The people you're drafting into the fight against inflation when you raise interest rates and slow the economy are the most vulnerable, the purpose of raising interest rates is to take the air out of the sails of the economy. If it works, you are by definition are going to have fewer jobs. Even small increases in interest rates, if they have the desired effect, will cause job losses and wage losses.

Robert Reich

No economy can continue to function when the vast middle class and everybody else don't have enough purchasing power to buy what the economy is capable of producing without going deeper and deeper into debt.

Robert Reich

debt enough class

The only way to grow the economy in a way that benefits the bottom 90 percent is to change the structure of the economy. At the least, this requires stronger unions and a higher minimum wage.

Robert Reich

minimum-wage stronger benefits

A leader is someone who steps back from the entire system and tries to build a more collaborative, more innovative system that will work over the long term.

Robert Reich

business teamwork leadership

We're the richest economy in the history of the world. For the majority of Americans not to get the benefits of this extraordinarily prosperous economy, there's something fundamentally wrong.

Robert Reich

majority benefits world

Corporations don't create jobs, customers do. So when all the economic gains go to the top, as they're doing now, the vast majority of Americans don't have enough purchasing power to buy the things corporations want to sell - which means businesses stop creating enough jobs.

Robert Reich

creating jobs mean

America has become the most unequal society among advanced countries, and rich people are now free to spend as much money on political campaigns as they wish.

Robert Reich

country america people

The liberal ideal is that everyone should have fair access and fair opportunity. This is not equality fo result. Its equality of opportunity. There's a fundamental difference.

Robert Reich

equality opportunity philosophy

Social change occurs when the gap between the ideals that people hold and the reality that they see every day gets too large.

Robert Reich

gaps reality people

Standing up to bullies is the hallmark of a civilized society.

Robert Reich

civilized-society hallmark bully

It is a myth that higher taxes lead to less demand and slower growth. In the first three decades after World War II, US top tax rates on the wealthy were never below 70 percent.

Robert Reich

growth three war

A smaller government reflecting the needs of the middle class and poor is superior to a big government reflecting the needs of the privileged and powerful.

Robert Reich

government powerful class

Cynicism is the last refuge of those who don't want to do the work of creating a better society.

Robert Reich

creating lasts want

A funny thing happened to the First Amendment on its way to the public forum. According to the Supreme Court, money is now speech and corporations are now people. But when real people without money assemble to express their dissatisfaction with the political consequences of this, they’re treated as public nuisances and evicted.

Robert Reich

funny-things real people

The largest party in America, by the way, is neither the Democrats nor the Republicans. It's the party of non-voters.

Robert Reich

atheism party america

Your most precious possession is not your financial assets. Your most precious possession is the people you have working there, and what they carry around in their heads, and their ability to work together.

Robert Reich

working-together teamwork people

When corporations get special handouts from the government, subsidies and tax breaks, it costs you. It means you have to pay more in taxes to make up for these hidden expenses, and government has less money for good schools and roads, Medicare and national defense and everything else you need.

Robert Reich

government mean school

Cynicism is the largest obstacle to social change. Cynicism is dangerous because people throw up their hands and say, "Well it's not possible. Why should I even try?"

Robert Reich

trying hands people

The faith that anyone could move from rags to riches - with enough guts and gumption, hard work and nose to the grindstone - was once at the core of the American Dream.

Robert Reich

hard-work dream moving

We used to be so proud that our country offered far more economic opportunities than the feudal system in Great Britain, with its royal family, princesses and dukes. But social mobility in the UK is higher than in the US. Our social rift is as big as it was in the 1920s.

Robert Reich

princess opportunity country

Being critical of the nation is a far cry from being unpatriotic or anti-American. In fact, most social criticism . . . is based on a love of America's ideals and a concern we're not living up to them.

Robert Reich

political criticism america