Global Capitalism: May 2021 Live Economic Update

[May 2021] New
Biden’s Economic Plans and Likely Results
with Richard D. Wolff 
Co-sponsored by The Left Forum & Judson Memorial Church
In this month's lecture, Prof. Wolff discusses the following:
  1. Changes in Government Spending and Taxing
  2. Joe Biden and Franklin Roosevelt: Differences and Similarities
  3. Historic Decline of US Capitalism: Reality vs Denial

A special thank you to the following GCLEU Super Fans whose generous support makes this lecture series possible:  
Christopher Vogler, Daniel Jones, Ed Cook, Heather, James and Susan Anderson, John Jones, Kevin Hill, Kimberly Hudnall Family, Kyle Wulle, Larry Jennings, Michael DeFreitas, Mahmood Nooshi, Margaret Farris-Parr, Mary Marx, Matthew Kleu, Paul, Sharon Hanson and Dan Stevens.

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Showing 1 comment

  • Philip Wood
    commented 2021-05-24 12:55:44 -0400
    The corporation is a uniquely American invention and it has been responsible for modern industry. Has it always been our best friend-of course not. As long as there are people, there will always be problems. As couple of things that I remember are that you can neither regulate nor tax your way into prosperity and you cannot have jobs without investment and profit. We are not talking about greed here. The only reason that any company is in business is to earn money for its owners. I cannot run my company without hiring people and to get good people I must pay a fair wage and treat people well or they will not work for me or at least not for long and a high turnover rate will kill your profitability. I once worked for a company that paid substandard wages and treated it employees like dirt and never understood that they were a training program for their competitors. You cannot stop progress and our system fosters that. One example is digital photography which virtually killed the film industry. Another example is that trucks pay a duty of 50% protecting a hand full of union jobs and the pockets a small number of corporate executives while harming the pockets of the general public

    The old Soviet Union had a good idea that brought them back from WWII. They determined that everyone owed their country 1,000 days of service and I was informed that they got the idea from our WPA system. What a remarkable idea-it nor only put people to work but began training them for modern jobs. It took this country from a time of “I have two good hands and I am willing to work” to actual job skills. WWII took it from there on job training as well as the GI bill that followed the war. This seems like such a simple and cost effective idea-but it is easier to buy votes than actually do any reasonable job. What our government is doing today are “gimme” programs -handouts if you will and these are not only ineffective but are very costly. We need jobs for anyone who needs one but I am not willing to support those who refuse to work and I see more of that than I would like to. I grew up in a high poverty area and I watched this become a way of life for all too many people. I solved my problem by getting my ticket out (also known as a good education) and leaving and outworking everyone else. I will be retiring soon with no pension (except SS) and my investments and I feel no sympathy for those who just did not plan.
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