robert reich, let me turn to you.e us a brief overview of what you saw was and was not accomplished. >> well, i share manyf maya's concerns president net revenues coming in from this deal are relatively small certainly in proportion to the very, very large looming budget deficits we see in the out years. that means most americans will either have to in the future bear higher taxes, middle-class americans or most people will see their services. safety nets, public investments and everything from sewers and infrastructure over all the education all of that will be cut and may be cut quite dramatically. the oer thing that worries me, jeffrey, is that there was no agreement on the debt kreiling which means that we're likely to see a continuation of this trench warfare we've had in washington at least since the summer of 2011 with almost no hesitation i think that the republicans in the 113th congress will use the threat of not going along with a rise in the debt ceiling as a way of extracting more concessions with regard

robert reich let me turn to you.us a brief overview of what you saw was and was not accomplished. >> well i share many of maya's concerns president net revenues coming in from this deal are relatively small certainly in proportion to the very very large looming budget deficits we see in the out years. that means most americans will either have to in the future bear higher taxes middle-class americans or most people will see their services. safety nets public investments and everything from sewers and infrastructure over all the education all of that will be cut and may be cut quite dramatically. the other thing that worries me jeffrey is that there was no agreement on the debt kreiling which means that we're likely to see a continuation of this trench warfare we've had in washington at least since the summer of 2011 with almost no hesitation i think that the republicans in the 113th congress will use the threat of not going along with a rise in the debt ceiling as a way of extracting more concessions with regard to s

though he stands just 4'10" robert reich is a giant.rom the beltway to berkeley. >> my first whiff of berkeley was this mixture of eucalyptus/marijuana/tear gas. i thought, i've arrived. >> arrived in 1968 as a grad student and, since then, reich has not just seen the world but has helped shape it. >> trickle-down economics is bunk. it always was. >> the left leaning reich has worked for several presidents. his relationship with mr. clinton is dynamic thanks in part to mrs. clinton. >> i knew bill clinton when he was 22. both of us were rhodes scholars together. we were assigned to the same college at oxford, became good friends. and even before that, when i was an undergraduate, i knew hillary. she was an undergraduate. >> did you go out on a date with hillary clinton? is that the buzz? >> i think i did. >> does bill know? >> yeah. she was president of her freshman class and i was president of my sophomore class at dartmouth. and the only way i could think was to suggest a presidential summit. >> his summits nowadays are on the cal cam

joining us, robert reich and richard moore.obert reich, let me start with you because all of the tax revenue from the fiscal cliff deal adds up to about $600 billion over ten years. relative to our debt problem, that's not even a drop in the proverbial bucket. but here we are with the democrats after taxes went up on a whole list of things, they want twice as much money in taxes. for real, they think they're going to get it? >> they're going to try to gets it. i don't know any republicans or democrats who want to raise taxes for the sake of more taxes. this is all in anticipation of a very, very large budget deficit in the out years. if we don't get more revenues, we're going to have to cut more into military spending, social security, infrastructure, all of the public investments we have in this country. the whole purpose of trying to get more tax revenue and hopefully trying to get more tax revenue from wealthiest americans rather than from middle class and poor americans is so government can do a lots of things americans wan

now, i have even more bad news for robert reich.ut to look at two pieces of our private enterprise economy. so much for gloom and doom. that's next up. so, we all set? i've got two tickets to paradise! pack your bags, we'll leave tonight. uhh, it's next month, actually... eddie continues singing: to tickets to... paradiiiiiise! no four. remember? whoooa whooaa whooo! you know ronny, folks who save hundreds of dollars by switching to geico sure are happy. and how happy are they jimmy? happier than eddie money running a travel agency. get happy. get geico. fifteen minutes could save you fifteen percor more. officemax can help you drive supply costs down... and down. use your maxperks card and get a 10-ream case of officemax multiuse paper for just 4.99 after maxperks rewards. find thousands of big deals now... at officemax. this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help low

