The Critical Hour: Weekly News Wrap Up (25.05.2024)

Richard Wolff provides insights on The Critical Hour regarding the state of the U.S. labor market, dismissing the notion that low unemployment is a sign of strength when wages and purchasing power are not keeping pace with inflation. Wolff argues that the real measure of a strong labor market should include job security, adequate benefits, and living wages that can keep up with the cost of living. He criticizes the mainstream narrative that the economy is strong when many Americans are experiencing a deterioration in their economic conditions. Citing historical examples, Wolff suggests alternative measures to combat inflation, such as price controls, that don't rely solely on interest rate hikes which can exacerbate the problem. Lastly, he calls out the disconnect between official economic indicators and the reality faced by non-supervisory, working-class Americans.

Prof. Wolff's segment - (0:00 - 19:44)

Listen to the full episode here

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  • Ollie Gilliam
    commented 2024-06-11 06:11:42 -0400
    Wolff’s suggestions for alternative measures to combat inflation, such as price controls, rather than relying solely on interest rate hikes, provide a contrarian perspective to the dominant policy approaches. This challenges the assumption that interest rate increases are the primary tool to address inflationary pressures.
  • Richard Wolff
    published this page in Updates 2024-05-28 16:42:07 -0400