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The Big Economic Story, and Why Obama Isn't Telling It

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Unless the President and Democrats explain why the economy still stinks for most Americans and offer a plan to fix it, the Republican explanation and solution -- it's big government's fault, and all we need do is shrink it -- will prevail.

Robert Reich, Huffington Post

Submitted by Evergreene Digest Contributing Editor Lydia Howell

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Who's responsible for the lousy economy most Americans continue to wallow in?

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A. Big government, bureaucrats, and the cultural and intellectual elites who back them.
B. Big business, Wall Street, and the powerful and privileged who represent them.

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These are the two competing stories Americans are telling one another.

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Yes, I know: It's more complicated than this. In reality, the lousy economy is due to insufficient demand -- the result of the nation's almost unprecedented concentration of income at the top. The very rich don't spend as much of their income as the middle. And since the housing bubble burst, the middle class hasn't had the buying power to keep the economy going. That concentration of income, in turn, is due to globalization and technological change -- along with unprecedented campaign contributions and lobbying designed to make the rich even richer and do nothing to help average Americans, insider trading, and political bribery.

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