robert reich against the president. >> i was listening to that interview closely. we're going to have him on later again. that was quite remarkable. i think that's what you're seeing playing out here. everything doesn't fit neatly into the corners here. there are republicans who think that threshold above which people will pay extra tax is too high, doesn't bring enough revenue in, and grover norquist, i was very surprised when he told you he thinks this deal, he hasn't read it, meets the smell test and he would give approval for republicans to vote for it. >> republicans in the house tomorrow as well. stand by for a moment. the u.s. draws closer and closer to that fiscal cliff. the defense department is facing billions in budget cuts. how a furlough could affect civilian employees in the u.s. and around the world. oh, hey mike. what are you up to? oh, just diagramming this accident with my state farm pocket agent app. you can also get a quote and pay your premium with this thing. i thought state farm didn't have all those apps? where did you hear that? the interne

you know the president has a little bit of a problem with liberal democrats when robert reich, the formers not a good deal, not something he could support. we'll be back with the latest news on the deal, apparently close to being reached. the vice president of the united states heading over to meet with the senators. stay with us. prothis is flo.ims. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do this without you. you'll never have to. you're always there for me. shh! i'll get you a rental car. i could also use an umbrella. fall in love with progressive's claims service. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn.

. >> plenty to debate on our powerhouse roundtable with george will, robert reich, greta van susteren from fox news, gwen ifill of pbs and abc's chief correspondent jonathan karl. >>> hello again. happy new year. even before president obama's autopen signed this week's deal into law, it was clear that any cease-fire in washington's battles over taxes and spending would be painfully brief. three new deadlines loom. by the end of february, the treasury will lose the power to borrow more to pay america's bills. across-the-board spending cuts to every federal program taken on march 1st and the government will run out of all congressional funding by the end of march. three more coming fast and with that let me turn to the man who negotiated last week's compromise with the white house, senate republican leader mitch mcconnell. thank you for joining us, senator. >> good morning, george. >> i know you think the deal you negotiated is imperfect and you want to fix it as we approach the debt limit. you say no increase in the debt limit without major cuts in spending. the president says he won't

this week robert reich warned of the future bailouts of wall street are inevitable why because too many dang whales in the wall street fished he points out that the five largest banks now have almost half of all u.s. bank deposits five banks half of everything that means our entire banking system relies on just a few whales there must be saved at all costs are going belly up or else the entire system goes belly up but it's not just banking consider a food industry. fill pot it's a mother jones magazine agriculture monopolies exist from farm to shelf just for companies control ninety percent of the global glink grain trade three companies seventy percent of the beef industry and just four companies fifty eight percent of the pork and chicken industry. on the retail side wal-mart controls a quarter of the entire u.s. grocery market one company and just four companies produce seventy five percent of our breakfast cereal seventy five percent of our snack foods sixty percent of our cookies and half of all the ice cream sold in supermarkets around the nation and then there's the health insura

. >> 37-year-old robert reich took his friend's dog or a wall. >> that is not the ellsworth colbert i know. >> prosecutors say he accused wright of allowing the dog to relieve itself in his yard. the two men argued. prosecutors say wright grabbed a shovel and swung it at colbert. >> all the have is what we thought they had, which is to men confronting an older male, and a fight broke out. >> the defense calls wright the aggressor. they say colbert swung and stabbed in self-defense. there were two other individuals present at the time of this incident. the defense is expected to attack their testimony because they were friends of the victim. the prosecution is expected to question why, if colbert only wanted to talk with wright, did he take a knife with him? >> time for a look at our other top stories. a day care employee infringed or just county is facing physical salah abuse and second-degree assault charges. 19-year-old jonathan cummings was arrested after they say there was a video of cummings taking a 2-year-old boy. robert griffin iii is recovering from reconstructive surgery on

update from an old friend and pair of ours, author of "beyond outrage" and steve moore, i guess robert reich attacks things, but why is it your democratic friends never want to cut spending and never want to shrink the government? why is that? >> i think a lot of documents are willing to cut spending that maybe you would agree with, larry. the problem with this bill, the biggest problem is it doesn't deal with the debt ceiling. we are going to have trench warfare and this is not going to end. >> the debt ceiling which is a scary thing. the republican's last shot at leverage, but markets get real nervous as i do when you start messing around with the us credit worthy news. and during the negotiations the democrats had no interesting spending. let me say one thing about this deal. if you look at the specifics of the deal, you know, it is not such a terrible thing, it is probably the best that republicans could get. but i want to make this point loud and clear. this is raising taxes on investment and businesses. i don't see anything good about it for the markets. we finally have resolution on t

