Economic Update: Capitalism's Costly Contradictions

WE OWE YOU ALL AN APOLOGY
WE OWE YOU ALL AN EXPLANATION
WE OWE YOU ALL OUR DEEPEST SENSE OF GRATITUDE
THANK YOU FOR YOUR SUPPORT, YOUR UNDERSTANDING, YOUR PATIENCE, YOUR KINDNESSES, YOUR CONCERNS, YOUR QUESTIONS, YOUR DEVOTION, YOUR SOLIDARITY & MOST IMPORTANTLY,
THANK YOU FOR YOUR SUPPORT.
IT HAS MEANT MORE THAN WE CAN SAY HERE OVER THE PAST TWO MONTHS OF TRIALS, TRIBULATION AND NOW, THE TRIUMPH TO COME.
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Sign up for our newsletter for more info and updates as we roll out the next chapter of d@w.
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[EU S13 E24] Capitalism's Costly Contradictions
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Updates on real US unemployment problem; Congress betrays students on student debt issue; huge majorities polled support US teachers, increased teachers pay, teachers' freedoms to teach about race, and teachers' power vs boards of education and state governors, importance of ILWU strike shutting down west coast seaports. Major discussions of capitalism's contradictions around (1) capitalists forever "saving on labor costs,"and (2) capitalists celebrating self-correcting markets."
Economic Update with Richard D. Wolff is a @democracyatwrk production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community:
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Check out the Hardcover edition of “Understanding Marxism,” by Professor Richard Wolff at: www.lulu.com/
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

[@alandoane9168]

I have missed this show so much the past few weeks. I hope things are back on track, and more importantly, that all is well with Professor Wolff and Dr. Fraad.

[@EvolutionWendy]

Me too 🌻✨ may they enjoy health and luck.

[@kp6215]

Amen is family well because I would hire your wife for psychological counseling that Contra Costa County Health Services is required to provide for trauma and sibling abuse until he died in 2016. Liabilities for VAERS’s because incorrect false medical record by EPIC ! Major harm from the pandemic vaccine that my medical record has birth Alergy along with chemicals do not inject or write any pharmaceutical until my allergist verified wouldn’t harm my mast cells.

[@sentientnatalie]

@@EvolutionWendy *Good* luck, to be sure.

[@cheri238]

@@EvolutionWendy 🙏♥️🕊

[@stephen_pfrimmer]

Yes! If demand for housing were truly low, no one would be homeless. Not having money to buy something is not lack of demand. Thank you Dr. Wolff.

[@snave18]

This channel deserves more attention 🎉

[@theprophet489]

The problem is that the us population has been brainwashed into believing America is the exceptionally the best country in the world I have been following and listening to wolf and Jeffrey Sachs and Scott and Mc Gregor when I asked people if they know who these guys are 10 out of 10 say no as wolf is saying generation z is lost America is owned by the war machine but God is going to intervene and the crash is coming all empire lasts for a time and the bully is going to smell the roses in the near future

[@jgalt308]

Why?

[@petestanton1945]

* less algorithmic suppression

[@VinciGlassArt]

@@jgalt308 Because of its pointed criticism of Corporate Liberals like the Biden Administration and his folks. You probably missed that because you don't actually watch.

[@jgalt308]

@@VinciGlassArt One hardly needs "this channel" for that... and whatever that criticism consists of, the agenda behind it is both disingenuous and misdirection.

[@cheri238]

I love Professor Wolff and Dr. Fraad. I have encouraged many to watch his program for years. With deepest appreciation and respect for both of them.❤❤

[@ryanhosey1030]

Glad to have you back, Professor. No one can break down the bullshit like you.

[@bluewater454]

…and no one can create bull$#it like professor Wolff. I guess the two go hand in hand. Thanks for sharing 😁

[@benangel3268]

I notice that everybody is wise enough not to feed the trolls

[@benangel3268]

Trolls and bots are put there to waste our time and energy and divert our attention

[@bluewater454]

@@benangel3268 Cheers 😄

[@TacticalMayo]

​@@benangel3268it's not trolling you just want an echo chamber where no one speaks other than what you Communists want to talk about.

[@genevievefairchild1516]

I like so many others have missed you and our weekly dose of reality! I hope this message finds you well. Please take care of yourself we need you now more than ever! Thank you for all do you. I’m SO grateful I found you Proff. Wolff❤️ solidarity👏👏

[@Juliamey]

The financial sector and derivatives may have a Hindenburg moment if the US Treasury market collapses.Rising market illiquidity in the $14.8 trillion U.S. Treasury market, according to Bank of America, might affect other financial markets.

[@MikeyyyS]

There are many opportunities to make fantastic profits, especially in this depressed market, but such complex transactions can only be carried out by seasoned market professionals.

