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Why Consumers are Bummed Out

By       Message Robert B. Reich       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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Profits are the highest share of the U.S. economy on record. Wages are the lowest. But this imbalance can't and won't last.

Investors: beware.

Politicians: Don't do any more deficit reduction. When consumers are this glum, austerity economics is particularly dangerous. 

If the next showdowns over the fiscal cliff, government appropriations, and debt ceiling result in more deficit cuts this year, we're in a recession.

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Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

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