robert reich says the five biggest banks had 47% of all deposits before the crisis. now it's 44%.n, do you find increasing support for this idea of actually controlling and limiting the size of some of these banks? >> yes. i mean, the answer is yes. you know, the smaller banks are actually doing more lending. that's what's really essential. what has happened is that the financial system used to be in service of the productive economy. and bankers felt good if they helped the small business create a few jobs. they felt good if a homeowner bought their first home. now the productive economy is in service of the financial sector. it's upside down. and breaking them up where you literally go back to banking for what it is intended to do and that's help our capitalistic economy be strong, create jobs, help folks get into their first homes, that's a good deal. >> but congressman, isn't there a problem here that the government has actually allowed most of these banks to get off with portry fined in their terms because they have plenty of assets to pay them. we haven't seen a single crimi

. >>> today's tweet of the day comes from former labor secretary, robert reich. "there is one reason and one reason only why the gop now supports immigration reform. 70% of latinos voted for obama." but it's not just latinos who would benefit from immigration reform and richard lui will join me to explain after this. need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it right here. someone help me!!! i have a flat tire!!! well it's good... good for me. what do you think? geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> in just a few hours, president obama will be in las vegas to push for immigration reform. watching closely will be the estimated 11 million immigrants living illegally in the u.s. more than half came from mexico. the pew hispanic center says around 55 to 60% of all illegal immigrants are from mexico. but what about the rest? richard lui is h

robert reich is a former u.s. labor secretary and author of a book that explains how we all feel these days, beyond outrage over what has gone wrong with our economy, our democracy, and how to fix it. i hope you have solutions to solve the crisis we all feel. but, robert, let me start with you. in john cornyn's scenario where we shut down the government, how dire of an outcome is that? >> well, it's a terrible outcome, erin. it's not just shutting down the government. it is actually saying to the creditors of the united states we're not going to deliver on the full faith and credit of the united states. we're going to default on our debt. republicans played this card once before, remember, in december of 2011. it was -- it was very dangerous then. our debt was downgraded. it is very dangerous now. >> right. and, of course, the problem is, doug holtz-eakin, i know you're probably more sympathetic to the republican side, but the reality of it is is the money that the debt ceiling is being raised to pay is money that

gentlemen, allow me to read to you something that former labor secretary robert reich published todayquote, if the ongoing war between republicans and democrats was really over those future budget deficits, you might expect republicans and democrats to be focusing on ways to hold down future health care costs. but they're not debating this because the federal deficit is not what this war is about. it's about the size of government. tea party republicans want the government to be much smaller. jared, i say, yes but surely a $16 trillion debt is serious business and requires attention. >> absolutely, and, in fact, if you look -- i don't really do the kind of pox on both their houses in this discussion because i don't think it's accurate. if you actually look at, for example, the offer that the president made in mid-december or for that matter if you look at the president's budget, he actually accomplishes a stabilization of the debt as a share of gdp over the budget window, and it involves tax increases and spending cuts. where i think the hypocrisy is so clear here is that it is every

former labor secretary robert reich writes "the biggest wall street banks are now far bigger than theyere four years ago when they were considered too big to fail. the five largest have almost 44% of all u.s. bank deposits. that is up from 37% in 2007. just before the crash." aig, the troubled insurance giant, which received $182 billion in bailout money, repeatly repaid the government in full even netting it a $22 billion profit. that has many believing the 2008 tarp program is an unrivalled success story, but in a new article for "rolling stone" the secrets and lies of the bailout, matt taibi says not so. "to listen to the bankers and their allies in washington tell it, you'd think the bailout was the best thing to hit the american economy since the invention of the assembly line. not only did it prevent another great depression we've been told, but the money has also all been paid back, and the government even made a profit. no harm, no foul, right? wrong. it was all a lie. one of the biggest and most elaborate falsehoods ever sold to the american people." joining us now is contribu

