In this interview with Lena Petrova, Richard Wolff shares insights on the United States' waning dominance in the global economy, exacerbated by tariffs, sanctions, and a changing international power landscape. He highlights how U.S. external and internal economic policies are failing to adapt to the rise of competing economies, such as China, and the resultant shift to protectionism which may stoke further inflation. Wolff also critiques the growing national debt, which he connects to a mismatch between government spending demands and an aversion to raising taxes, leading to unsustainable borrowing. He foresees a generational shift as younger Americans question capitalism and propose more democratic workplace structures as a solution to inequality and systemic problems. Throughout, Wolff emphasizes the importance of recognizing and addressing deep-seated economic issues rather than relying on political posturing or short-term fixes.
