Author: Robert Reich

If 2022 presented any single lesson, it was the social costs of greed. Capitalism is premised on greed but also on guardrails — laws and norms — that prevent greed from becoming so excessive that it threatens the system as a whole. Yet the guardrails cannot hold when avarice becomes the defining trait of an era, as it is now. Laws and norms are no match for the possibility of raking in billions if you’re sufficiently ruthless and unprincipled. Donald Trump’s tax returns, just made public, reveal that he took bogus deductions to reduce his tax liability all the...

Sometimes I feel like screaming at the mainstream media for failing to alert people to crucial, although complicated, issues affecting our democracy coming from different parts of government simultaneously. Case in point: Moore v. Harper, argued on December 7 before the Supreme Court, and the Electoral Reform Act, which must be enacted before the end of this Congress because Republicans won’t touch it once they control the House. The two are intimately connected but you wouldn’t know that from the mainstream media, which is treating them as two separate stories. Let me make the connection. In Moore, North Carolina...

The Congressional Budget Office released a study of trends in the distribution of family wealth between 1989 and 2019 on September 27. Over those 30 years, the richest 1% of families increased their share of total national wealth from 27% to 34%. Families in the bottom half of the economy now hold a mere 2%. Meanwhile, a record share of the nation’s wealth remains in the hands of the nation’s billionaires, who are also paying a lower tax rate than the average American. How do the ultra-wealthy justify their wealth and their low tax rates? By using three myths...

Republicans are telling three lies they hope will swing the midterms. They involve crime, inflation, and taxes. Here is what Republicans are claiming, followed by the facts. 1. They claim that crime is rising because Democrats have been “soft” on crime. This is pure rubbish. Rising crime rates are due to the proliferation of guns, which Republicans refuse to control. Here are the facts: While violent crime rose 28% from 2019 to 2020, gun homicides rose 35%. States that have weakened gun laws have seen gun crime surge. Clearly, a major driver of the national increase in violence is...

Why do we glorify “self-made” billionaires? Being “self-made” is a seductive idea. It suggests that anybody can get to the top if they’re willing to work hard enough. It is what the American Dream is all about. If Kylie Jenner can become a “self-made” billionaire at age 21, so can you and I. Even as wages stay stagnant and wealth inequality grows, it is a comfort to think that we are all simply one cosmetics company and some elbow grease away from fortune. Unfortunately, a nice idea is all it is. Self-made billionaires are a myth. Just like unicorns....