How Wealth Inequality Spiraled Out of Control | Robert Reich

As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.

Please do a video about how our representatives in Congress vote against their constituents’ best interests about 70% of the time (because…money). Thx!

I think it starts by banning politicians from taking any money from a person or a business/corporation. This includes their campaigns. Their campaigns should only be funded by those people who wish to donate during their tax filings. When on your tax form it asks if you want to donate to a political party.

Great Video. I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.

wealth inequality is actually well under control, its just that its under the control of the people who have all the wealth

We put up with way too much. Almost like the whole of the populace is in an abusive relationship and cant stand up for themselves.

German sociologist, Robert Michel's theory on the iron law of oligarchy states that most democratic states and regimes start off as egalitarian, but eventually the power and wealth gets concentrated in the hands of the few elite individuals who control and acquire uninhibited access to social, cultural, and economic capital. You could also say that Max Weber's iron cage reinforces the idea that wealth and power is in the hands of those elite technocrats and plutocrats who have the opportunity to seek out positions that control policies and regulations that aid and enable those with plenary powers. It's sad really. Factions exist because they too have a right in the democratic institutions we live in. We cannot drown out their voice, even if they come from privileged and wealthy backgrounds. Despite the fact they hold unlimited amount of lobbying power and political clout.

It's not about stopping people from obtaining wealth, it's about putting a limit on greed.

As a UK citizen, this is why I get so damn annoyed when wealthy, retired Boomers - with their cast-iron pensions guaranteed for them by promises made decades ago, their free healthcare, free bus passes, annual heating allowance whether they need it or not, and their properties with mortgages all paid off because they bought their houses when it was easy and affordable to do so - accuse the younger generations of "spending all their money on stupid things and not saving for the future, like we did." YOU DID BECAUSE YOU COULD; your working years were the most secure and financially beneficial in modern history. Your wages kept pace with inflation, property prices were reasonable, you had the benefits of a well-funded National Health Service AND statutory pension scheme, AND most of the public services, like the railways, telephone and utility companies, were all nationalised, so there were no shareholders behind the scenes determined to make a huge, fat profit off those public services. If you'd had to live YOUR working years the way the majority of the younger generations do now, you'd most likely have saved even less than us.

"Second Gilded Age." Finally, someone said it out loud!

"After just a few generations of this almost ALL of America's wealth could be in the hands of a few thousand families." This is one of my biggest fears, and the pattern will repeat across the world. That'll happen here in the UK too, which is why I save, save, save. My parents think I sacrifice too much of the present for the future, and maybe they're right but only to an extent. The future is so scary as everything's only going to get more dangerous - Money, climate change ... do you need a third one??

My Respects to you, Mr Reich. Thanks for the information.

Making economics clear and simple to non-economists is some saintly work. I’m sure it’s been said many times in the comments for your channel but RR, you’re my hero.

"In a few generations almost all America's wealth could be in the hands of a few thousand families." That one hit me hard 😶

Thank you. Very clear explanation of what is happening in the US. Young people are hurting. More homeless..

What practical steps can we take to become more equal?

the IRS came after me because I forgot to include a $185 payment I received when I file my taxes. the IRS does nothing to go after the millionaires and billionaires evading their taxes. fair system I say in America.

This was excellent. Here's another twisted fact: even without political power or a mountain of assets, the merely "comfortably rich" (not the top 1%, but say in the 2%-5% range) can still avoid significant taxes, particularly between generations, through loop-holey tax avoidance strategies. The minute a new law is passed, sharp lawyers and tax specialists develop work-arounds to it, for $500/hr to $1,000/hr. I always felt it bizarre that someone would pay, say, $2M over ten years to a tax advisor who sets up all sorts of trusts and inter-family loans for the purpose of avoiding taxes, when that money could otherwise have been paid as taxes and done some good for everyone, rather than that one smart advisor. Some people see taxes as so evil that they are willing to pay nearly the same amount to advisors to just to avoid paying it to uncle Sam. It's bizarre. I speak as a somewhat confused beneficiary of some of these shenanigans.

You pay tax on inherited assets if and when the heir sells them. It isn’t perpetual. Those assets are also subject to volatile market fluctuations.

Mister Reich, could you please do a video about the Gini index (2024 predictions) ? And where US stands to other nations. 😊 i would like that .