Robert Reich

Robert B. Reich, a co-founder of The American Prospect, is a Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley. His website can be found here and his blog can be found here.

Recent Articles

A Lousy Deal on the Edge of the Fiscal Cliff

AP Photo/Charles Dharapak
AP Photo/Charles Dharapak President Barack Obama speaks about the fiscal cliff in the South Court Auditorium of the White House earlier today. The deal emerging from the Senate on the fiscal cliff is a lousy one. Let me count the ways: 1. Republicans haven’t conceded anything on the debt ceiling, so over the next two months—as the Treasury runs out of tricks to avoid a default—Republicans are likely to do exactly what they did before, which is to hold their votes on raising the debt ceiling hostage to major cuts in programs for the poor and in Medicare and Social Security. 2. The deal makes tax cuts for the rich permanent (extending the Bush tax cuts for incomes up to $400,000 if filing singly and $450,000 if jointly) while extending refundable tax credits for the poor (child tax credit, enlarged EITC, and tuition tax credit) for only five years. There’s absolutely no justification for this asymmetry. 3. It doesn’t get nearly enough revenue from the wealthiest 2 percent—only $600...

Obama's Unwise, Unnecessary Concessions

AP Photo/ Evan Vucci
AP Photo/ Evan Vucci President Barack Obama talks about the fiscal-cliff negotiations during a news conference yesterday. W hy is the president back to making premature and unnecessary concessions to Republicans? Two central issues in the 2012 presidential election were whether the Bush tax cuts should be ended for people earning over $250,000, and whether Social Security and Medicare should be protected from future budget cuts. The president said yes to both. Republicans said no. Obama won. But apparently Obama is now offering to continue to Bush tax cuts for people earning between $250,000 and $400,000, and to cut Social Security by reducing annual cost-of-living adjustments. These concessions aren’t necessary. If the nation goes over the so-called “fiscal cliff” and tax rates return to what they were under Bill Clinton, Democrats can then introduce a tax cut for everyone earning under $250,000 and make it retroactive to the start of the year. They can combine it with a spending...

Drinking the Deficit-Reduction Kool-Aid

It was the centerpiece of the president’s re-election campaign. Every time Republicans complained about trillion-dollar deficits, he and other Democrats would talk jobs. That’s what Americans care about—jobs with good wages. And that’s part of why Obama and the Democrats were victorious on Election Day. It seems forever ago, but it’s worth recalling that President Obama won re-election by more than 4 million votes, a million more than George W. Bush when he was re-elected—and an Electoral College majority of 332 to Romney’s 206, again larger than Bush’s electoral majority over Kerry in 2004 (286 to 251). The Democratic caucus in the Senate now has 55 members (up from 53), and Republicans have eight fewer seats in the House than before. So why, exactly, is Washington back to obsessing about budget deficits? Why is almost all the news coming out of our nation’s capital about whether the Democrats or Republicans have the best plan to reduce the budget deficit? Why are we back to...

The Billionaires' Long Game

AP Photo
From left to right, the largest Republican donors: Sheldon Adelson, owner of the Las Vegas Sands casino empire; Harold Simmons, owner of Contran Corp.; Bob J. Perry, head of a Houston real estate empire; Robert T. Rowling, head of Dallas-based TRT Holdings; and William Koch, an industrialist. I keep hearing that the billionaires and big corporations that poured all that money into the 2012 election learned their lesson. They lost their shirts and won’t do it again. Don’t believe that for an instant. It’s true their political investments didn’t exactly pay off this time around. “Right now there is stunned disbelief that Republicans fared so poorly after all the money they invested,” said Brent Bozell, president of For America, an Alexandria, Maryland-based nonprofit that advocates for Christian values in politics. “Congrats to @KarlRove on blowing $400 million this cycle,” Donald Trump tweeted. “Every race @CrossroadsGPS ran ads in, the Republicans lost. What a waste of money.” Rove’s...

The Fiscal Cliff Proxy War

Flickr/Talk Radio News Service
(AP Photo/Paul Sancya) President Barack Obama speaks to workers about the economy during a visit to Daimler Detroit Diesel in Redford, Michigan yesterday. W ashington has a way of focusing the nation’s attention on tactical games. We almost never get to debate or even discuss the big problems because the tactical games overwhelm everything else. The debate over the fiscal cliff, for example, is really about tactical maneuvers preceding a negotiation about how best to reduce the federal budget deficit. This, in turn, is a fragment of a bigger debate over whether we should be embracing austerity economics and reducing the budget deficit in the next few years or, alternatively, using public spending and investing to grow the economy and increase the number of jobs. Even this larger debate is just one part of what should be the central debate of our time—why median wages continue to drop and poverty to increase at the same time income and wealth are becoming ever more concentrated at the...