[@gary803]

@@Holtman76 I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and I'm not sud if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.

[@gary803]

Colleen really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. her is a fiduciary who will act in my best interest. So, I booked a session with her.

[@user-em6ie2be7x]

Missed my daily enlightening about the horrors of Capitalism.

[@davidalvarez7262]

😂❤😂😅

[@chuckleaf8027]

I like this channel... So funny the demonization of capitalism...then I go to my well stocked fridge...get something yummy to eat... turn on my internet and great Dell laptop...and thank my lucky stars I live in a capitalist country instead of a shithole socialist/commie country where Id be freakin' screwed...

[@morningstararun6278]

@@chuckleaf8027 I have been asking this question to so many Capitalists, but no one is answering. How do you come to a conclusion, that a country is Capitalist or Socialist? Instead of saying "thank my lucky stars I live in a capitalist country", you could have said "thank my lucky stars I live in the United States of America". Because, if you attribute your well being to Capitalism, then there is a Capitalist country that is the most populated one in the planet as of now, and it is also the poverty capital of the world.

[@chuckleaf8027]

@@morningstararun6278 Which is that?

[@chuckleaf8027]

@@morningstararun6278 Higher median incomes...standard of living..history... immigration..all points to western countries that have capitalism and largely free=trade. Of course no matter which socialist country one picks a commoe like you will say it's not socialist..or Stalin was a dictator not a socialist or Chavez wasn't really socialist either...in fact you communist argue against any country ever,,, being actual socialist so it.s reall a waste of time... The you'll say the Nordic countries are democratic socialism...and then Wolff has on a Swedish guest/writer who says the Scandinavian countries are all neo-liberal so who knows???? Not you... for sure..

[@Retalak]

Always such a breath of fresh air to listen to you speak Professor Wolff. There is so much misinformation and misdirection out there, your program has to be one of the most accurate programs on the planet.

[@kirstinstrand6292]

Yes, he is a breath of fresh air, especially these days. Now that I have more time free, I'm so happy to have Dr. Wolfe poo up on my stream.

[@jgalt308]

Damn, you just missed it by two letters..." the most INaccurate program on the planet."

[@chetdudeweb707]

@@jgalt308 Damn straight - Don't listen to Dr. Wolff, craft your world view on the 4th rate sophomoric prose/scribbling and hypocrisy of Ayn Rand, right?

[@VinciGlassArt]

@@chetdudeweb707 lol...Beat me to it. Our little "JGalt" is so dedicated. I remember being young and dumb like that. I'm grateful I didn't have an internet so I could sit around and create my own confirmation bias feedback loop. Real life teaches actual lessons. Better ones.

[@chetdudeweb707]

@@VinciGlassArt She/He seems like a "regular" trolling spaces like this...

[@tommyburton9986]

So glad that you're back Professor Rick!!

[@lochnessmunster1189]

He doesn't understand what a contradiction is.

[@roxasrox123]

Pardon my Language Professor Wolff, but you are an american fucking hero. Thank you for your tooth and nail commitment to bettering our society, one idea at a time.

[@jgalt308]

Yeah, can't you just feel the improvement taking place every day because of this man's tooth-and-nail commitment?

[@brandongreene567]

Thank you, Professor Wolff. Eloquent as always.

[@andyjblosser]

Fantastic, Prof. Wolff! We missed you!

[@user-zy4wv7yx1z]

I was quite concerned that something had happened. Relieved and excited to see both of you back. I hope all is good and I wish both of you well.

[@jgalt308]

But it did happen...and a lot of "other" people won't be back because of it.

[@James-os9ku]

@@jgalt308 What happened Galt ? Was it something to do with David Harvey defending capitalism ?

[@jgalt308]

@@James-os9ku Was Harvey defending capitalism? Is that why his show was titled the "anti-capitalist" chronicles? What happened was "lack of money" due to lack of support and the inability to market his B.S., so like every other creature, he is taking care of "family" first... just like every other "human" before him...for at least as long as civilization made the extended family possible. Altruism and co-operation begins at home, even if your offspring do not merit it. So other than Mr. and Mrs Wolff and their hyphenated kids, we shall have to see what other features that used to be funded by the D@W co-op return...that Harvey won't has already been explained...but the excuse doesn't ring true. What I do find strange...is that none of his "fans" seems to have a clue what is going on...while someone like me, who is not, DOES...and all from the "horses mouth", which suggests that his supporters have an attention span similar to that of Joe Biden.

[@rosiedwyer81]

​@@jgalt308 What happened?

[@jgalt308]

@@rosiedwyer81 Already answered.

