The failures mount:
-Failed preparation for COVID-19
-Failed containment of COVID-19
-Failed preparation for 2020 capitalist crash
-Failed containment of crash’s social effects
The social problems explode:
-State and local budget collapse
-Unaffordable housing and eviction
The US election and the way forward:
-historic action of US professional athletes
-fading power of GOP, Dems, and organized labor
Prof. Wolff also discusses the following: US election and the way forward: historic action of US professional athletes; fading power of GOP, Dems, and organized labor; emerging fascism.
A special thank you to the following GCLEU Super Fans whose generous support makes this lecture series possible: Mary Marx; Chary Tamirisa; Margaret Farris-Parr; Christopher A. Butler; Kyle Wulle; Giovanni Toledo; James and Susan Anderson; Andrew Forrayi; John Jones; Darren; Tyler Dilnot; mountainous dreams; Sharon Hanson; dokidokidango; Mahmood Nooshi; Michael DeFreitas; Kevin Hill; Larry Shute; humberto najera; Matthew Kleu.
GCLEU is a @Democracy At Work production. We make it a point to provide the show free of ads. Please consider supporting our work. Donate one time or become a monthly donor by visiting us at democracyatwork.info/donate or become a patron of Economic Update on Patreon: https://www.patreon.com/gcleu. Your contributions help keep this content free and accessible to all.
**Special message/appeal to internet viewers: please help sponsor GCLEU on Patreon at the $3 (or more) level. Your support helps cover the costs of producing and distributing these talks. Become a monthly donor: https://www.patreon.com/gcleu Make a one time donation to [email protected]: https://www.democracyatwork.info/donate
Showing 2 comments
I share with you a huge admiration for Thomas Paine and Henry George. They were very insightful critics of the economic systems of their time and likewise able and willing to propose radical social changes as solutionsto systemic problems. I think we try now to do the same, especially as our system fails so spectacularly and frightfully
to protect public health, surely a major task of any and all economic systems. And again we face the utter absurdity and injustice of how we use the land, allow rents to accumulate as private income, and miss all the benefits an alternative system could bring us. Thank you for writing to us.
Richard D. Wolff
As for the state of “capitalism,” the owners of giant enterprises always look to find the lowest cost of production in order to maximize profit margins. What might a nation’s government do? It seems to me that one immediate measure is to impose a tax on gross revenue generated in the country where the sales occur, rather than trying catch up with a firm’s profits as the basis for taxation. To encourage domestic employment, a firm could be given a tax credit against the tax on gross revenue for every person employed full time earning above the minimal wage up to some limit, say, 50 times the minimal wage.
Edward J. Dodson, Director
School of Cooperative Individualism