Economic Update: Roots of a Surging US Labor Movement

[EU S14 E20] Roots of a Surging US Labor Movement
In this week’s Economic Update, Professor Richard Wolff discusses the reasons why the official United States unemployment rate is currently low in comparison to historic rates; We also highlight why U.S. restaurants are losing business. We then turn to the hypocrisy of Treasury Secretary Janet Yellen in the face of repression of growing American protest movement against Israeli policy in Gaza. In addition, we discuss Gabriel Zuckman's report on the economic impact of the dramatic cuts in taxes on billionaires vs rising taxes on the poorer half of the U.S.
Finally, we Interview union activist Steve Early on rising labor militancy and unionization: its roots, momentum, and future.
For last 50 years, Steve Early has been a labor organizer, lawyer, free-lance journalist, or union representative. For three decades he was a Boston-based staff member of the Communications Workers of America.
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[@HodgeChris]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@PatrickFitzgerald-cx6io]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@carssimplified2195]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@Pamela.jess.245]

How can I reach this person?

[@carssimplified2195]

‘’Colleen Rose Mccaffery’ maintains an online presence. Just make a simple search for her name online.

[@Pamela.jess.245]

I checked Colleen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.

[@AliciaCrone]

Americans are facing a tough time with their finances, especially concerning housing affordability and retirement savings.

[@rodgertim2881]

I'm getting worried about the rising housing prices. It seems like it's becoming harder to afford a home these days.

[@sebastiaanthijn7982]

Yeah, it's a real struggle. With the rising housing prices and stagnant wages, it's becoming increasingly difficult for many to afford homes, let alone save for retirement.

[@V.stones]

Absolutely. And with the fear of not being able to retire comfortably, people might be tempted to make risky investments or neglect proper financial planning, which could spell trouble for their portfolios in the long run.

[@georgeearling905]

It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.

[@cherylhills3227]

And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.

[@theageofgoddess]

Thank you Professor Wolff, 🙏🏽 sir 💯

[@kp6215]

Good Afternoon from S F

[@iamzuckerburger]

Hi from the SeaBus in Vancouver 🍁

[@JohnAranita]

Good afternoon, from Honolulu, Hawaii. : - )

[@SolarEcliptic]

I haven’t eaten out in five years, and I’m not about to go back.

[@chriswong9158]

Live in California, over nite April 2024, 1,000 fast food business just went out of business... No place to eat now.

[@kp6215]

Patreon doesn't allow free speech as it terminated independent journalists from March 2022 to present date .

[@tylermcconnell]

Buy Me a Coffee has a better track record so far - kept @PatrickLancaster through his Ukraine journalism.

[@spanky7277]

We don't have things to write off like the big companies do .

[@JRich-yz3he]

Thank you as always :)

[@SouthCom1917]

Interacting with this video for the algorithm! Thank you so much for your dedication to educating folks Prof Wolff 🙏❤️

[@JeannotLabeille]

Thank you professor.

[@gabriellehunstock8767]

Thank you for these exciting videos!

[@earlviney5212]

Just paid 39.50 for 2 hamburgers 2 fries a coke and a beer at a bar restaurant

[@focusedeye]

Sounds very similar to what I experienced (price wise) here in Metro Vancouver, BC. Provincial minimum wage (as I write this) is CAD$16.75, which sounds great if we weren't paying an average of about CAD$2000 a month for rent.

[@chriswong9158]

You've forgotten the "tip" of $8.00, a must now in restaurants, if you want to get out with your head on....

[@cosmicmusicreynolds3266]

Please don t buy coke.

[@piku5637]

Wish we had more socialist leaders here in Canada.

[@moemimouni679]

CANADIAN APPROVE THIS MESSAGE. 🙏PROFESSOR: RICH WOLF,WE NEED MORE VOICES LIKE YOURS LIKE NEVER BEFORE 🙏AGAIN n AGAIN4 UR SOLIDARITY WITH WORKING n OPPRESSED MASS OF AMERICANS.

[@asad5067]

we should do something about border security abuse and 7 weeks paid vacation. uk has 6 weeks.

[@kp6215]

Interview V J Prashad from TriContinental wrote great article that I read today.

[@jennyhirschowitz1999]

Indeed. Vijay Prashad, and Noam Chomsky, and Robert Wolff et al….. have been foretelling this for decades. The depravity of US capitalism is causing the most terrible hardship for the majority of American workers.

[@hujiannong]

美国不需要两党轮流执权做同样的事。 美国需要根本性的政治和经济体制改革。 不过改革也解决不了美国几十年重复的问题。 可能需要革命。

[@tarmotyyri6733]

🇫🇮❤prof. Wollf.

[@kradwonders]

Interesting discussion. Question: how much will the wealthy spend in state capitals and Washington to depress the labor movement? Since Nixon the wealthy have convinced the public and legislators that tax cuts for the wealthy is good economic policy. We are now paying the price.