robert reich, he says washington needs to stop obsessing over debt. he says the government should spend more, not less, if he want a stable recovery. and conservatives by contrast, they believe in a smaller government. they think the government has little or no role or a limited role in the economy. so naturally they see any spending beyond what the government takes in as a drag on growth and efficiency in the free market. so interesting because it's narrative that debt's not a problem against this other nary they've debt is the only problem. they're both wrong and neither figures out how to fix it. >> ron brownstein, your narrative is one of the clearest. it's not that debt's not a problem. it's these cuts to entitlements and spending is is not what the issue is. the issue is entitlements are going to grow to fast we'll have a government that doesn't do anything in the way of investment and infrastructure and only gives people money for purposes of consumption. >> right. you have a short-term issue and a long-term issue. the short-term debate is whet

>> robert reich writes about consumer confidence in "the huffington post."the stock market is bullish because corporate profits are up, costs are down, the fiscal cliff agreement has locked in low taxes for most of the upper-middle class and wealthy, and there's no sign of inflation as far as the eye can see. but corporate profits can't stay high when american consumers whose spending is 70% of the u.s. economy are this pessimistic about the future. they're just not going to spend. american companies won't be able to make up the difference in forward markets. europe is careening into a recession. japan is still in deep trouble. china's growth has slowed. profits are the highest share of the u.s. economy on record. wages are the lowest. but this imbalance can't and won't last. >> can't and won't. and look what's happening on wall street. they're doing better, willie, than ever before. >> mm-hmm. >> ever before. for the past four years, wall street has exploded over the past four years. real income has dropped for middle-class americans. the poverty rate's gon

according to former labor secretary robert reich, the answer is no.orary. if anything, america's safety nets have been too small, and shot through with holes, and that is why the number of percentage of american in poverty has increased dramatically including 22% of our children. so at a time when people are pushing for cuts in social programs we must pause to show that the entitlements addressed in the realities are as well as the economic future. back at the table, dorian ward, and fellow at the roosevelt institute, michael crowley deputy correspondent for "time" magazine, and christine brawn, associate professor at nyu, and also law professor at seton hall law school where chris christie was educated and i will tease you about that forever. the fact is that mitch mcconnell has step ped in and will be a part of the conversation and it is not boehner, and they are putting entitlements back on the table. is this the right thing for us to be doing? >> no, but it is part of a 30-year campaign to repeal the new deal policies by the republican party. >> i

the world for everybody because it -- it ruins our ability to take care -- i don't know what -- robert reich hated it. paul krugman hates it. if those are the only guys -- if you have to go that far to that group to find out, i think there's pretty much on the conservative side, you don't have to be very conservative to not like this deal. to say that boehner caved, right? >> you know, look, everybody -- the reason this bill passed is because everybody hates it. if anybody liked it -- >> the left doesn't hate it. >> if anybody liked it, it wouldn't have passed. >> i think the president likes it, he won -- one of the weirdest things -- >> and joe, i don't think he won. look, the -- what did they get on the budget sequester? >> come on. now be happy -- you're still not happy? be happy now. how about this -- what about the notion that suddenly those -- those reviled bush tax cuts basically are permanent now, aren't they, for everyone under 400? >> yes, they are. >> that's kind of something, isn't it? something that the democrats just hated so much. i don't know. it became -- became -- >> perman

maya macguineas, robert reich, and douglas holtz-eakin debate the deal struck by congress and the white house. >> woodruff: margaret warner has the latest from india where the suspects in a new delhi gang- rape were officially charged with murder, rape, and kidnapping today. >> brown: the crisis beneath the streets. miles o'brien reports on a growing threat to the country's infrastructure-- aging sewer systems. >> in detroit, there are 3,500 miles of sewer lines, some of them dating back to the mid 19th century, the crumbling pipes offer a glimpse at a huge national engineering challenge that is largely unseen and unappreciated. >> woodruff: and ray suarez examines the changing face of cable television as al jezeera, the pan arab news giant, buys current tv, a television channel founded by al gore. >> brown: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance