Robert Reich's latest book is "THE SYSTEM: Who Rigged It, How To Fix It." He is Chancellor's Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center. He served as Secretary of Labor in the Clinton administration, for which Time Magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. He has written 17 other books, including the best sellers "Aftershock,""The Work of Nations," "Beyond Outrage," and "The Common Good." He is a founding editor of the American Prospect magazine, founder of Inequality Media, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentaries "Inequality For All," streamng on YouTube, and "Saving Capitalism," now streaming on Netflix.
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NEW: The System
Who Rigged It, and How We Fix It
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Why we must restore the idea of the common good to the center of our economics and politics
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Economics in Wonderland
A cartoon guide to a political world gone mad and mean
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Saving Capitalism
For the Many, Not the Few
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Aftershock
The Next Economy and America's Future
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Beyond Outrage:
What has gone wrong with our economy and our democracy, and how to fix itPreorder the Trade Paperback:
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Supercapitalism
The Transformation of Business, Democracy, and Everyday Life
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Reason
Why Liberals Will Win the Battle for America
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Locked in the Cabinet
A memoir of four years as Secretary of Labor
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AFTERSHOCK, SEPTEMBER, 2011
THE NEXT ECONOMY AND AMERICA'S FUTURE, MARCH, 2011
HOW UNEQUAL CAN AMERICA GET?, JANUARY, 2008
Today’s Good Job and Wage Numbers Don’t Mean Inflation
Friday, January 5, 2007
At first glance, today’s jobs and wage report is likely to bolster Fed hawks intent on raising rates to prevent inflation. Hourly wages were up .5 percent in December – and 4.2 percent for the year – while inflation rose just 2 percent from November 2005 to November 2006. But dig deeper and there’s far less cause to worry about inflation. As reported by the Economic Policy Institute, the growth of real wages is still trailing productivity gains. Since 2001, real hourly wages are up only 1.8 percent while productivity growth is up 14 percent. That means the economy has lots of room to grant wage increases without pushing price increases. Also, more workers are entering the job market, and there are still many looking for jobs. Compare job growth since 2001 to job growth in the 1990s recovery, and this one is still anemic by comparison. So the Fed should stay calm. There’s no reason to raise rates. Inflation will stay well in check.
