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Tom Keene Talks to James K. Galbraith
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University of Texas professor James Galbraith tells Tom Keene that its a good thing that the supercommittee failed because long term cuts to Social Security and Medicare would have inflicted significant damage to the middle class in the U.S. He says if the U.S. cannot make large investments in infrastructure building, one necessary step is to make a large increase in the minimum wage. He considers the ratings agencies downgrade of the U.S. credit rating an act fit for comedy, because these are the same agencies which not only missed the subprime crisis but actually benefitted and supported it with misconceived ratings.
James Galbraith on the U.S. economy in 2010-2012
01/15/2011
The University of Texas professor on the American middle class, the supercommittee on deficit reduction and the minimum wage.
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