Click here to download the show.
On this week's episode of Economic Update, Prof. Wolff provides updates on platform contradictions, the VW scandal, CEOs pay explosion, Italian banks crisis, scary US auto loans. Major discussions: economics of lotteries, when profit decides who gets mortgages, and why 21st century socialism makes worker cooperatives the basic production institution.
Showing 5 comments
Sent from AOL Mobile Mail
It does sound like a tax the way Prof. Wolff describes it. Because it overall subsidizes a tax burden on the wealthy, and it’s largely middle class and poor who buy the tickets, one can argue it’s essentially a regressive tax.
And the fact that lottery winners don’t spend all that money (pumping it back into the economy), at least not immediately, that might be true. But what I think happens more often than not is that these aforementioned winners are probably hawked by “financial advisers” or otherwise stockbrokers who want to get their hands on it and invest it in what already is a wild and erratic stock market, not to mention they might be courted by country club reps who approach them with their hand out too. Kind of like university officials, who will also approach them and offer to name a building after them or something silly for a cool million. To me, the fact that the powerful always have their hand out just as much as they accuse poor people of doing (they just beg different people) is also capitalism.
Lastly, it didn’t go unnoticed by me that the intermission song was The Pretenders’ “My City Was Gone”, the same song Rush Limbaugh uses for his opening them on his shows. I’m really trying to get that fact out of my head but I don’t know if it’s possible.