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Why does corporate America get financial stability while the working class gets left behind? Jon sat down with Secretary of the Treasury Janet Yellen to discuss how America screws over its workers and what needs to change.
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Inequality of the Economy: Interviewing Secretary Yellen
In a recent episode of The Problem With Jon Stewart on Apple TV+, former Daily Show host Jon Stewart sat down with Janet Yellen, the current United States Secretary of the Treasury, to discuss the issue of inequality within the economy.
The conversation kicked off with Stewart acknowledging the stark difference between the reality faced by most Americans and the financial prosperity experienced by a select few. Yellen, an expert in economics, shed light on the various factors that contribute to this growing inequality.
One of the main drivers of economic inequality, according to Yellen, is the unequal distribution of wealth and income. She pointed out that over the past few decades, the wealthiest individuals and corporations have been accumulating an increasingly disproportionate share of the nation’s wealth. This trend has been influenced by policies that predominantly benefit the wealthy, such as tax cuts and loopholes, further exacerbating the income gap.
Yellen also highlighted how systemic racism and discrimination play a substantial role in perpetuating economic inequality. She stressed that people of color, especially Black and Latino communities, face significant barriers in accessing quality education, job opportunities, and affordable housing. Discriminatory practices in lending, hiring, and promotion processes have further hindered their economic progress.
Furthermore, the Covid-19 pandemic has exposed and amplified the pre-existing disparities within the economy. Yellen emphasized that the pandemic’s impact has disproportionately affected low-income individuals, minorities, and women. Many have lost their jobs or seen their income reduced significantly, while the wealthy and large corporations have often been shielded from such consequences.
Stewart also asked Secretary Yellen about the government’s role in addressing this inequality. Yellen emphasized the importance of implementing policies that promote equitable growth and ensure a level playing field for all Americans. She mentioned several key initiatives, including investing in infrastructure, improving access to education and healthcare, and reforming the tax system to make it more progressive and fair.
However, Yellen acknowledged that addressing economic inequality is a complex and multifaceted challenge that cannot be solved overnight. She called for a comprehensive approach involving not just government action, but also concerted efforts from the private sector and civil society. Yellen stressed the significance of public awareness and advocacy, urging citizens to voice their concerns and demand equitable policies.
The interview with Secretary Yellen shed light on the pressing issue of economic inequality and the need for urgent action. It highlighted how the accumulation of wealth and income among the few, disparities fueled by systemic racism, and the impact of the Covid-19 pandemic have deepened the divide within society. However, there is hope that with progressive policies and collective efforts, we can create a more equitable and inclusive economy that benefits all Americans.
Neoliberals need the lower class to keep the upper class just as much as the most ruthless capitalist.
Some economists have projected that both Canada. and parts of USA could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capital income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Lobbying pays politicians to skew the playing field in their favour
The American people believe the not so free market and corporations should benefit from the riged system but not the responsibility of contributing to the very nation that made them rich. we Americans worship our system even if keeps them poor.
She's just rambling and makes no point
Retire already yellin
Changing the system doesn’t even occur to her.
No Lady….the miscreants of American Finance (who CREATED the PROBLEM) would have been wiped out. The "salvation" monies should have been paid paid to home "owners" AFTER their home mortgages had been revalued at deflated values set by the government. All those mortgage bonds should have been written down and then "some amount" paid to the investors holding bonds. Those bonds that were written fraudulently (The Big Short) should have been written off and the FRAUDSTERS arrested and jailed for at least 10 years. When Obama was elected he gave the CORRUPT CRIMINAL BANKERS a get out of jail card free. OBAMA perpetuated the problem and rewarded the CRIMINALS who remain in power today. OMG, Janet is just another part of the FED protectorate, she's part of the problem. She's a firewall hiding the CRIMINALITY of American Finance. NO ONE went to jail but were instead enriched…crime pays on Wall Street. Now we are in a similar crisis in overbuilt, overpriced office space. The FED, the SEC, and OCC MUST be re-engineered out of control of the massively wealthy.
Anyone have the full interview?
So she is basically saying, "That's the way it is tough sh!t."
I think he missed a mark by not highlighting how none of her solutions were for the taxpayers. The company either pays the politician or the government, never the employee
"Companys have the right.." is what she said. When the "People" Shut this unequal system down. Its called a general strike. So afraid of equality for all, why? Its in the GD Constitution. Divided by racism and hate, we "the people" dont have a chance. Vote progressive and youth or we all will lose this beautiful world to hate disease and pollution.
the hypocrisy this lady is spitting on behalf of the government is jaw dropping.
This "too big to fail" argument is total BS. So the banks can over leverage themselves as much as they want and the government (aka taxpayers) will always be there to bail them out. The shareholders and executives get the "reward", the taxpayers get the "risk". It's basically an elaborate game of extortion…
She is BULLshitting
It all needs to be ripped down.
As long as the GOP MAGA exists corporations will always get larger tax breaks than working individuals.
Look into Denmark
Capitalism SUCKS! America SUCKS!
Give Americans a UBI. Make college free. Force companies to pay workers higher. And make political contributions fucking illegal. All candidates should get the same support from the government.
She is an idiot and we are fucked
Go, John, go. This type of journalism is your calling now. Start your company and interview all the deciders to tell us what their policies are, how they came up with those policies, and what are the consequences for the USA (people and corporations)!
I hate her so much
CORPORATIONS have armies of lawyers and former IRS officials who make sure that they DO NOT PAY taxes
I mean how much are companies supposed to pay cashiers? Even $20/hour is barely enough to get by.. imo we have lost the hood jobs. These low paying jobs were meant for teens and second incomes. Not for primary incomes. I also see young guys working at Walmart. If they weren’t lazy they could be working a trade and earning a living wsge. But yes the work is hard and often dirty