CBS: The Rich to Blame for Bad Economy, Need to Pay Higher Taxes
Published: 9/27/2010 5:46 PM ET
Teichner worked to bolster Reich's argument: "In the last century, there were only two years, in 1928 just before the great crash, and then again in 2007, during which the richest 1% were taking home nearly a quarter of the entire income of the nation." Reich continued his assault on upper income earners: "Last year, when most Americans were suffering, the top 25 hedge fund managers each earned $1 billion. A billion dollars would pay the salaries of something like 20,000 teachers."
Again, Teichner made sure to back up Reich's assertions: "That wage inequality, Reich argues, is at the heart of our economic woes. And to fix things, we need to pay those teachers and the rest of the middle class more, not less, so they can spend enough to kick-start the economy. And yes, that means higher taxes for the rich."