Robert Reich on America’s Income Inequality

The Dow Jones is hitting record highs, giving the top 5 percent of the U.S. (who hold more than 80 percent of stocks) another huge boost. And although Stephen Colbert doesn’t think the wealth divide is a big deal, former Truthdigger of the Week Robert Reich begs to differ.

President Clinton’s former labor secretary joins the show via satellite from Berkeley, Calif., to explain to Colbert why the prosperity of the 99 percent is essential to a healthy economy and democracy. He even tries to ease the pundit’s mind by telling him that his trepidations about the “poors” coming after all his things are unfounded. Near the end of the two clips, Colbert seems somewhat less concerned about being a “have” among so many “have-nots,” though he’s not too happy with the many effective suggestions Reich offers to bridge the gap between the two categories.

—Posted by Natasha Hakimi