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

Trump’s Big Buyback Bamboozle

AP Photo/Evan Vucci
AP Photo/Evan Vucci President Donald Trump walks to the Oval Office T rump’s promise that corporations will use his giant new tax cut to make new investments and raise workers’ wages is proving to be about as truthful as his promise to release his tax returns. The results are coming in, and guess what? Almost all the extra money is going into stock buybacks. Since the tax cut became law, buy-backs have surged to $88.6 billion. That’s more than double the amount of buybacks in the same period last year, according to data provided by Birinyi Associates. Compare this to the paltry $2.5 billion of employee bonuses corporations say they’ll dispense in response to the tax law, and you see the bonuses for what they are—a small fig leaf to disguise the big buybacks. If anything, the current tumult in the stock market will fuel even more buybacks. Stock buybacks are corporate purchases of their own shares of stock. Corporations do this to artificially prop up their share prices. Buybacks are...

Trump's Divide-and-Conquer Strategy

AP Photo/Evan Vucci
AP Photo/Evan Vucci President Donald Trump talking with reporters in the Oval Office I f Robert Mueller finds that Trump colluded with Russia to fix the 2016 election, or even if Trump fires Mueller before he makes such a finding, Trump’s supporters will protect Trump from any political fallout. Trump’s base will stand by him not because they believe Trump is on their side, but because they define themselves as being on his side. Trump has intentionally cleaved America into two warring camps: pro-Trump and anti-Trump. And he has convinced the pro-Trumps that his enemy is their enemy. Most Americans are not passionate conservatives or liberals, Republicans or Democrats. But they have become impassioned Trump supporters or Trump haters. Polls say 37 percent of Americans approve of him, and most disapprove. These numbers are the tips of two vast icebergs of intensity. Trump has forced all of us to take sides, and to despise those on the other. There’s no middle ground. The Republican...

Public Debt and Economic Growth

Flickr/gentlepurespace
In the election of 1952 my father voted for Dwight Eisenhower. When I asked him why he explained that “FDR’s debt” was still burdening the economy—and that I and my children and my grandchildren would be paying it down for as long as we lived. I was only six years old and had no idea what a “debt” was, let alone FDR’s. But I had nightmares about it for weeks. Yet as the years went by my father stopped talking about “FDR’s debt,” and since I was old enough to know something about economics I never worried about it. My children have never once mentioned FDR’s debt. My four-year-old grandchild hasn’t uttered a single word about it. By the end of World War II, the national debt was 120 percent of the entire economy. But by the mid-1950s, it was half that. Why did it shrink? Not because the nation stopped spending. We had a Korean War, a Cold War, we rebuilt Germany and Japan, sent our GI’s to college and helped them buy homes, expanded education at all levels, and began constructing the...

The Xenophobe Party

Flickr/MikeSchinkel
[[nid:217560]] The xenophobia has already begun. Senator Rand Paul in a letter to Senate Majority Leader Harry Reid today urged him to reconsider immigration legislation because of the bombings in Boston. “The facts emerging in the Boston Marathon bombing have exposed a weakness in our current system,” Paul writes. “If we don’t use this debate as an opportunity to fix flaws in our current system, flaws made even more evident last week, then we will not be doing our jobs.” Senator Chuck Grassley, senior Republican senator on the Senate Judiciary Committee, which is responsible for an immigration reform bill, is using much the same language—suggesting that the investigation of two alleged Boston attackers will “help shed light on the weaknesses of our system.” Can we just get a grip? Dzhokhar Tsarnaev is a naturalized American citizen. He came to the United States when he was nine years old. He attended the public schools of Cambridge, Massachusetts, not far from where I once lived...

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