The Socialist Program welcomes Professor Richard Wolf to discuss the issues surrounding consumer debt as highlighted in a Wall Street Journal article. Professor Wolf critiques the article for ignoring the fundamental struggle of the working class to meet expenses without accumulating debt. The discussion delves into Modern Monetary Theory (MMT) and the implications of government debt, highlighting the potential risks of excessive money printing leading to inflation. The interview also addresses the relationship between militarism and debt, emphasizing the significant economic burden of war preparations and maintaining a global military presence. Professor Wolf underscores the challenges faced by the US as a debtor country due to extensive military spending, posing critical questions about the allocation of resources and the impact of debt on society.
