Economist and former Labor Secretary Robert Reich gave an "Aspen Lecture" on the politics and economics of inequality. Reich says the wealthy would do better with a smaller share of a rapidly growing economy than a larger share of an economy that's not growing--and his words, is "essentially dead in its tracks." And if we don't have a buoyant and growing middle class, the poor can't ascend to it.
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On Friday, the Labor Department reported that while employers hired 209,000 workers in July, the growth rate was not strong enough to push part-timers forward.
Labor and other advocacy groups began pushing for a higher minimum wage last year, when Democrats took control of the Minnesota legislature. But it took them until this year to pass a bill because of disagreements over how much to boost the wage floor.
Deepak Bhargava of the Center for Community Change says the richest country in the world has built an economy that produces inadequate incomes for more than a third of all Americans. He has a 10 year plan to reduce poverty by 80 percent. Bhargava was invited to the Aspen Ideas Festival to address the question, "Can We Really Do Something About Poverty in America?" He says most of the poverty problem in America today has one cause-- a broken labor market that delivers too few jobs and unfair pay in exchange for hard work.
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