CrossTalk: ‘It's the Economy, Stupid!’

As the cultural war rages unabated, the billionaire class is only getting wealthier. 

Their wealth has skyrocketed 20% or $584 billion since the start of the pandemic/lockdown. How will this fact shape the coming economic recovery? And, is a permanent underclass the new normal? Prof. Wolff joins CrossTalk to discuss.  


Showing 1 reaction

Please check your e-mail for a link to activate your account.
  • Ethan Hamburg
    commented 2020-06-30 04:45:27 -0400
    Professor Wolff, my question which is also my concern, is partially in reference to your observation, if I can paraphrase or approximate, that the current structures which are now stressing or cracking, which normally fuel each others stability, are an unprecedented challenge to American capitalism. If there’s been nothing to reference due to a lack of anything similar in American history, or since the mid 1800s, fine. Before I refer to one well known period in history, I admit I’m not a scholar, only love and fascination for history. If there’s something worthy of considering for future reference, Fine, you know better.
    So to the purpose. We can insist, tapping our collective outrage and determination, there’s no turning back to “the way it was” before George Floyd’s murder. But I will assume and suspect there’s too many or at least a chunk of n malcontents who liked the way it was just fine and dandy. The moment President Obama was elected in 2008, a conference of ultra right-wing Republicans led by Mitch McConnell, vowed eternal hostility against Obama and his legislative goals, They’re still here, and happily cowering to Trump. Fascism has come out of the closet. They still hold the cards to combine voter suppression and intimidation, proactive misinformation, purging of minority voters off the voting list, and help from Putin’s operatives to reverse votes cast electronically cast for Biden in real time on election night just enough to get a electoral college win. At least that’s my fear which I hope will not come true. I’m glad to be proven wrong. Could there also be a swift and sudden effort that succeeds in intimating and suppressing center and left

    To the dismay of the ruling class during the Black Death, a window of time opened up where those in formerly subservient classes experienced a boost in their fortunes which the feudalistic ubermensch could do little about. Fast forward to that famous day when Wat Tyler is murdered, the teenage king Richard the Second fools the peasants until they are rounded up and defeated. The Ayn Rand’s of the medieval era impose the rule of predatory economics for quite a few more generations.

    So, do you see a viable path where real tangible changes can occur and take root?

    Thanks for your time in answering this