And, further, Reich's plan sounds like political suicide in our gaffe-thirsty media climate. This system also wouldn't play very nicely with state taxes. A consumer economy relies on consistent growth to stay healthy, which, as anyone who has studied basic physics knows, is impossible. It continues to rely on consumerism as the most important-sole?-engine of America's economy. ![]() It practically goes without saying that this plan has its flaws. "The government," he writes, "averted what in all likelihood would have become another Great Depression." But "ironically, President Obama's success in forestalling economic collapse reduced the urgency of dealing with the larger challenge." Reich, a member of president-elect Obama's transition team, says the enormity of the financial crisis preempted any discussions about how to do any more than maintain the status quo. Reich, an early Obama supporter whose snub of Hillary Clinton's presidential campaign was one of the first signs of disaster for the Clinton machine, has some kind words for the current administration's bailout plans. Without a healthy, spend-happy middle class, America will stagnate in this recession (and subsequent jobless recovery) for years to come. ![]() The top 5 percent of all American wealth can't buy our way out of this recession, because it's not humanly possible for Bill Gates, say, to spend the incomprehensible stores of wealth he has accrued. Simply put, the middle class is key to everything, he says.
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