Economic Update: Prospects for a Political Turn Left

[EU S14 E19] Prospects for a Political Turn Left
This week’s Economic Update Professor Richard Wolff discusses the successful unionization drives that is sweeping across US universities (example: Boston University), We highlight the facts that disprove Biden's "great economy" claims and why inflation is much worse in the United States than in China. Finally we have an exclusive Interview with Jared Yates Sexton, writer and political analyst, on prospects for a left turn in US politics
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[@WellDoneOnTheInternetEverybody]

In my early adult life I was a stereotypical 'doomsday prepper' with little faith in society's trajectory and a fairly conspiratorial view on Government. Now approaching 30 soon, The concept of 'waking up' to the class struggle has given me so much optimism towards human nature.

[@nicadi2005]

"The concept of 'waking up' to the class struggle has given me so much optimism towards human nature." - Easily fixable. Just ponder the question: "Why the LONG sleep?"...

[@WellDoneOnTheInternetEverybody]

@@nicadi2005 up bringing, perception, education, systematic reasons, etc. I feel like that's as if asking why become sober from a drug instead of initially being sober.

[@josepablolunasanchez1283]

I disagree. The origin of the struggles of people are two: 1. Institutions violating the law. 2. Interests allow people to get rich without hard work. Make money without producing anything. Imagine you are rich, very rich. You have 2 options. 1. Invest in creating a factory. Manufacture is difficult and many things can go wrong when producing, distributing or selling. You will be very busy. 2. Put money in the bank and make money with interests. Sit and wait. All that idle time is boring, so you may have dreams of changing society in ways that hurt people because you do things disconnected from the reality of affected people. Spare time among the rich is a societal danger.

[@WellDoneOnTheInternetEverybody]

​@@josepablolunasanchez1283 Whilst I understand your feelings in the conclusion of 2. I would argue that this explanation only highlights the dynamic between power and money, which itself is the foundation of the class struggle. Unregulated wealth perpetuates their power through social violence.

[@nicadi2005]

@@WellDoneOnTheInternetEverybody "up bringing, perception, education, systematic reasons, etc." - All those things you enumerated are SQUARELY under the control of the individual. *Are you implying this 'sleepwalking' most people seem to exhibit is actually a matter of choice?!*

[@Rebekah347]

Dr Wolff should not be surprised by the resurgence of the Left in the US. His eloquent, thoughtful, and expert analysis has fueled that rise by providing exactly the education and the voice that this country so desperately needed.

[@switzjon8405]

It may also be its destruction

[@josepablolunasanchez1283]

Amazingly Chinese communism is a libertarian paradise. Low taxes, deregulated job market, low government spending. US on the contrary has huge government spending, making it very interventionist.

[@xgxfhzxfuhfjgfhgf]

@@switzjon8405how

[@nightowl5475]

As a working class guy who is pro-union, I agree 100% with you Professor Wolff, but I want an honest Union. I was in unions that sold out its workers by not standing with its workers. Unions need to make sure they support the rank and file.

[@MrDXRamirez]

without being specific ... unions were infiltrated by the FBI and the Mob, syndicalists, thugs and assassins...you’d have to go back to 1965 for the start of the death of unions...the biggest and the last bastion of collective bargaining left in the US economy is UPS, a union in negotiations with private equity investors and Wall Street who want wages reduced, cuts in pensions, and payroll cuts,---compensating for the loss of employees, they want technology in the workplace that speeds up the work and increases the output of the workers. UPS makes up 13% of US GDP, that’s a lot. It stands to add more from fewer workers. There aren’t any Mobs, and Moles infiltrating the unions today and there are no socialists and anarchists in their ranks, what there is, is a class struggle between labor and capital.

[@badomaji]

The policies that brought us here were made by those running for office who were either dependent on 'donations' from those who have too much, or were in the ranks of those having too much. We are being 'ruled' by those who worship the golden calf.

[@user-vs7wj4kd8n]

美国的工会就象一个黑工头，不是在帮助工人，是在欺负工人的同时，借工人的名义敲诈工厂所有者，

[@josepablolunasanchez1283]

Unions are a business model. They charge a fee and every 3 months they find an excuse to organize a protest, using a small amount for banners, and labor to make banners and attendance of protest is free. A very profitable business model.

[@MrDXRamirez]

@@josepablolunasanchez1283 More profitable than the Union model for business is the capitalist model for business. Profits, profits and more profits. Expansion, domination, control, of all the little workers and little countries where the little workers come from, work, work, work, than die. BIG PROFITS.

[@AdmiralBison]

Very encouraging THEY/WE the working class are getting back their/our power BUT the need for an Economic system WE/THEY control and owned by public society is still paramount.

