Robert Reich Asks: How Can Capitalism be Saved?

The former U.S. Secretary of Labor and political economist talks about “Saving Capitalism: For the Many, not the Few.”

By Rhonda FanningSeptember 9, 2015 8:45 am,

Robert Reich believes the nation is at an economic tipping point, almost like the Cold War era.

“For the first time that polls have been taken, a majority of Americans don’t think their children will do as well as they are doing,” he says, “They’re angry, they’re frustrated.”

The former U.S. Secretary of Labor says that while some politicians are trying to point the finger at immigrants or foreigners, the others proclaiming: ‘well, capitalism fundamentally is not working,’ are proved wrong by history.

In today’s politics though, Reich believes outspokenness is a “very good thing for our democracy.”

“For years, I’ve watched candidates – in fact, I’ve served in some administrations, where candidates and politicians are extremely glib and scripted,” he says. “People have had it with politicians who try to be all things to all people, politicians who try basically not offend anyone.”

But the real issue, Reich says, is whether politicians are telling the truth, or are they scapegoating?

“Inequality combined with a huge amount of money in politics – most of it coming from big corporations, from Wall Street banks, from very wealthy people –  is making our democracy a kind of a phantom,” he says.