[@anhedonic-voting]

Thank you 🌎 ✊️ 🗽 🌹 Glad to hear your intellectual voice again.

[@jgalt308]

What does an "intellectual voice" sound like?

[@chetdudeweb707]

@@jgalt308 The opposite of yours... ;-)

[@jgalt308]

@@chetdudeweb707 Right on cue...childish attempt at imitating sarcasm...and still clueless regarding what the words actually mean. You've never heard MY voice, dear...

[@fahadtube1406]

Welcome back prof. Wolff! We missed you so much.

[@jwcas318]

1:41: 📊 The May 2023 report from the Bureau of Labor Statistics reveals that 10% of the US labor force, or 15.3 million workers, are unemployed or working part-time when they desire full-time work. 1:41: 6.1 million members of the labor force are actively looking for work but unable to find it. 2:56: Another 3.7 million workers are working part-time but want a full-time job. 3:16: 5.5 million people have stopped looking for work and are not counted as unemployed, but they still want a job. 4:02: A government program dedicated to helping the unemployed find work or providing public sector jobs is lacking. 5:26: Capitalism is not efficient if it leaves such a large portion of the population in unemployment or underemployment. 5:38: 📚 The Congress is failing to provide relief to students, while public school teachers are overworked and underpaid. 5:38: The Congress is not providing relief to students' debts and the COVID-19 suspension of repayment is set to expire in August. 6:03: The veto of the president remains the only hope for student loan forgiveness. 6:54: Conservatives in the Republican Party are not prioritizing student debt relief. 8:05: A poll shows that public school teachers are perceived as overworked and underpaid. 9:39: The majority of the public trusts teachers and supports teaching about slavery, racism, and school segregation. 15:07: 💼 Capitalists continuously try to lower labor costs through automation and moving production to cheaper countries. 15:07: Capitalists lower labor costs through automation and moving production to cheaper countries. 15:43: Automation involves replacing workers with machines, computers, robots, or artificial intelligence. 16:37: Moving production and jobs to cheaper countries allows for cheaper labor. 17:03: 📉 The contradictions of capitalism: capitalists try to lower wages to save money, but this reduces the market for their products, leading to the development of industries like advertising and credit cards. 17:03: Capitalists use various mechanisms to lower wages, such as automation, job outsourcing, and hiring low-wage immigrants. 17:39: Lowering wages and reducing the number of workers reduces the market for capitalist products. 19:15: To counter the reduced market, capitalism developed the advertising industry to convince people to buy more. 20:45: To compensate for low wages, workers are encouraged to take on debt through credit cards. 21:34: Economic downturns are worsened by layoffs as workers not only lose purchasing power but also struggle to service their debts. 22:17: 📚 The contradictions of capitalism lead to economic downturns and the manipulation of prices by capitalists. 22:17: Capitalism depresses wages and leads to insufficient sales. 23:34: The market's self-healing mechanism is flawed as capitalists can restrict supply to drive up prices. 24:43: Brand loyalty and advertising create the illusion of differentiation to maintain high prices. 26:09: Milk farmers supported government rules and expensive machinery to disadvantage smaller farmers. 27:07: 🔒 Capitalism's contradictions result in higher prices and supply chain disruptions, leading to criticism of the system. 27:07: Government restrictions on cleanliness machines led to reduced milk quantity and increased prices, benefiting big companies. 27:37: Supply chain disruptions caused by difficulties in shipping inputs from various countries result in higher production costs and prices. 28:25: Large companies use supply chain disruptions as an excuse to increase prices, while supply managers should find ways to overcome them. 28:47: Producers sometimes form cartels, like OPEC, to restrict supply and drive up prices. 29:21: The contradictions of capitalism lead to questioning and criticism of the system. Recap by Tammy AI

[@kim_i_said6598]

Thank you!

[@InflatableBuddha]

Thanks for mentioning the ILWU workers. They're also on strike at ports in Metro Vancouver, Canada. There was a rally this weekend with close to a thousand workers and supporters, which included ILWU comrades from the US, and longshore workers from Australia and New Zealand. Solidarity!

[@NoThatRyan]

Great to see a new Wolff video. Hope the Professor uploads more content soon

[@sonopro1]

Welcome back !!!!!!

[@rubyvolt]

My wife and I are both teachers of 30 years. We are pay check to pay check basically. They keep adding days to the year without compensatory money in the salary.

[@bluewater454]

Do you teach in the public school system?

[@chetdudeweb707]

@@bluewater454 The private system pays even less with fewer Rights and Benefits.

[@bluewater454]

@@chetdudeweb707 That is true. Isn’t it funny that the private schools often do a better job with less money and fewer resources?

