The Labor Department reported September jobs numbers on Thursday, showing employers added 119,000 jobs to the economy but also an increase in unemployment to 4.4 percent. “The September report shows fairly good job growth, but every other report we have for October shows a slowdown,” says Robert Reich, the former secretary of labor under President Bill Clinton.
“Real wages — that is, wages adjusted for inflation — are going down for most people. The bottom 90 percent of Americans are in very bad shape,” says Reich. This week on The Intercept Briefing, host Akela Lacy speaks to the professor, author, and longtime commentator about the economy and the state of Democratic Party politics under Trump. “The only people who are doing well, who are keeping the economy going through their purchases, are the top 10 percent, and they're basically doing well because they're the ones who own most of the shares of stock,” says Reich. “What happens when and if the stock market implodes?”
Reich has been beating the drum on poverty and inequality for decades. And while that message took some time to hit the mainstream, it seems to be hitting home now more than ever, but Democratic leadership continues to fall flat in conveying they understand the urgency of the economic hardships ordinary Americans face.
The answer, Reich says, is new leadership. He is disappointed in Democrats who caved to Trump on the government shutdown. “It's another example of the Democrats not having enough backbone,” Reich says. “I think Chuck Schumer has to go. And Jeffries too.” He adds, “I'm 79 years old. I have standing to speak about the fact that there is a time to move on. And I think that the Democratic leaders today should move on.”
Listen to the full conversation of The Intercept Briefing.
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