Democracy Now! Fed Rate Hikes Are “Body Blow” to Workers Reeling from Pandemic, Growing Inequality

On Democracy Now! Prof Wolff joins to discuss  how experts forecast another economic recession in the United States, with inflation at a historic high and a federal minimum wage that hasn’t changed for 13 years. The Federal Reserve plan to combat rising inflation by raising interest rates delivers a “body blow to a working class” already suffering from decades of upward wealth redistribution and a pandemic, says Wolff. 

Watch the interview here. 

Read the transcript here.

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  • pasqual digesu
    commented 2022-07-27 22:12:46 -0400
    Dear Professor

    I just watched your presentation on Democracy Now and I applaud your speech along with the other guest Mrs. Gosh. who also reiterates the problem of uncontrolled capitalism. Your enthusiasm on the act of President Nixon to declare a wage / price fix by lawful decree on both businesses and unions with a penalty of imprisonment for disobeying, to prevent them from unreasonable wage increase demands – to inflating product prices astounded me. You said it was an extreme measure but it worked and we can debate this… Sir, I see nothing to debate here, I only ask myself if you realize that this, is an act Fascism (as it was doctrined by its creator). This is the intervention of state authority in controlling the economy rather than leave it to its own will or means. This is the execution of “corporatism” in controlling excessive greed in both the Unions and business arenas and preventing singular interests from destroying balance, and as you and other famous Americans of history testified “It worked”. In controlling not only capitalist power but also Union greed, Il Duce also suffered resentment from his Socialist family, for doing what was he believed was logically required for the benefit of the whole..
    As for unsustainability it is not just social, but primarily ecological

    respectfully P
  • Richard Wolff
    published this page in Blog 2022-07-27 19:23:23 -0400

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