[@chetdudeweb707]

@@bluewater454 A) Private Schools do NOT do "a better job" than Public Schools. B) I guess YOU can think that exploiting teachers as "using fewer resources" is a good thing, I don't.

[@bluewater454]

@@chetdudeweb707 According to the National Center for Education Statistics “In school year 2019-20, the U.S. average adjusted cohort graduation rate (ACGR) for public high school students was 87 percent”. Nationwide, 4-year high school graduation rates for private schools are at about 97% according to GitHub. Here are a few more comparative statistics: 62% of private school teachers have a master’s degree, whereas 38% of public school teachers do. 91% of private high school graduates attend college, compared to 72% of public high school graduates. The national average SAT score for private school students is 1225, while for public school students it is 1049. Private schools have a smaller student-to-teacher ratio with 12.5 students compared to public schools with 16.1 students. 87% of private high schools offer Advanced Placement (AP) courses, while only 71% of public high schools do. …And lastly, just to address your concerns about the teachers in private schools: 95% of private school teachers reported being satisfied with their job, compared to 89% of public school teachers. So yes, private school often do better than their public school counterparts - with less money and resources.

[@GordonFreemayne]

Welcome back!!🎉

[@grahamkerr2803]

Thanks so much Richard, you help open my eyes ❤.

[@jgalt308]

and yet you are still looking through a glass darkly.

[@mudpiemudpie785]

I miss getting these every Monday morning on my feed on here. So good to finally see another episode. You do great work Prof Wolff!

[@jgalt308]

He has never done any 'real" work and he never will.

[@Ikkeligeglad]

@@jgalt308 You sound angry, why??

[@jgalt308]

@@Ikkeligeglad Must be because of those "10 deadly sins"...your imagination has created.

[@Ikkeligeglad]

@@jgalt308 I didn't create them

[@jgalt308]

Already covered this elsewhere...no response has been offered.

[@breft3416]

The Professor didn't get a chance to say goodby! But I'm glad he's back and have enjoyed his guest spots while EU was on hiatus. Or whatever it was!

[@jgalt308]

But he did say he'd be back...and he said why...but then none of the members of his audience have the memory of it or the intelligence to figure out why there was and would be an interruption in programming. Must be why they keep coming back...they can't remember from week to week what was said...so they never spot the contradictory B.S. Hell, they can't even spot the contradictions in this video.

[@kaceykelly7222]

If we don't get this type of education & knowledge into our school system and into the mindset of all those who vote, there is no chance that we will escape the evil that is capitalism. Please keep up this most valuable and essential work, Mr. Wolff...

[@jgalt308]

The education system is littered with the "victims of oppression"... we don't need any more of them.

[@treefrog3349]

America's education debacle is the single most poignant "marker" for the demise of democracy. You must ask yourself, WHY would a nation, any nation, choose to NOT have the best universal education system possible? The answer to that question is obvious and demoralizing.

[@jgalt308]

What are you talking about...we have Diversity, Inclusion, and Equity now... can that utopian paradise be far off?????

[@blogintonblakley2708]

All market systems create a social incentive toward dishonesty and exploitation. Capitalism ties individual success with the willingness to actually be dishonest and exploit others. All this boils down to an increasingly authoritarian society as the wealth created by all those who participate in the economy gets snatched up and sequestered by the most greedy and ruthless individuals that economy can produce.

[@bluewater454]

And government systems don’t create dishonesty or exploitation? 🤔 Hmmmm

[@jmitterii2]

