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Former Secretary of Labor Robert Reich knows what’s wrong with the economy, and he says he can explain to viewers in less than three minutes. Watch video after the jump.
Since 1980, the American economy has almost doubled in size. But adjusting for inflation, most people’s wages have barely increased, a fact Reich notes in a MoveOn.org video on YouTube. Indeed, the average American worker in 2008 earned $400less than in 1988, when adjusting for inflation.
Concentration of wealth among the richest Americans have also drained the country of its economic resources, consequently dividing the middle class and weakening demand, Reich continues.
"The only way we can have a strong economy," Reich says, "is with a strong middle class."