[@josepablolunasanchez1283]

Just make institutions to enforce existing laws. Today institutions are violating law. Examples? First amendment in social media since forever with censorship. Trump had 8th amendment violated.

[@harbhajandosanjh9856]

Thank you Professor Wolf. Forming a union is hard it’s an uphill battle. On the other hand keeping the traitors out of the movement is battle which is the hardest to fight. Don’t forget the power of the democratic presidents and the prime ministers. The memories of Reagan, Thatcher and Mulroney are fresh in the minds of the workers. All three demolished the union structure with stroke of the pen. Organized labour should be strong enough to tell these people where to go. And then they (The capitalists) has a sweet poison (an olive branch) to win back the labour movement with little raises so that the movements don’t become Violent (Revolution) Don’t take the olive branch. Be united and Fight them back.

[@TacticalMayo]

He is the traitor.

[@ronstephen-wy4ib]

😂🤣😂🤣😂 there nothing funnier than seeing someone displaying willful ignorance and thinking others don't see through it. 😂🤣😂🤣😂

[@Support_Ad_Blocker]

@@TacticalMayo troll

[@jgalt308]

Organized labor...struggling toward eventual unemployment. It's a good thing that Wolff never bores you with the "details". Has the Professor ever made a comment regarding the "just in time" supply chains? Was it positive or negative?

[@Support_Ad_Blocker]

@@jgalt308 Yes, we should all work for pennies and kiss the sphincters of our oppressors. You've got Ann Rand down to an art.

[@dinnerwithfranklin2451]

Trying to explain that increasing prices are the result of conscious decisions by the owners. Seems simple to me but there are many who perform amazing mental feats to avoid admitting this simple calculation.

[@jgalt308]

Was Standard Oil a monopoly? Did they raise prices because they could? Given your claim, the answer should be obvious if it was true. So your answer is?

[@JimVanderveen]

Wow, BUGU is united! 98% in favor?!? Outstanding!

[@saundraraynor2858]

BUGWU

[@y.l.6541]

I am Canadian. Love your wisdom. I learn a lot❤❤. Thanks

[@macavelli8905]

Excellent presentation

[@davidluckens3479]

As one who lives in the Bible Belt,I appreciate Mr Sexton's discussing his roots in the Evangelical Movement.I know several fellow Kentuckians who have similar stories.As Dr Wolff often says,"life is about contradictions."

[@geraldmantel4955]

Inflation, a matter of collusion ...

[@Googlag]

Are you calling everything a conspiracy? For you, the system that generates inflation is not a scientific understanding of its operation? Are there just bad guys sitting there? Do you just need to replace bad guys with good ones? You do not have a sufficient understanding of capitalism and its stage of imperialism. Since the decomposition of primitive communism. Capitalism evolved to imperialism. With the fall of the socialist bloc of the USSR. In a short time, imperialism began to globalize and give birth to its mimicking forms. In Russia, for example, a full-fledged capitalist society was not built. Artificially created financial sharks - Oligarchs. Over the 30 years of plunder of the Soviet heritage, little has been created other than gas transportation structures for the sale of raw materials from hydrocarbons and metallurgy. Therefore, today there is a Scandinavian model of capitalism, an Asian model of capitalism. All this is a mimicry of capitalism, with minor similarities to socialism.

[@geraldmantel4955]

@@Googlag In this case, it's a conspiracy, maybe compounded by the fact that the Fed keeps flooding the world with Amerikans dollars.

[@nicadi2005]

Market control, same...

[@switzjon8405]

It is a matter of endless spending on a trillion-dollar debt and printing endless money and the Fed manipulation. Aka Government

[@anitahsiao4505]

5/19/2024 I went to Zhangjiajie with my children in 2016, and I was amazed at China's progress. Curiosity led me to study the Belt and Road Initiative, China's annual review and planning assessment meeting, and some of China's five-year plans. Then I said to the children that China will be the leading force for a better future for the world. Today, I am very happy to hear a person with a high social status but no Chinese cultural background say what I see and believe. I hope more and more people can see what you see, and give up their arrogance and prejudice, and work together to build a peaceful and harmonious global village❗️🙏

[@BestFitSquareChannel]

Thank you Professor Wolff.

[@JMoroccoMisterBoy]

Dr. Wolff et al.: Tks., much appreciative.

[@dr.zoidberg8666]

A turn left in what timeframe? Within the next few years? Extremely unlikely. Within the next few decades? Maybe. In my opinion, continued slow imperial decline & episodic dysfunction is the most likely path (just comparing to the path that other empires took), but there's always room for surprises.