I was looking up an Alexandr Wang 25... apparently there is a Alexander Wang clothing designer in NY City whose very rich too, that guy is older, my age, at 40 this year... and of course he had sweatshops and sexual allegations against him. The other Alexandr Wang 25 year old is heir to some physicists in Los Alamos... on paper he's worth billions with some AI apps and probably has some stock or private stock that has taken on funky bubble prices in the AI stupidity. But yep. Exploitation. And pure tyranny. Or just gimmickry. The older one exploited poor people forcing them to work ridiculous hours, and when he was not paying them for holidays or vacations or sick time, they filed workman comp, he fired them, another illegal activity. They don't follow laws, and when they can the become law makers making laws that screw everyone else while padding their pockets and their power to go beyond just the passive exploiting of labor. The young one just seems to be subject to the ongoing "investing" scams. AI becoming the hot buzz your nether region for the past 8 months. That'll end horribly if NVDA misses their 11 billion revenue target this next earnings quarter.... they typically their quarterly earnings are 6 to 7 billion and last one it was lower than the prior year quarter; just as all other semiconductors. Nobody can understand how all other semiconductors are showing a steepening decline, even NVDA's last quarter was worse than the last, and last year same quarter numbers. Supposedly it was firstly backorders. But there isn't anymore. Then it was some AI chip. Which makes more sense. We'll see. I only follow those earnings numbers since I actively trade stocks and options. Most capitalism on its own, which isn't new, existed in since Ancient Greece and extended into ancient Rome so over 3,000 years of it, generally has devolved back to an oligarchy to a king or emperor over and over, and in some instances devolving into various forms of slavery including feudalism: a lighter form of essentially slavery. All markets systems, as you stated, have a propensity to incentivize dishonesty and exploitation. It's why even the very rich who tout market wonderment, have a very strong desire to keep courts in their pockets and have such courts to exist along with the police force who execute such court commands. The irony the rich want to pretend markets are just nice and neat and self healing (ie they explode and cause massive misery and everyone has to reject the stupidity and eventually figure out something better)... they love socialism of courts and police forces. Often the military is their best friend too. It's why democracy is the key. Ironic too that many of the rich and pro rich oligarchy lament how we're not a democracy, that we're a republic. Only demonstrating they're not for freedom of the sort that the majority have power and ability to make decisions, that they're against such liberty and freedoms. I would argue at this point, we're not much of an authentic republic either, but more akin to ancient Romes senate which literally was relegated to the very rich who had to put up massive sums of money to run for various offices. And with gerrymandering, which many other countries have not surprisingly figured ways to rebuke and make go away, but in the corporate states of America, it's flat out ridiculous. And with campaign financing, essentially legal bribery. So we literally have a rule by the rich, plutocratic oligarchy. Which can than fall apart into an form of dictatorship either under monarchical type rapped in magica and woo of various religions or just a flat out dictatorship (that also generally creates magica and woo around the dictator). Or misery befalls everyone and it devolves into chaos and stupidity.

[@morningstararun6278]

Take good care of your health, Prof.Wolff 😊

[@TennesseeJed]

I hav been missing these!

[@Athanael777]

I was missing this series so much! Glad to have you back proff.

[@user-tp6bp5kd9w]

Thankfully You’re a Voice that brings the Numbers… and the clarity

[@jgalt308]

Did he bring the numbers...or just a click bait headline? New poll: Majority of adults don’t trust educators to handle sensitive topics Kevin Mahnken | September 6, 2022 New polling on the American education system shows widespread approval of local schools - along with ominous signs of dissatisfaction among both parents and the public at large. In a report published today by PDK International, a professional organization for teachers, over 1,000 adults expressed higher levels of faith in their community’s public schools than have ever been recorded in the survey’s 48-year history, with 54% giving them an A or B. That figure represents an 11-point increase from 2018 and a robust show of support given the extraordinary challenges of post-COVID learning recovery. But respondents also showed only modest trust in educators to deliver capable instruction on potentially controversial subjects like race, gender and sexuality. In keeping with other recent public opinion data, that result was split across partisan and ideological lines, with Democrats showing greater trust than Republicans. And the percentage of respondents saying they would want their own children to become teachers fell to just 37%, a record low. Teresa Preston, PDK’s director of publications, said the perceived desirability of the teaching profession had been declining in recent years and that its current low might reflect public recognition of the hardships inflicted by COVID. Observed Preston, “2018 was the first year when we had a majority of respondents say that they would not want their child to become a teacher, and now it’s an even higher percentage. It suggests continued awareness of how tough teaching is, especially during the pandemic, and all the pressures that teachers have been under.” Poor compensation was the most commonly listed reason for the negative reaction (cited by 29% of respondents), followed by workplace demands and stress (26%) and lack of respect (23%). Across 13 previous polls that included a version of that question, an average of 60% of respondents favored the idea of their children working in classrooms. Perhaps more concerning was the low confidence in educators to teach sensitive subjects. Although fully 72% of public school parents said they had faith in their community’s teachers, compared with 63% of the full adult sample, far fewer members of the general public trusted teachers to “appropriately” handle politically contentious issues. Only in the case of U.S. history and civics did bare majorities believe teachers could do this (56% and 50%, respectively); in five other areas - social-emotional growth (48%), racial and ethnic diversity (46%), media literacy (46%), gender and sexuality (38%), and how the history of racism affects America today (44%) - fewer than half of respondents said the same. Among parents, who generally thought more highly of teachers’ capacity to navigate dicey subjects, just 44% said teachers would handle gender and sexuality appropriately. Those figures dovetail with findings from other recent surveys. An Ipsos poll from October showed a six-point dip in trust for teachers between 2019 and 2021. More recently, a survey released this week by the University of Southern California’s Rossier School of Education found a majority of state residents wanted parents to be able to opt students out of content that they found objectionable. Notably, stark divisions existed in which demographic groups trusted teachers in their community most (though margins of error were higher for these subgroups, given their smaller sample sizes). Black respondents in particular said they trusted teachers less than their white counterparts with respect to every controversial subject. Just one-third said they believed teachers would handle gender, sexuality or racial diversity appropriately. A partisan disparity prevailed as well. While Democrats said they trusted local teachers by a nearly 50-point margin (73%, versus 27% who said they did not), the spread among Republicans was less than half that (60%/40%). Just 58% of independents said they had confidence in local teachers, compared with 42% who didn’t. Preston noted that respondents did not list reasons for their assessment of teachers - it is possible, for instance, that African-Americans want much more intensive instruction in racial diversity than is currently offered, she said. “I think it does speak to the fact that Americans have a lot of questions about what’s going on in their local schools and schools across the nation,” said Preston. That view was shared by others in the education community. Shannon Holston, the chief of policy and programs at the National Council on Teacher Quality, an advocacy group that favors strengthening teacher preparation and classroom standards, said it was “heartening” that parents and the public gave high marks to their local schools. Still, she added, the declining prestige of the profession was a major concern that could be driven by the perception that “teaching doesn’t require specialized skills and knowledge.” “The significant increase in the number of people who wouldn’t want their child to become a teacher is concerning,” Holston said in a statement. “To elevate the status of teaching so that we can attract and retain the strong, diverse teacher workforce our children need, we must set a high bar for entry into the classroom and provide teachers with comprehensive support and the competitive salaries they deserve.” The poll’s full sample was 1,008 U.S. adults, with a margin of error of plus or minus 3.3 percentage points.

