Aug 29, · A revolutionary take on a massive set of problems: Capitalism's failings and today's global economic crisis. Every Saturday, Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. They focus on wages, jobs, taxes, and debts — and on interest rates, prices, and profits. The goal is to explain why. Richard D. Wolff Interview: The End Of Capitalism Near? Debate Between Nobel Laureate Paul Krugman & Socialist Economist Richard Wolff by Democracy Now! PG&E Bankruptcy . Breitbart Posts Fake Krugman Article. Breitbart News falls for a phony article "reporting" that left-leaning Nobel Prize winning economist Paul Krugman had filed for bankruptcy, after recently berating another news outlet for the same "crime." Economist Richard Wolff explains the weaknesses of capitalism and the need for Americans to.
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They deceived and bilked Detroit every time the city invested money or conducted a municipal bond offering. City employees did none of those things. In return for their promised pensions some worked at very dangerous jobs, including jobs as police officers and firefighters. Again and again in contract negotiations, city workers agreed to accept lower wages in return for these pensions.
And they put in their years on the job, often at backbreaking jobs. For police and firefighters, pensions are their only source of retirement income. Seniors typically depend on their retirement income for living expenses. That means most of this money is immediately recirculated back into the Detroit economy.
It has an immediate and very real stimulus effect for Detroit. Detroit has unique problems. It also shares many of the challenges of other American cities. As for public pension funds: Yes, they need more revenue, although experts differ on exactly how underfunded they are. This has all the markings of a larger game. The heavy doses of symbolism in the sell-offs and pension cuts serve a number of purposes, and one of the biggest is to reinforce the idea that the United States can no longer afford the financial security of its middle class.
Next stop, Social Security. That opens a door that should remain closed, for sound economic reasons as well as ones of basic fairness. As we said earlier, Detroit may not need help with its pensions. This is, more than anything else, a thought experiment.
But Federal support would be morally defensible. It could serve the same purpose that the architects of the bank bailout intended for their plan without the lack of accountability in that plan : It could tell our nation, and the world, that the US stands behind these institutions — in this case, the institutions of local government.
If Detroit fails it will hurt our nation as a whole. It will add to a national atmosphere of hopelessness and decay. O ur cities were once engines of growth and prosperity. But restoring them will require faith — in the future, in our people, and in our ability to meet and overcome challenges.
And that could be the start of a great comeback — for urban America, for the middle class, and for our national economy. Richard RJ Eskow is a former executive with experience in health care, benefits, and risk management, finance, and information technology.
Richard worked for AIG and other insurance, risk management, and financial organizations. On this week's show, Prof. This article originally appeared at Truthout. Capitalism as a system is now increasingly challenged. Critics proliferate and steadily deepen their opposition alongside, of course, the persistence of capitalism's defenders.
Yet capitalism's traditional "other" -- namely, socialism -- has also been widely devalued. It has lost its position as the goal however variously interpreted for anti-capitalist social movements. When taken seriously, it is mostly a vague rhetorical gesture expressing criticism of the capitalist status quo, not advocacy of a concrete alternative.
Socialist parties now mainly support capitalism but with a human face -- i. If the President gets his way - billions will be cut from vital programs - including Medicaid - which candidate Trump promised never to cut. On this episode of Economic Update, Prof. Wolff discusses Yale grad students hunger strike for a union, US raising interest rates on student loans, 2 new Senate bills on worker ownership of enterprises, and some economic dimensions of Wolff talks with acTVism Munich about Capitalism's current and future state, and explains how changes in how the workplace is organized can have a transformative play a transformative role from Capitalism into a more humane and rational system.
Richard Wolff on the recent French Presidential elections. On this week's Economic Update, Prof. Wolff joins David Pakman to discuss President Trump's first one-hundred days in office. This week, Prof. Richard Wolff presents updates on courts blocking Trumps attack on sanctuary cities, selling Whole Foods, Jack Ma and blaming technology for jobs collapse, falling department store jobs since , British queen's enterprise award to On this week's episode of Economic Update, Prof.