Robert Reich nails the problem and tears Obama a new one in the process

One of the most common accusations against Obama is that he wants to transfer waelth from the rich to everyone else, so obviously he's a 'Socialist". The reality is that the last 20 years has seen the largest transfer of wealth in history and it's all gone in one direction. the rich have gfrown immeasurably richer while the median income for Americans have dropped in the past decade. The top 5% own 62% of the wealth while the bottom 80% own 15% of the wealth. As Reich says, the last time that gae was this great was in 1928. It's a story you never hear from the Democrats.

I doesn't make for a vibrant economy because the bottom 80% send most if not all their money which ultimately drives demand and the economy. With industrial capacity well below 100% the davocates of more tax beaks for corporations and extending tax cuts for the wealthy will not stimulate muxh investment of create jobs except in the wishful thinging of Repubicans.

Let Reich explain the problem.

If Obama and the Democrats were serious about story B they’d at least mention it. They’d tell the nation that income and wealth haven’t been this concentrated at the top since 1928, the year before the Great Crash. They’d be indignant about the secret money funneled into midterm campaigns. They’d demand Congress pass the Disclose Act so the public would know where the money comes from.

They’d introduce legislation to curb Wall Street bonuses – exactly what European leaders are doing with their financial firms. They’d demand that the big banks, now profitable after taxpayer bailouts, reorganize the mortgage debt of distressed homeowners. They’d call for a new WPA to put the unemployed back to work, and pay for it with a tax surcharge on incomes over $1 million.

They’d insist on extended unemployment benefits for long-term jobless who are now exhausting their benefits. And they’d hang tough on the Bush tax cuts for the wealthy – daring Republicans to vote against extending the cuts for everyone else.

It's really quite simple. Why doesn't the White House get it. They seem to be frozen with fear.