Economic Update: Rising Labor, Faltering System

[S12 E36] New

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This week on Economic Update, Prof. Wolff talks about the prospects for a labor-union-worker co-op alliance; megacorp stock buybacks; why and how US/UK sanctions on Russia failed so far; the financial abuse of US retirees; and lastly, union popularity in US at 50-year high.


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  • Edward Dodson
    commented 2022-09-21 15:25:10 -0400
    It is worth adding to Professor Wolff’s analysis that at least some portion of households in the U.S. do have significant savings and no debt. Thus, the rise in interest rates is resulting in rising interest income. Neither the Federal Reserve nor our states or federal governments have taken steps to lower the cost of apartment rents or the price of a residential property for first-time buyers. The longer-term strategy is to encourage local governments (including school districts) to move toward a land-value only form of property taxation. In the interim, government must begin to subsidize the construction of millions of permanently affordable housing units — rentals as well as ownership. The National Low Income Housing Coalition estimates there is a shortage of 7 million rental units affordable to those who have household incomes of less than 80% of whatever the area median income is in the region.

    Elimination of the preferential tax treatment for gains experienced on the sale of financial assets and other, so-called “capital gains” could provide some of the government funding. A tax on gains on the sale of residential property put into state or even local affordability trust funds would also help.
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