[@josepablolunasanchez1283]

USA is already far left. A huge portion of US economy relies on government spending. Without it a huge recession would happen

[@stevenmedge3479]

Thanks as always

[@politika8087]

About pay for academic workers, when I was in the 6th grade, I was part of a summer-long enrichment program at a public university. This was around 1987-88. I remember seeing several Porches, Ferraris, Mercedes Benz, and even a Lamborghini parked all over campus. As kids, we never got tired of seeing them, and we gleefully wished we could own one someday. But when I became enrolled there as a student in 1994, these cars were almost completely absent from the campus landscape. Years later following budget cuts and other austerity measures, I put two-and-two together, and now understand why there were no more fancy cars around anymore.

[@user-sz1rk1jj8j]

Omg, such great info 💙

[@markkessnich4101]

thank you

[@piku5637]

We need an Uncle Ho type of figure to emerge in America.

[@Googlag]

What will happen when uncle dies? Division of inheritance?

[@markusseah6803]

Thanks!

[@andrzejfrancikiewicz9964]

WE NEED 3 PARTY 🎉❤PS. NATIONAL PARTY

[@harbhajandosanjh9856]

You will never get the third one. Even your constitution is framed for the rich and the powerful. You have money you can beat any crime you have committed. There are loopholes in your constitution for the wealthy and the powerful. Look at Trump. A known rascal will become the next president 🤣🤣🤣🤣🤣🤣🤣🤣 because the voters will have no choice. USA can’t find anyone better than these two. They are both corrupt. Even if someone else comes in he or she will not be better than them either. Look China one man has brought the country from the rags to the most powerful country in the world. You know why because that Man is honest, he is dedicated, he loves his people and his country, he is father of the nation. Above all he is A LEADER not a politician with a rotten back ground of a lawyer, corrupt, criminal and person without any integrity and conscience. Russia and China have leaders we have politicians. 👏👏👏👏👏👏😍

[@AdmiralBison]

I agree we need a party that represents the working class and society.... So why not take over both the Democratic and Republican parties? We don't want to be in the same situation in 1780's France were there was only one small party representing the workers was outnumbered by all the parties owned by the aristocrats and nobles.

[@MathUDX]

@@AdmiralBison Why not... attempt the same dumb tactic that's been attempted every 8-12 years for the last century? Gee I wonder if we should try that again.

[@richardong6544]

Thanks

[@patricialongo5870]

I wonder how much longer the algorithm can determine our politics.

[@slom2529]

Professor Wolff for President 2024!

[@williamblack4097]

Let's not forget Shawn Fain endorsed Genocide Joe.

[@loisk6186]

Great interview. I wish your interviews were longer. Is there any reason why they are limited to approx 15 minutes? 30 would be better.

[@jgalt308]

Expanding this free B.S. site, cost him 20% of his Patreon subscribers...resulting in months of absence, and him cutting loose David Harvey and the "All Things Co-op" crew. Clearly, NOT a democratically run co-op...but the 15 minutes does allow him to "control" the content and direct it toward the meaningless rhetoric that fits the mindless victim agenda which never bore you with the details.

[@user-dj6hu9gq4t]

@@jgalt308ok bootlicker

[@idontgetit2938]

Nice! I don't know if he's addressed this before, but I wonder if he would do a segment comparing MMT to its competitor theories

[@SBb374]

Is there a chance Chris L. Hedges will land at D@W now that his show has left TRNN?

[@sanestflexican]

I usually listen to the podcast via Apple, but this episode seems to be unavailable when I try to reproduce it 🤔

[@piku5637]

Co-ops in particular working with strong active unions are the closest we can get to achieving (libertarian)🏴socialism. A true🗳️💙social democracy.🐦‍🔥☭🕊️🌸🏳️‍🌈Ⓐ🏳️‍⚧️

[@disastrousemouse]

You still have to contend with a necessary switch to low/no-growth economy, which will require more automation, modular consumer goods with long-lasting foundational structures, and access versus ownership models. Still, worker cooperatives are a bridge and it builds cooperative praxis, IMO.

[@MrDXRamirez]

It can only be a question of how long is the working day to be since wages was not the variable for the 45 years? When was the last time you got a pay increase working in the private sector? Right, ---my point exactly.

[@CharlotteAdam360]

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

[@Juanw5ayne]

Exactly! My grandparents were so frugal but they had a TON of money on both sides. I remember my grandfather telling me "you want to make money while you sleep." And I guess that attitude passed down to my dad (RIP), because I remember going to his house one day and I had bought something I really liked, so I wanted to show it to him. So I said "Look at this! Isn't it cute? It was on sale...I saved 50%!" My dad replied "Well, if you're spending, you're not saving." Obviously I had no retort, and that has always stuck with me.