[@khg151]

...and when it fails, which it always does, they just decided to go bigger and harder, which fails, so they go even bigger and harder, then failure, lather, rinse repeat, complete insanity. Prof. Wolff speaking truth to power.

[@jgalt308]

@@khg151 Then why is he still on the internet?

[@brittineydefrank5739]

Very informative, thank you

[@frederickfrankenberg3667]

Can you please write subtitles for your shows please?

[@spanky7277]

How much taxes did the corporations pay ?

[@Nemesisnxt]

None. It’s all passed to the consumer.

[@Aldo_Regozzani]

take a look at the housing, car market & fast food restaurants, divorce rates and marriage rates. Bad outlook.

[@Nemesisnxt]

There were between 4 and 11 Billionaires in 1960.

[@asad5067]

money was worth a lot less then too.

[@jgalt308]

There were no U.S. billionaires in 1968, there was one billionaire in the world, J.P. Getty. Also inflation has been constant since 1939, therefor the fiat money is constantly losing value. As of today, the inflation rate of "lawful money" is 6662% in 1934 dollars, and 5535% in 1974 dollars. To explain, if you had 1 million 1934 dollars, you would need 67, 620, 000 today to equal the purchasing power. One Million, 1974 dollars, would require 56,350, 000 today. In 1968 Howard Hughes was worth an estimated 350 million...that would equal 23, 667, 000, 000 in today's fiat. That's what happens when you don't know what inflation is or what causes it...but you use rhetoric for effect...so both comments above are wrong, and the second one is completely backwards. Another example, in the late 70's the manufacturers suggested retail for a fully loaded Cadillac was $20, 000. Today that price is S107,035. Now in terms of "real money" that price should be $1, 120, 000. That is the power of "capitalism" and efficiently organized production...which if nothing else should give you something to think about and inspire relevant questions. Or maybe not?

[@rap36case]

Why not have a training video series and printable docs here, for Co-ops, unions, and labor organizations?

[@treeztop]

I’m guessing that would take considerable effort to produce & you’d likely have different ideas on how it should be done. Great idea, though

[@iamzuckerburger]

WOLFF THE GOAT 🏅 🐐

[@fena1931]

What exactly that means ??

[@matthewingerson]

@@fena1931 G.O.A.T is an acronym. It means, "greatest of all time."

[@dmitry9726]

для таких молодцов и умников..не составит труда и Времени!!!

[@nthperson]

A core problem with "the American System" is the redistribution of income and wealth from producers of wealth to nonproducing "rentier" interests. The solution is to directly tax rents (i.e., the rental value of land, of natural resources and assets where the supply is restricted by law, such as liquor licenses or taxi medallions). Absent that, we need a simplified but progressive income tax. What would that look like? Exempt all individual incomes up to, say, the national median income. Eliminate all other exemptions and deductions. Above the exempt amount, impose an increasing rate of taxation on higher ranges of income. At the higher levels of income, most of that income is unearned and due to speculation or privilege.

[@jgalt308]

What is income? What is money? What does the Constitution give the government the authority to do?

[@kp6215]

Hi Charlie 👋

[@user-fm2yd1mk6v]

非常的speech

[@jocelynevkb5889]

International Socialism is the ultimate goal for Humanity's survival: both economically & environmentally. Sharing resources equally will sadly not happen without major social upheavals. That's the reason behind the greedy 1% pumping $$$ in elections, the military, police, border force & surveillance. Supporting the barbaric genocide on Gazans is intended as a warning to Peoples daring to aspire to Freedom & Justice.

[@chriswong9158]

and yet, Western World dislike China PRC system... Produce 600 million into Millionaire at same time remove 800 millions out of poverty since 2022... fact check it.

[@micnorton9487]

Sad but true... and the thing is,, it's actually the workers who do all the labor for getting resources and processing resources and manufacturing and etcetera,, and a marxist financial structure would accomplish everything that the free market system accomplishes except the violence, greed and destruction that comes from cutthroat capitalist enterprises competing with each other and especially trying to crush socialist initiatives before they even start.... the financiers in the western economy are the LAST people who should be controlling Mass capital initiative,, as you pointed out the upheaval in Gaza over colonialist Israeli ambitions and the ongoing proxy war in Ukraine trying to crack Russian oligarchs to come on over to Wall Street and forget about the BRICS are just the two most dangerous fiascos going on now... As long as the cutthroat capitalist Empire on Wall Street stands, world peace is impossible because Wall Street oligarchs are so insane that they play nuclear chicken with other countries on a daily basis and consider it just another day at the office... but I suppose that's not surprising since profit doesn't have a soul...

[@ExPwner]

Socialism only produces poverty and mass death

[@killerkadaver205]

1000000% this is such a crucial time to go out and get organized

[@rbj5767]

🙏🙏🙏🙏🙏🙏🙏👑👑⚡️⚡️⚡️

[@crescentprincekronos2518]

Wolf's arguments always come down to class warfare.