[@jgalt308]

P.S. Since most of you can't or won't read...Wolff gave you one number, and then used it to LIE about everything else.

[@antediluvianatheist5262]

@@jgalt308 But you can't SHOW the lie, can you? Libertarians. Always lying. Like your leader.

[@chetdudeweb707]

@@jgalt308 Gee, RW propaganda works. Who knew?

[@jgalt308]

@@chetdudeweb707 Trust in teachers varies based on classroom subject, parental status, and race Most people said they trust their public school teachers, but the level of trust varied depending on the topic. For example, 56 percent of respondents said they trust and have confidence in their community’s public school teachers “to appropriately handle” U.S. History, and 50 percent said the same of civics. But only 44 percent of respondents said they trust teachers to handle “how the history of racism affects America today,” and even fewer-38 percent-said they trust teachers to handle gender and sexuality issues. Trust in how teachers handle various subjects fell along ideological lines. Sixty-four percent of liberals said they trust teachers to teach U.S. history while 50 percent of conservatives said the same. And 52 percent of liberals said they trust teachers to handle how the history of racism affects America while only 39 percent of conservatives said the same. The data don’t reveal why respondents don’t trust teachers to handle those topics, but media attention on efforts to limit discussions about race, gender, and sexuality in the classroom may play a role, Preston said.

[@paulmacleod3559]

Glad to have you back Professor! Slainte mhath, from Bonnie Scotland. :)

[@matthewmcree1992]

Always respect the Longshoreman's Union. They've been the most militant, explicitly left-wing (often even Marxist) union in the US, and they represent the working class as well as any group of workers in our society. And the global Longshoremen's Union have engaged in serious labor actions on behalf of and in solidarity with the global working class, from refusing to load onto ships containers of weapons that would be used against Palestinians (and before that refusing to help ship anything bound for apartheid South Africa), to helping migrants from the Middle East escaping violence on makeshift rafts floating in the Mediterranean Sea, and on and on. Solidarity with the longshoremen from a member of the United Steelworkers (myself) and all of us in the working class.

[@jeanetteschulthe1andOnly]

Not really...they just do what is right? Remember that or were you even alive when that used to happen occasionally?

[@jillfryer6699]

The longshoremen's occupation puts them in a position where they can see more about what goes on around the world, more than most people and any other workers. Ports are the windows and doors to the rest of the world and sometimes secrets go in and out and people working there sometimes notice. Of course governments tend to hate dock workers.

[@trevor-picard]

My wife and I are student loan borrowers who make poverty wages as community college tutors at 2 different schools, and I make $4400/semester teaching 2 courses as adjunct professor at a 3rd school. We make so little that we’re on Medicaid, and keep having food stamps taken away. We won’t be paying a single penny of our student loan bills, and we’re encouraging all borrowers we know to do the same. There is a great deal of support for it from my perspective.

[@SkipKiplinger]

if any of what you wrote is true, why do you listen to this clown? he has no actionable recommendations, and his marxist perspective will do little more then increase your stress and frustration. i feel for you and your spouse, but there's no value added from Wolff. also, hope you realize that your student loans (liabilities) are someone else's pension (assets).

