As the long cold nights grow darker this month, sustainable economic theories have overtaken my bed time reading. My friend Sash and I joined a sustainable economics study group that is analyzing how to create a healthy viable locally based food system, as well as a functional interconnected regional non-monetary economic infrastructure. I am not sure if we will be able to find the answers to these complicated difficult questions, but the abstract pursuit of possible solutions has been a most enlightening adventure.
Thoughts of potential small scale economic solutions and Joseph Schumpetetr’s concepts of creative destruction were all swirling around in my brain this morning, when I came across this clarifying video from the highly esteemed economist, Robert Reich. He clearly explains what some of our country’s largest financial system problems are, offers a clear plan with well defined policy solutions, then presents this concise message to President Obama:
“We’ll give you a mandate in your second term to raise taxes on the rich, including capital gains taxes, and put a tax on financial transactions; also, resurrect the Glass-Steagall Act, limit the size of big banks, and force them to modify mortgage loans of millions of Americans who are now underwater; and invest in public schools and other infrastructure so that all Americans can prosper in this new economy.”