The Socialist Program: The Alarm About Inflation, Don’t Believe the Hype

Prof. Wolff joins Brian Becker on The Socialist Program to discuss inflation. Treasury Secretary Janet Yellen assured the public last weekend that growing fears of rising inflation are misplaced. Is this true? What is inflation? Why does this matter for the working class?

 

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  • pasqual digesu
    commented 2021-03-26 10:20:29 -0400
    Capitalism controls government in America which is why lobbies are allowed and not deemed criminal as bribery would be for a lesser federal official. The laws are key to everything, and who controls the legislators? Another element which has stagnated wages as studied in sociology was also the increase of woman in the workforce which displayed a marked increase from the social, sexual revolution of the 60’s 70’s onward. The other half of the population was pulled into the factory increasing work, production, low cost salaries establishing 2 income norms to provide the same basic securities that were attained 2 decades earlier with one income. This was profit was later expanded with 3rd world workers. Controlling US financial forces know that as long as blue collar get thrown a bone (with some attached steak and mashed potatoes at supper time) they will be pacified regardless of burden and we can all avoid another French revolution or American labor revolution. As for Nixon’s unorthodox actions in office from the EPA to economic intervention in cost control, it was a sign of true leadership as was said of FDR’s “new deal” by Italy in 1933 after sending Rexford Tugwell there to study that government. "The change in America is now reflecting the principle that the state no longer leaves the economy to its own devices”. Even the negative domino effect of Volcker’s necessary actions could have been remedied by a functional State that can also control party manipulation to appoint a Hollywood movie puppet.
  • Richard Wolff
    published this page in Blog 2021-03-19 05:21:20 -0400

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