[email protected] Contributor:
Richard Wolff
March 13, 2023
[email protected] Contributor:
Richard Wolff
March 13, 2023
[S13 E11] New
In this week’s show, Prof. Wolff focuses on the struggle over Social Security- real versus false alternatives- and the East Palestine, Ohio, derailment tragedy. In the second half of the show, Wolff interviews Alexis Colón about the colonial status of Puerto Rico and Puerto Ricans fighting against it.
Timestamps:
00:00 - 01:01 - Intro
01:02 - 10:06 - Social Security
10:07 - 14:33 - Ohio Train Derailment
14:34 - 15:45 - Announcements
14:46 - 29:50 - Interview with Alexis Colón
Find quick and easy access to past episodes of Economic Update, including transcripts, on our EU Episode List page.
About our guest: Alexis Colón graduated from the University of Puerto Rico at Mayagüez with a bachelor’s degree in natural science and studied economics at the graduate school of the University of Puerto Rico at Río Piedras. His areas of interest are political economy and geopolitics. Recently, he’s been researching the origins of the debt crisis in Puerto Rico.
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NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: https://www.lulu.com
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of [email protected]’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly http://www.lulu.com/spotlight/democracyatwork
SOURCES FOR SHOW SEGMENTS:
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Social Security System: https://www.ssa.gov/policy/trust-funds-summary.html
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East Palestine train derailment: https://thehill.com/homenews/3867552-east-palestine-mayor-biden-ukraine-visit-biggest-slap-in-the-face/
Showing 1 comment
It is important to remember that when the system was introduced, eligibility for benefits was far less generous that has evolved. Demographics also kept the system solvent because life expectancy was much lower than is now the case. Over the decades, our population has aged. Thus, the huge number of children born during the so-called “baby boom” decades are now seniors. They and their offspring have had fewer and fewer children, so that other than by immigration we have reached replacement level. The potential for the collection of revenue from those who are working has become unrealistic without considerable increases in payroll deductions combined with contributions based on much higher incomes being subject to contributions.
My solution: progressive income taxation that collects a much higher amount of revenue from higher levels of income. End the distinction between ordinary income (i.e., wages and salaries) and income derived from ownership of financial assets. Combine this with tax simplification. All individual incomes up to the national median would be exempt from taxation. All other exemptions and deduction would be eliminated. Above the exempt amount, impose a higher rate of taxation on higher ranges of income — up to whatever rate is required to raise enough revenue to balance the federal budget, including whatever cash flow needs arise for Social Security benefits.