[@DaniCharney]

Saving and investing wisely while prioritizing necessities and a few small luxuries in relation to one's total assets is a great approach. It helps ensure financial stability and I my for the enjoyment of life's little pleasures without compromising long-term financial goals. It's all about finding a balance that works for you!

[@KathyJvanest]

very true, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $180K to $572K in a short period of time.

[@MattHardwood1]

How do you do that? I'm interested

[@KathyJvanest]

Thanks to my co-worker (Alex) who suggested Ms Brenda Leigh Van.

[@wertywerrtyson5529]

Honestly I’ll take Americas growth over the recession we have. And our inflation is worse too because the USD that is the main currency in the world is almost twice as expensive as it was a decade ago which means everything imported is more expensive which is most things in a small country with a small currency.

[@jacob6908]

The problem with unions is the people that support them.

[@bernardheathaway9146]

🎉🎉

[@tonysu8860]

?? I think the audio needs to be fixed and then the video reuploaded.

[@Vienticus]

I don't see how America is retreating into all the entertainment. All the "entertainment" sucks. There's nothing to retreat into.

[@user-dj6hu9gq4t]

ClearChannel and Iheart radio is waiting with monotonous propaganda for your escape.

[@georgegilks348]

Jimi Hendrix once said "everything in life is a gimmick, something to get your money". We are so manipulated that the majority accepts it, thinking this is normal. Glad we have people such as Richard Wolff who show us what's really going on. A hearty thank you for your insights.

[@switzjon8405]

23:13 Darn near all of entertainment has a progressive message. It's why most are failing. People are growing tired of it.

[@traciewebster4175]

What is the big picture of what they are trying to gain and who has the most to gain from most of American's pain?

[@OPTHolisticServices]

#directdemocracy#smartfuncities...💗🍃🙏🏻

[@robtippin9111]

😎

[@andrzejfrancikiewicz9964]

Dear Professor Walffe gooten Tag , i think we have to crate 3 party because the two party dont represent 70 percent dont represent common peoples

[@bobybrimm5202]

Reaganomics : Take from poor to give to the rich and maybe rich will give a bit back. Bidenomics : I dont know man, just leave me alone.

[@traciewebster4175]

The rich are supposed to give a lot to the poor per scripture in the Bible. If there are rich people claiming to be religious then why aren't they doing it?

[@geraldmantel4955]

We as True Amerikans would rather blame the Russians than blame the real source of the problems, Wash DC.

[@TheRantingRooster]

What is a "true American?"

[@geraldmantel4955]

@@TheRantingRooster Excellent question, I've been wondering the same thing for the last 60 1/2 years ...

[@Support_Ad_Blocker]

The greatest threat to the United States is the United States.

[@Glumclam]

The problem is capitalism the government is just another tool of capital.

[@user-dj6hu9gq4t]

Capitalism devours democracy and shits oligarchs.

[@vivalaleta]

Economic despair engenders fascism from an angey public. I'd love to think otherwise.

[@theboyisnotright6312]

I think we are seeing this in trump. It's not so much a political movement as a cult of personality. I can't for the life of me understand why you would look to that conman as a savior. But there it is. Honestly don't worry about trump so much as the person that will take over when he dies. Or the whole thing might just fall apart. Who knows? 4:04

[@vivalaleta]

@@theboyisnotright6312 It's because of every American white men had a place in this country - good blue collar job, house, vacations. And though it's shittier for all that group has lost the most. They're angry as hell and we need to convince them of worker's rights before they go full fascist.

[@samaval9920]

Efjc despair in Goba South majority often rovokes reactions to nationa inde endence,rightist centrist eft national ist or socia ist. Antico onial independence pften motivates people in Global South, but nationalism in imperial Global North is rightist imperialist -- how to develop non or anti imperial GlobalNorth national ID??

[@conantheagrarian]

Lemme guess your name, Jaxon claxon

[@abeismain]

Do unions have a formula? 😅

[@crowwalksalways3419]

Not a prayer

[@JonasTanner]

❤️I will be forever grateful to you miss Caroline Anthony, I really don't know how to appreciate you, you change my life and my family situation, a huge thanks to her expert Caroline...❤

[@JonasTanner]

I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance

[@JonasTanner]

from my personal financial advisor

[@WatfordLouis]

YES!!! That's exactly her name (CAROLINE ANTHONY ) so many people have recommended highly about her and am just starting with her from Brisbane Australia

[@WatfordLouis]

This sounds so good and I would like to be a party to this, is there any way I can speak with her?

