Updates on billionaires buying newspapers, the bad news in latest US jobs report, IMF proposals for Spain's economic crash, and a progressive new bill in the US Senate. Interview with Theology Professor Joerg Rieger on religion, class, and capitalism. Response to listeners: recognition of extraordinary leadership by Mayor Gayle McLaughlin of Richmond, CA.
On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.
The worsening social pains of government austerity programs now intensify the vast social suffering caused by the crisis since 2007. Beyond this especially severe business cycle, longer term trends show capitalist mega-corporations moving blue and white collar work to lower wage regions far from the former centers of capitalist production (the USA and Western Europe especially). Profit and competition prompt such relocations. Modern telecommunications enable supervision of far-away factories, offices, and stores almost as easily as those nearby.
People over 65, a growing share of the US population, are suffering a crisis-ridden capitalist system. High unemployment, reduced private pensions, fewer job benefits, less job security, high personal debt levels, and falling real wages make Social Security payments more important than ever. Yet President Obama and Congress recently agreed to bargain over how much to reduce Social Security payments from current levels. That would not only hurt seniors - but also the children who help them.
web chat hosted by FireDogLake on April 8, 2013
Richard Wolff’s latest book, Democracy at Work: A Cure for Capitalism, makes provocative observations about our economic woes and proposes thoughtful solutions. His writing is concise and clear so even if you do not agree with his perspective on the world you come away with a clear understanding not only of what he thinks, but why your thinking doesn’t align with his.
First, its clear that profits as a percentage of total US GDP have recovered from the crash of 2008. Unemployment may still be over 50% higher than it was in 2007, and real wages may be below what they were then, and the benefits and security of jobs may have fallen, but profits have come back. And with them the stock markets. Hence also the upbeat talk about “recovery” yet again.