Monetary policy ultimately must be conducted in a pragmatic manner that relies not on any particular indicator or model but, instead, reflects an ongoing assessment of a wide range of information in the context of our ever-evolving understanding of the economy.
The interests of the IMF represent the big international interests that today seem to be established and concentrated in Wall Street.
Competition is the most promising means to achieve and secure prosperity. It alone enables people in their role of consumer to gain from economic progress. It ensures that all advantages which result from higher productivity may eventually be enjoyed.
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.
Economists love to talk about incentives, but the bottom line is that people hate being controlled or manipulated, even when done through voluntary institutions. This is one of the most important tensions in capitalism.
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