Robert Reich Debunks Common Economic Myths

We are told countless lies about economics. Enough.

PSA: When the powerful say they want a “free market,“ what they actually mean is a market controlled by corporations, Wall Street, and the wealthy.

No, rich people do not work harder than everyone else. Wealth doesn’t measure a person’s work ethic or what they deserve. It measures how well our economic system has been manipulated in their favor.

“Corporate political donations are free speech.” Give me a break. Corporate political donations are legalized bribery, plain and simple.

The rich would prefer you to believe that the free market is subject to the immutable law of supply and demand. Baloney! For years, the wealthy and powerful have manipulated the market for their own gain. There is nothing “free” about it.

My old boss Bill Clinton called globalization “the economic equivalent of a force of nature, like wind or water.” Here's what I have to say about that. Watch the rest of my Debunking series here:

The Wells Fargo exec overseeing their customer account scam got a $125 million exit package. Meanwhile, most Americans who lose their jobs get only limited unemployment benefits. When I say we have socialism for the rich, harsh capitalism for the rest, this is what I mean.

I'm so tired of people pretending the rich are "job creators." Here's who's really creating jobs.

Angry about airfares? Airlines merged from 12 carriers in 1980 to 4 today. Upset about grocery prices? 3 companies control 70% of grocery sales in 167 cities. Mad about drug prices? A handful of drug companies control the pharmaceutical industry. Monopolies are the problem.

Think endless economic growth is always good? Think again.

Trump isn’t the cause of all of America’s problems — he’s a symptom. He’s the product of years of stagnant wages, big money’s corruption of democracy, and a history rooted in racism. If we want to reduce the lure of authoritarianism – we need to address its root causes.