[@jgalt308]

You could try sending a "promissory note" promising to pay if the "judge" in the case can explain how you repay a loan without violating the "supreme law of the land"...and then wait for him to order you pay it in "legal tender" instead of lawful money. He will, and you will lose, but that is NOT what is important...the critical part is exposing how a "judge" could order such a payment and not violate his oath to the Constitution. The reason this is possible is that you signed a "contract" and failed to add the required "reservation of rights" under the U.C.C...a law that has been in place since 1952 federally. This failure bars you from asserting any rights or constitutional protections you might have had, by means of estoppel, and asserts that you have given "implied consent" to the waiver of all rights, even if the contract violates them, since the "Constitution" is no longer applicable. The ignorance of this requirement, and the subsequent waiver of rights that result applies to every signed contract or agreement, public or private...and every aspect of your life...some of which include, banking, terms of service agreements, NDA's, non competes, taxation, forced arbitration, etc. That this ignorance persists, in effect totally alters the concept of justice and rights, and flips the script, making YOU the criminal rather than those perpetrating the fraud, and under the constitution, and USC statutes, they would be the criminal and in many cases would be subject to severe criminal penalties, fines, imprisonment, and suits in "law and equity". IGNORANCE IS STRENGTH it's just not the strength of the ignorant.

[@SkipKiplinger]

@@jgalt308 The UCC is not federal, but state laws passed uniformly throughout the U.S. Regardless, I doubt any of Wolff's followers will understand. Heck, they probably have neither read, nor modified any contracts they've signed. Trevor's complaining about $2,200 per semester course, which he refers to as poverty wages... perhaps not realizing he's paid $183/hr (12 hours total over 14 week semester)

[@jgalt308]

@@SkipKiplinger As stated, the UCC. was passed as public law federally in 1952, and the "reservation of rights" referenced, was UCC 1-207, which has since been changed to UCC 1-308. It was then adopted by several states, a process that was not completed until 1970 and can be found in the various "revised statutes" under the original 1-207 designation. Not that it matters, but if memory serves, a normal course is 15 credit hours, and meets for 15 weeks for 3 hours a week...which would total 90 hours, at a pay rate of $48.88/hr. Wolff's followers don't understand much of anything, nor do they want to... as I have posted the relevant sections of the statutes here many times... as well as the CFR regulation covering the completion of the w-4, request for withholding for the purpose of paying the "income tax", which explains who is doing what, and the options available to each party, and also included the the legal definition of an "employee" as it pertains to the regulation and the statute. Most of them can't read or won't, have no clue what any of the words they use actually mean in normal life, and have no understanding that the words employed in statutes have precise legal definitions...so that one should not assume and in fact, can not assume meaning without verifying its legal definition. This willful ignorance and its consequences are expensive...but it doesn't seem to matter, even though they are constantly claiming to be exploited, when they are in fact, they are the primary reason they have become victims in the first place as they have willingly agreed to it, and thus have no valid legal recourse.

[@SkipKiplinger]

yeah my math was way off. serves me right for texting while bored waiting for a plane... his followers are similar to his students, happy when they are angry. completelx disinterested in changing their own actions, but quick to force the behaviours of others. america seems like a banana republic now

[@krejados1]

Dr Proff Wolff, so glad to see you're back but it sounds like you're not yet 100%. Please take good care of yourself. Thank you for all that you do.

[@ComradeRagdoll]

Prof. Richard D. Wolff, A man that I haven’t seen in awhile!

[@jackanderson719]

I want the government to force companies to give workers what they need.

[@pacoguerilla3097]

Very clear and instructive education. 👏👏👏

[@465400]

Wow I'm surprised and happy to see such content coming from the USA, greetings from Brazil, dear comrades

[@djnkosi]

Great to see you back, Professor. Wishing you the best 🙏🏽

[@m.j.carlson8246]

Welcome back. I missed you recently. No one calls bullshit like Prof. Wolfe.

[@stevenmedge3479]

Good to have proof Wolff back

[@jgalt308]

He doesn't do proof...

[@Ikkeligeglad]

@@jgalt308 Did he do any harm to you

[@jgalt308]

@@Ikkeligeglad Depends...if promoting "willfully ignorant, functional illiteracy" is harmful...which he does...he is harming everyone...including you. Of course, when you never question or verify his claims...you will never know what "harm" he is responsible for. But here is an interesting test for you...why don't you check the poll he cites on education and trusting teachers...and what parents want? Is it truthful or accurate?

[@Ikkeligeglad]

@@jgalt308 Nex to religion, greed make most war's

[@jgalt308]

@@Ikkeligeglad Now if only you had proof... could actually define greed... and could eliminate all the other possibilities.

