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RBReich's profile
Robert Reich
Robert Reich
Robert Reich
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@RBReich

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Robert ReichVerified account

@RBReich

Berkeley professor, former Secretary of Labor. Co-founder, @InequalityMedia. Sign up for updates, analysis and drawings: http://robertreich.substack.com 

Berkeley, CA
linktr.ee/rbreich
Joined May 2010

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    Robert Reich‏Verified account @RBReich 23 Mar 2020

    As a former secretary of labor, I can tell you that we shouldn't be talking about stimulating the economy or going back to work. We should be talking about shutting down the economy and keeping people home, with enough money so they can pay their bills. THREAD.

    6:06 PM - 23 Mar 2020
    • 26,815 Retweets
    • 103,076 Likes
    • BIS 𝐉𝐢𝐦 𝐇𝐚𝐰𝐤𝐢𝐧𝐬 Isabella Barnes Ian MacDonald Abhilasha Clark Lisa em 🌹✨🏳️‍🌈✡️🌿✨🌹 Patrick Camacho Rosie Hewitt
    1,026 replies 26,815 retweets 103,076 likes
      1. New conversation
      2. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Every bit of taxpayer money should be spent helping workers who need income, people who need help paying medical bills, and hospital workers who need protective gear. Not one penny should be spent bailing out giant corporations. This is a pandemic. The economy is irrelevant.

        121 replies 3,436 retweets 16,368 likes
        Show this thread
      3. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Corporations don't need bailouts. They have assets that'll be as valuable when this is over as they were before it started. They can get low-interest loans & use assets as collateral. Or they can use ch. 11 of the bankruptcy code to reorganize their debts until the crisis passes.

        54 replies 2,392 retweets 11,620 likes
        Show this thread
      4. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Putting "conditions" on taxpayer-funded corporate bailouts won't help. If corporations promise to limit executive pay to, say, 50 times the pay of their typical workers, their armies of lawyers and accountants will find ways to hide or defer the executive pay.

        20 replies 1,324 retweets 8,026 likes
        Show this thread
      5. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Or corporations will just fire their lowest-wage workers, thereby raising the "typical" employees' wages so that executives can make the same bundles they used to make.

        7 replies 916 retweets 6,243 likes
        Show this thread
      6. Robert Reich‏Verified account @RBReich 23 Mar 2020

        If corporations promise to keep employees on their payrolls, they'll just fire their contract workers and all others they've outsourced work to. If corporations promise to give the government equity stakes in their firms, they'll just dilute the value of their shares of stock.

        21 replies 946 retweets 6,040 likes
        Show this thread
      7. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Once the bailout genie is out of the bottle, there's almost nothing government can do to get it back in. Taxpayers will be shafted. People won't get the help they need. Which is why I keep saying: #BailOutPeopleNotCorporations

        39 replies 1,940 retweets 8,882 likes
        Show this thread
      8. Robert Reich‏Verified account @RBReich 23 Mar 2020

        We've seen this all before -- in the 2008 bailout of Wall Street, and in the 2017 Trump tax cut. Corporations promise to use the money to sustain themselves over the long term, but they use it to pay off top executives and major investors. Nothing ever trickles down to workers.

        51 replies 1,815 retweets 8,274 likes
        Show this thread
      9. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Why are corporate bailouts always on the table? Because big corporations and Wall Street are always the first in line when Washington opens its piggy bank. They have squadrons of high-priced lobbyists (many of them former members of Congress) who know how to get what they want.

        25 replies 1,232 retweets 6,544 likes
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      10. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Corporations and Wall Street make the most campaign contributions, so politicians are dependent on them. That means, when there's a $2 trillion tax cut or a $2 trillion "stimulus" package, corporations and Wall Street will rush to get in on the action. And they have.

        27 replies 1,117 retweets 6,041 likes
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      11. Robert Reich‏Verified account @RBReich 23 Mar 2020

        Bailing out mega-corporations who have been dodging taxes, shafting workers, and bending the rules to enrich themselves for decades is bad enough in normal times. Now, in a national emergency, it's morally repugnant.

        130 replies 2,608 retweets 10,199 likes
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      12. End of conversation

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