Economic Update: Good for Profits, Bad for Society

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On this week's Economic Update, Prof. Wolff provides updates on Citibank calls "Recession" for 2016, Robert Gordon's new book "Rise and Fall of American growth, college students to Europe for free educations, drug and food companies profit at public's expense, economics of presidential candidates, pension struggles heat up, and why China's slowdown due to US/Euro/Japan economies. Major discussions of (1) US unemployment and (why profit motive yields economic decisions so often good for profits but bad for society.

 


Showing 8 comments

  • followed this page 2016-08-10 16:41:59 -0400
  • commented 2016-06-16 03:20:14 -0400
    I note that a lot of American thinking people, most from a previous generation that was helped to be fully literate by a flourishing education system of the 50s – 60s, are almost in despair at the appalling decline of probity and fairness in your entire socio-economic system. I mean the deliberate, systematic destruction of virtually everything that was most decent, sensible and economically sane about America back then. Let me warn the would-be escapees, they are not alone. Here in Australia we few who are not brainwashed by a mass media almost 70% owned or controlled by a humanoid ex-Aussie geriatric in NY (you guessed who!) are equally worried. The decline may differ in degree from the USA but it is happening. The main cause again, is a detachment from the real world of ordinary people, working life and society, by our rather amoral, overpriveleged, arrogant economic and political elites. For several years our government at fed level has been unstable and bizarrely changing every election cycle; the reason is, a lot of voters realise somehow, both the “reddish” Labor Party and the “blue verging on purple” so-called Liberal Party, are way out of touch. The Libs replaced a faltering, leadership bedevilled Labor mess in 2014, and since then the neo-con/neolib agenda has returned with force. Be sure, the top Liberals (PM and ministers)are not far in their views behind the GOPpiest dyed-in-the wool radical Republicans, except for a few centrist Senators and Reps that try to moderate the right wing’s policies. Our economy is stagnating also for somewhat different reasons, and the gap in income between the middle class and the top ten percent of rich is widening. Trade agreements like the TPP and the government’s willingness to bow to China like a lapdog, are two reasons. We too are in need of a Trudeau-type change, far greater than can be had from our small Greens Party battling to get 4 or 5 candidates into both houses in Canberra (read “mini-Washington”). Another election looms on July 2, this year, and the major parties are desperate to shore up votes from swinging electorates. It’s like 51-48 as you see the polling lately. Our system is also rotten, inequitable, and some Libs want to maul Medicare (free national health/hospitals), open more gigantic coal mines and allow the Great Barrier Reef to die from current and future bleaching. The banking system pretends honesty, but is dominated by 4 giants who call the tune. Just lucky we don’t have super-wolves of Wall St, but we have packs of foxes who love hedge funds and CDO type instruments, might I say. People in many parts of Australia suffer badly from under- and no employment since neo-lib economics has been the rule for over 30 yrs. They ain’t happy, but often can’t see past the 2 major parties.
  • commented 2016-03-11 10:59:24 -0500
    Hello everyone, I am interested in figuring out how to get my municipality to create and support cooperatives in the same way that Italy has done, as described in the talk above.

    I am from a small city, the most, impoverished city in Mass., and Polar Tech, who employs around 300, is leaving for the South. I talk about workers cooperative, but get glossy eyed reactions, and am experientially uneducated myself. I am hosting discussions on this, and the myriad issues, and connecting them with capitalism, and how to veer off this crash course. Any pointers would be great!

    In struggle.
  • commented 2016-03-11 10:59:23 -0500
    Hello everyone, I am interested in figuring out how to get my municipality to create and support cooperatives in the same way that Italy has done, as described in the talk above.

    I am from a small city, the most, impoverished city in Mass., and Polar Tech, who employs around 300, is leaving for the South. I talk about workers cooperative, but get glossy eyed reactions, and am experientially uneducated myself. I am hosting discussions on this, and the myriad issues, and connecting them with capitalism, and how to veer off this crash course. Any pointers would be great!

    In struggle.
  • commented 2016-03-04 02:53:30 -0500
    It’s not only the issue of tuition fees but also Scholarships. I am from the UK, but study in Germany. In Germany the Trade Unions own an incredibly wealthy foundation (The Hans-Boeckler Foundation) which will fund people through university. Die Linke also has its own foundation (Rosa Luxembourg) along with the Greens, SPD and so on. The point is, the labour movement also has the infrastructure and resources to invest in its own activist base.
  • commented 2016-03-03 19:32:40 -0500
    Thanks for your comment. I am one of those who would cheerfully take up residence in another country. However, I am 80 years old, a retired R.N. and I doubt any country would want me. What could I contribute? All my contributions are in the past. This whole “election cycle”(so named by our “if it leads it bleeds” press corps, has left me utterly nauseated. Sen. Sanders is the only candidate worthy of the title, but he is doomed to be bulldozed out of the running by the Clinton Clan with all their corporate welfare.
  • commented 2016-03-03 19:32:36 -0500
    Thanks for your comment. I am one of those who would cheerfully take up residence in another country. However, I am 80 years old, a retired R.N. and I doubt any country would want me. What could I contribute? All my contributions are in the past. This whole “election cycle”(so named by our “if it leads it bleeds” press corps, has left me utterly nauseated. Sen. Sanders is the only candidate worthy of the title, but he is doomed to be bulldozed out of the running by the Clinton Clan with all their corporate welfare.
  • commented 2016-03-01 15:12:47 -0500
    I think people are truly afraid of someone like trump emerging and are thinking of actually Defecting! to another country!… something we have only seen during the cold war and iron curtain! Canada would be looking pretty good to me if someone like trump got into the presidency… that’s for sure.
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