Wednesday, December 7, 2011

In Praise of Obama's Kansas Speech

Robert Reich really liked the Obama speech in Kansas. He provides a good overview of the speech. The speech includes many statements that have been made by Reich and especially Elizabeth Warren. It is the first time that Obama has referred to the events leading up to the Great Recession that explain our current economic problem. Middle class income has been eroding for over 30 years. This is especially true for men. Women entered the workforce to maintain the standard of living that once was provided by their husband's wages. That was followed by asset inflations in stocks and then in housing to paper over the loss in wage income. This trend will continue after the financial crisis has ended unless changes are made in labor policy and in tax policy.

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