- Across US states, governors are forcing through Greek-style austerity measures. Corporations wouldn't have it any other wayPublished on August 22, 2011
Appeared originally in The Guardian on August 22nd, 2011
In the US, as in the UK, public sector unions are facing cuts to their wages, pensions and benefits to pay for budget cuts. Photograph: Sang Tan/AP
Last week, Democratic governors in New York and Connecticut repeated the austerity politics of Greece's Prime Minister Pappandreou and Portugal's former Prime Minister Socrates. In doing so, they likewise imitated the austerity politics of their Republican and Democratic counterparts across virtually all 50 states.
- Published on August 21, 2011AUDIOThis episode focused on the previous weeks' major events, including the S&P downgrade of US debt, extreme stock market gyrations, and major signs of broad economic decline. Visiting guest, Professor Immanuel Ness, touches on the history and current prospects of worker-controlled enterprises as alternatives to capitalist enterprises.
- Published on August 13, 2011AUDIOOn 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.We will focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. We aim to explain why certain economic changes are happening and other changes get postponed or blocked and we will explore alternative ways to organize enterprises, markets, and government policies.
- Published on August 10, 2011VIDEO
Richard Wolff joins Thom Hartmann on The Big Picture to discuss the recent downgrading by Standard and Poor's and the resulting plummet in the stock market (634 points) that occurred soon after - the largest one-day loss since the financial crisis began in 2008.
- Published on August 9, 2011AUDIOOn 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.We will focus on wages, jobs, taxes, and debts - and on interest rates, prices, and profits. We aim to explain why certain economic changes are happening and other changes get postponed or blocked and we will explore alternative ways to organize enterprises, markets, and government policies.
This evening will also launch Wolff's latest book, Democracy at Work: A Cure for Capitalism released September 1st, 2012 by Haymarket Publishers. He will gladly sign purchased copies.
Tickets will be $15 in advance and $20 at the door. All funds go to Democracyatwork.info.
- The plain fact is that corporate profits are the only area of the US economy to recover since 2009. Any other claim is a liePublished on August 1, 2011
Appeared in the Guardian "Comment is Free" on July 28th, 2011
Corporate profits and stocks have recovered, but for the millions of Americans who live on Main Street, economic conditions remain depressed. Photograph: Mark Lennihan/AP
- on Democracy Now! with Amy GoodmanPublished on July 28, 2011VIDEO
Republicans have agreed to a vote today on a budget plan they say will cut the deficit $917 billion over 10 years. The move sets the stage for showdown against unified Democratic opposition in the Senate and threats of a White House veto. To discuss the debt talks and economic austerity worldwide, we’re joined by Richard Wolff, Emeritus Professor of Economics at University of Massachusetts-Amherst, and author of several books including, "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." "Politics in the U.S.
Throughout its history, capitalism never succeeded in preventing recurring economic cycles or crises. However, they were usually contained within the system. Economic crises usually did not become social crises; the system itself was usually not called into question. Transition to a different system was then an idea kept away from public discussion, a project kept from public action. During cyclical downturns production was reduced, unemployment and bankruptcies rose, deflation often hit and hurt, and mass working-class suffering spread.