[@ExPwner]

Yeah and not any actual facts

[@user-sz1rk1jj8j]

💙

[@yesteryear]

more needs to be talked about how useless the afl-cio is fo da workin class

[@mechboystargazer1070]

Can I ask is there a difference between commercialism and capitalism.

[@mudpiemudpie785]

I don't know where that inflation figure comes from, but I'm paying 50% more than I was last year for my groceries. I have a hard time believing that figure.

[@mechboystargazer1070]

Could it be that the figure is a reflection of lack of growth. That the reality figure is actually the growth rate itself.

[@teofilosingson9725]

I have a question Professor Wolf Who pays The Corporate Tax of " Company " Is it the Company or the Workers ? Is The Profits of Company " Taxable ". ? What is " Profit" derived from ? , Thanks

[@cosmicmusicreynolds3266]

Workers pay most of the taxes

[@crescentprincekronos2518]

​@@cosmicmusicreynolds3266😂😂

[@leroitiaks]

Was the guest involved with the CIA (AFL-CIA)?

[@bernardheathaway9146]

😮😮

[@tEqUiko]

1st

[@richardthut7071]

To make money

[@fena1931]

👏👏👏👏👏 professor Wolf is 100% right !! .... hug from south America !!!

[@SolMuun]

I don't understand why the unemployment numbers are so low. I'm having a next to impossible time getting a job. The process is so layered in exclusionary gatekeeping I can't even fathom getting employed. Is this just a deception?

[@lukeolson5177]

There are jobs available but none at a living wage

[@khg151]

You are not alone. Millions in US, especially over 50, are out of work. I apply for jobs and do heavy networking outreach. I get very few replies back. The responses I get back are on the order of "good luck and god bless." Look at the labor participation rate 62.7% (out of 100%! Those willing & able to work). The US is an oligarchy now heading for fascism and there are no benevolent dictators. Urgent changes needed that is for sure.

[@spanky7277]

Who causes the Inequality ? Who causes Inflation and does Inequality cause Inflation ?

[@earlviney5212]

But hey senator rick Scott says the poor have to have"more skin in the game."that's right he believes the poor should bring down the national debt not the rich.

[@christinehoovler4841]

Great. But there can't be any integration of climate knowledge here. One always needs more sources.

[@spanky7277]

It depended on what your income was ? No ?

[@llesperence]

It seems everyone is still relying too heavily on the charts now. Imho, when the ETF's stepped into Crypto it changed the game. The Bitcoin Baby has been born and will grow up fast. The Crypto Market now has a rubber stamp of approval. Wall Street is in the game now and It will become the store of value we have been talking about. The rules are already changing. We would have normally had a corrective retrace by now, yet Bitcoin has been steadily rising. The name of the game is getting out with profit, but when exactly to get out this Super Cycle is going to be a tricky one. It's not about guessing the market's next move; it's about playing it smart and steady...managed to grow a nest egg of around 3.4Bitcoin to a decent 18Bitcoin in the space of a few months... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@kp6215]

India caste system of Dalits Untouchable 76% of workers in 19th century on cotton spinner wheels changed for profit by 🇬🇧 Crown.

[@mechboystargazer1070]

Rothschilds yeah i know i know but he once said only a few years ago he has more in common with the poorest man on earth than any inbetween. Why? Because they both see clearly the inbetween without a university understanding. One looks from the top down one looks from the down up.

[@ernstthalmann4306]

Long Live Lenin

[@juniorgod321]

Abolish the IRS!

[@vivalaleta]

Absolutely not. Fully fund the IRS so they're able to go after the wealthy cheaters like they once did.

[@ExPwner]

@@vivalaletalick that boot some more

[@vivalaleta]

@@ExPwner You don't know what you're talking about.

[@williambishop8101]

I'll abolish the IRS if you abolish private property

[@earlviney5212]

No way. The rich should pay all taxes the poor should pay none.

[@dmitry9726]

учите Русский!!!..

[@richardthut7071]

Unfortunately the union drove the costs up I would say people get into business to make but union's wanting so business puts the price up and on and on get it

[@earlviney5212]

You just explained the problem with capitalism

[@richardthut7071]

I think that we should be kissing the business man but maybe if union's get out of the business man's face maybe he would mayor a Christmas bonus what do you think?

[@SinclairPoppins]

Isn’t the problem that places like China are too authoritarian? Like, giving the government too much control, like in socialism, is dangerous?

[@AlexDeLarge1]

Well China isn't socialist at all so yeah lol

[@SinclairPoppins]

@@AlexDeLarge1 “China isn’t socialist at all” This is not true

[@williambishop8101]

It depends entirely on the levels of transparency and accountability. If bad things are visible and stopped/punished, it is fine to be very powerful.

[@AlexDeLarge1]

@@SinclairPoppins Wdym, China is more capitalist than America

[@AlexDeLarge1]

@@williambishop8101 This is not how legitimacy works. You're literally describing a fascist state.

[@user-jr2ed7my1b]

REVOLUTION TIME