Economic Update

Economic Update: The Missing Economics of the 2024 US Presidential Election

 On this week’s episode of Economic Update, with the 2024 U.S. Presidential Election only 8 days away, Professor Richard Wolff explores the shared refusal of both major candidates and their parties to face and debate solutions to the grave problems facing US capitalism in 2024: (1) inequality, (2) instability and (3) a declining empire. Instead, we are witnessing both Trump and Harris compete to be the "cheerleader in chief" for capitalism. Missing from the discourse is a genuine opposition party that might dare to offer an alternative non-capitalist vision and solution to the system's deepening problems.

Economic Update: Puerto Rico Crises and Left Political Unity

 This week's Economic Updates focuses on CA Gov Newsom signs law banning "legacy and donor" favoritism in private college admissions to foster a "merit system," as well as analyzes the Milei regime in Argentina imposing austerity on Argentina: masses suffer to pay off debts that enriched the few in classic ways. Interview with economics Professor Ian Seda-Irizarry, City University of New York on conditions provoking rise of political left and left unity in Puerto Rico.

 

Economic Update: Flint: The Water Crisis Persists

On this week’s episode of Economic Update, Professor Richard Wolff discusses how FED Chair Jerome Powell admits capitalism's intrinsic instability, a Tennessee plastic plant won't let workers leave before storm Helene hits, we examine new drugs for obesity (Ozempic and Wegovy) which highlights the failures of for-profit medical care. Finally, we interview Jordan Chariton on his new book "We, the Poisoned: Exposing The Flint Water Crisis Cover-up and the Poisoning of 100,000".

Economic Update- Emergency Workplace Organizing Committee (EWOC)

On this week’s episode of Economic Update, Professor Richard Wolff discusses the modern political history in the United Kingdom as Conservatives protect UK corporations and the rich by employing 'distractions': first Brexit, and now Ukraine. We then turn to the latest worker uprising this time in Washington state, as workers at Boeing strike and demand better wages and benefits, and state government employees who are legally prohibited from striking are demanding better conditions as well by demanding better pay and conditions. We turn to the United Healthcare Corporation's latest profit-driven "pre-payment information" scheme, which disenfranchises people in need. Finally, in an interview with Eric Blanc, a founder of the Emergency Workplace Organizing Committee (EWOC) we discuss its phenomenal success in helping workers across the economy learn about organizing, and access to labor unions for help with forming unions.

 

Economic Update- Financializing Public Universities for Wall Street's Benefit

On this week’s episode of Economic Update, Professor Richard Wolff addresses the numerous requests for financial planning or investment advice that he receives from many of you. We touch on the truth about investing in the stock and/or bond markets. In addition, Professor Wolff offers a basic understanding of the economics of US capitalism's century-long, profit-driven failure to adequately provide housing to its people. Finally, an interview with Professors Eleni Schirmer and Sofya Aptekar about their new book "Lend and Rule" and their fight against the financialization of US public universities, and why it is so necessary.

 

Economic Update- Understanding Communism - Part Two

On this week’s episode of Economic Update, Professor Richard Wolff offers a special episode to continue the previous discussion on communism. We will discuss how socialism's history evolved into separating socialism from communism and creating multiple, different meanings of what is considered communism today.

Economic Update- Understanding Communism - Part One

On this week’s episode of Economic Update, Professor Richard Wolff offers a special episode discussing the unscary origins of the ideas of communism and socialism before the Cold War demonized them. We will discuss how socialism's history evolved into separating socialism from communism and creating multiple, different meanings of what is considered communism today.

Economic Update- Yanis Varoufakis on the Changing World Economy

On this week’s episode of Economic Update, Professor Richard Wolff draws attention to the 10,000 hotel workers who recently conducted a strike impacting major hotels across 19 US cities. We highlight the contested merger of the two largest grocery chains in America (Albertsons and Kroger threaten to become the third largest retail giant after Amazon, and Walmart) plus the Canadian government forces 9,000 Canadian railway striking workers back to work, with murmurs of a general strike looming. We also give a shout-out to a small Brooklyn pizzeria unionizing with Starbucks workers. Finally, an exclusive interview with world-renowned economist, author and the former finance minister of Greece Yanis Varoufakis who discusses global economic change and the working class, topics discussed in his latest work "Technofeudalism: What Killed Capitalism".

Economic Update- Labor Day and Abe Lincoln, Honoring Both Together

 On this week’s special Labor day episode of Economic Update, Professor Richard Wolff honors both Labor day and President Abraham Lincoln. President Lincoln once said in 1861 that "Labor is the superior of capital." Yet, capital in the United States has only two major political parties, the Republicans and the Democrats who both are currently advocating for capital over labor and essentially operating as a two-party monopoly excluding all others. In today's political discourse, Labor has no party advocating for what Lincoln once advocated. The injustice and inequality generated in and for society by capitalist economies is neither necessary nor welcome. A genuine labor party is the missing solution

Economic Update- Worsening Economic Inequality Yields Worsening Social Condition

 On this week’s Economic Update, Professor Richard Wolff discusses Kate Pickett's and Richard Wilkinson's best-selling study in the book "The Spirit Level" (2009), showing how economic inequality correlates with most of the major social problems of our time.

We will juxtapose their latest paper "The Spirit Level at 15: The Enduring Impact of Inequality" Which details how economic inequality has only gotten worse in the past fifteen years, despite government laws and programs aimed to "reduce" inequality.

Wilkinson and Pickett show how inequality leads to severe social ills, divisions, and disintegration. What we need is to face that it is capitalism that generates the inequality that generates the hostilities and social tensions intruding upon and damaging our lives."