[@JonasTanner]

Sure! She interacts on what's Apk using the digit below👇

[@rogerdorsey7823]

NOT ELIGIBLE FOR DISTINCTION.

[@TacticalMayo]

LOLOL ABSOLUTELY NOT.

[@notsoancientpelican]

about zero, is the realistic answer

[@elviraespinoza429]

Tvs Laying not talk tis News.

[@JoMo-yb4oe]

Legalize tiktok

[@user-cj2wz8sb1l]

no

[@user-dj6hu9gq4t]

Too much truth, fascists operate in the lie.

[@geraldmantel4955]

Amerika .... DUH!

[@TacticalMayo]

USA 🇺🇲 USA 🇺🇲 USA 🇺🇲

[@geraldmantel4955]

@@TacticalMayo Duh ... Duh ... Duh!

[@Support_Ad_Blocker]

@@geraldmantel4955 Rah Rah 'Murica! Free-dumb!

[@user-dj6hu9gq4t]

‘Merikkka. Dumb and dumber

[@richardthut7071]

❤❤I ❤❤would ❤❤have to ❤❤say that ❤this our stem is doomed to fail so what you are saying we invent bigger numbers 10 or 11thousand dollars a hour but we want more what do thing?

[@richardthut7071]

I just have to say how 🤔 far can it go

[@brentirving7209]

I know professor Wolff knows this and i often think he tries to oversimplify his message, presumably for the audience he believes he has and the response he is hoping to arouse. Economic growth as a simple percentage reflecting the entire country tells you virtually nothing about the wellbeing of its citizens.

[@elviraespinoza429]

Not govierna Real Americans today govierna Washington Israel GENOSIDAS govierna Washington.

[@huwpatt3817]

Ths distractions are language based... words "obfuscate" "nascent" "duoploldtlc "faid~~" are not generally recognisable meanings... listen 2 yrselves"... & Prof, dosge hyperbole

[@elviraespinoza429]

Ex CIA JORGE SOROS AR EUROPEA.

[@conantheagrarian]

Beardo, if you’re not being authentic you’re a flop. You can thank tiktok for that.

[@kitexpoem]

Stopping watch at 21:58 cause i worked 10 hours today...here my fear: you still believe that this civilization is changeable. How far down do we dig? How far back? What structural changes are required? This dude, Richard, has good jargon, blaming TV, basically...it needs to collapse. When anyone has a decent idea about what to replace this with, i will listen. But if y'all wanna talk shit while i work 10 hours a day, he calls you "Mr Wolfe, i call you "Richard." At this point, propose an alternative, what we do day zero, Khmer Rouge refrence intended, or it is all wind of garbage i heard all my life. What to do day one? I am asking, cause this chat is chatter. I am a smart man, have taken billy clubs, what shall we do? And do not dare tell me to vote. I remember.

[@user-dj6hu9gq4t]

Start a cooperative.

[@nathangostey]

I think that the point was to get organized with unions and the social parties that you align with. But honestly there aren't easy or clear action steps to achieve those things either. There's more information about this stuff online that Richard covers via debates, etc., but you may have to do a little digging.

[@nathangostey]

And to add on to what I said, what you want (action steps) wasn't the subject of the video

[@richardthut7071]

US political stem is becoming increasingly childish a absolute imbersment i think that you people have been sniffing to much gun powder 😂

[@geraldmantel4955]

If Boston U grad students wanted to be true Amerikans, they would take a 50 percent pay cut and donate the difference to pay down the National Debt ... so there.

[@TheRantingRooster]

Why not Elon Musk, Jeff Bezos, Warren Buffet, Bill Gates and other "multi-billionaires", who have stashed an estimated $21 to $36 TRILLION in untaxed income in offshore tax havens, donating everything above 1 billion? They would make a bigger dent that college students. You must hate the working class. 🤔

[@ronstephen-wy4ib]

You've done that already, right?

[@geraldmantel4955]

@@ronstephen-wy4ib Check's in the mail!

[@dbarker7794]

Thanks for the laugh, bro. 😂

[@user-dj6hu9gq4t]

Just tax the rich and it’s done.

[@siljrath]

look where we are on the *political compass*. dot, if you will, org. a turn merely left right now, takes us to worse places. freedom first. "We are convinced that freedom without socialism is privilege and injustice, and socialism without freedom is slavery and barbarity." --Bakunin

[@Googlag]

Bourgeois democracy is the rule of exploiters, the democracy of the minority. Socialist democracy is the power of the workers, the democracy of the majority.. But you personally can remain among the minority. In their insignificant illusions and fairy tales of garage billionaires.

[@user-dj6hu9gq4t]

Waiting to be eaten.