Public sector and union workers make modest salaries with hard-earned benefits. Rather than trying to reduce public sector pay, industry leaders should be addressing wage inequality in the private sector by bringing employee compensation closer to the level warranted by 30 years of productivity growth.
But the real issue here is that Romney’s Bain is part of the same system as Jamie Dimon’s JPMorgan Chase, Jon Corzine’s MF Global and Lloyd Blankfein’s Goldman Sachs — a system that has turned much of the economy into a betting parlor that nearly imploded in 2008, destroying millions of jobs and devastating household incomes … The system is largely responsible for the greatest concentration of the nation’s income and wealth at the very top since the Gilded Age of the 19th century, with the richest 400 Americans owning as much as the bottom 150 million put together. And these multimillionaires and billionaires are now actively buying the 2012 election — and with it, American democracy.
Keep Reading … Robert Reich: Mitt Romney and the New Gilded Age.