[@mikey_gc8]

This is a great show, we must defend it at all costs

[@stevenhopper-hj5uh]

The big guys were disposed of effectively: "The Kulaks" by the Bolshevics in the 1930s!

[@rosiedwyer81]

YESS so glad you're back!

[@thomasduggan8755]

Brilliant analysis Best wishes from Manchester Old England great show everybody keep up the great work ❤️ carpe diem ☺️ ❤

[@tinytim8173]

The milk farmer example happens a lot. A few years ago I had the exact same thing happen to me when I tried to start a company and compete with two very big ones.

[@user-btmbangalore]

Very valuable insights. A system that crushes out human is color blind. We don't want a blind man to lead us for sure.

[@denisemorton56]

You've been missed Prof. Wolff. Many of us on Thom Hartmann feel the same. So good to see and hear you again. A no nonsense non jargon approach to the telling of our economic situation. Solidarity from Scotland.

[@campsiegrothendieck7857]

Yes Denise. I am very disappointed Thom pushed off Prof Wolff as well.

[@denisemorton56]

@@campsiegrothendieck7857 How so? Is it Ukraine? Or a difference of critique on Capitalism? TH is very defensive of Biden. Or something else you've detected. Thom has had this effect before? I must confess his stance on Ukraine and capitalism generally, I do not share. Shutting down a conversation advances nothing good. But the Prof is being heard, anyway,I'm glad to say.

[@campsiegrothendieck7857]

@denisemorton56 I definitely think it is the Ukrainian issue, not the economic. Thom has his mind made up and can not listen to opposing views on this proxy war. It is quite disappointing since when it was his ass on the line during the Vietnam War, he had a very different opinion.

[@denisemorton56]

@@campsiegrothendieck7857 You're right. There is no discussion on Ukraine.He shuts it down. A definite blind spot. Thanks for replying. Awrabest.

[@jgalt308]

@@denisemorton56 He has been doing that all along...about everything. How much history do you need before the pattern becomes obvious?

[@wedas67]

Kudos to you Mr. Wolff RESPECT 👍

[@jgalt308]

Can you EAT kudos????

[@brianSalem541]

The student loan shark scam has put too many of us in life long servitude. I have paid back more than I borrowed but the Feds say I still owe $220,000

[@allonesame6467]

Blessings Abound

[@Spock_Rogers]

Thank you, Professor Wolff and staff! 🌻

[@jgalt308]

Don't forget the ROD...you can't be comforted by the STAFF, alone!!!!!

[@roscow8569]

Same in France, same system !🙃 Merci to American and English people to export this system elsewhere.

[@taniagarciaduenas2522]

🌏🕊️🌾🍞🙏🗽❤Good morning America, whoever doesn't understand the situation 🙏🍞

[@Evilhunknextdoor]

Missed you, glad you're back!

[@earlviney5212]

Welcome back Doc.

[@jgalt308]

your dreams aren't your ticket out!

[@yarajamal1782]

You are back! Thank God! I missed you!

[@peterjol]

The trouble with capitalism is that it gets Billions of people working hard FOR money but doing nothing we actually NEED.

[@jgalt308]

So what do "we" actually need? Definitions from Oxford Languages need verb 1. require (something) because it is essential or very important. 2. expressing necessity or obligation. noun 1. circumstances in which something is necessary, or that require some course of action; necessity. 2. a thing that is wanted or required.

[@chetdudeweb707]

@@jgalt308 "what do "we" actually need?" Clean air and water, nourishing food, decent housing, meaningful work to perform, community and additional perks like useful education (as opposed to MBA and Finance) and Universal, Effective, Accessible Health Care as a Human Right are nice. Beyond that, it doesn't require much more to enjoy a very high Quality of Life...

[@jgalt308]

@@chetdudeweb707 Even with the definitions, you don't seem to have grasped the meaning of the word(s). Our species has been around 195,000 yrs at a minimum... and for most of it, no one knew those things were "needed". We're still here. There are more people now than ever, and more are on the way... so they must be getting what they NEED, no? But just curious, as far as "human rights" go...what is their source, how do you expect them to be provided for? And of those "needed things" which ones are you providing? How about our Professor? I also noticed you made several other comments, that serve no useful purpose, so don't expect a response.

[@chetdudeweb707]

@@jgalt308 Our species made it by pretty much being "Socialist" for the first 187,000 of (your) estimated 195,000 years. The experiment with institutionalized selfishness and greed has only been tried for the last 8000 or so. Before that they Shared to make sure that the Community survived and thrived. And of course, the 200 years experiment with capitalism is bringing us closer and faster to species extinction. Congratulations... The purpose of my other posts was to educate others, from your posts, I didn't expect to succeed in your case.

[@jgalt308]

@@chetdudeweb707 Well seems that D @ W wants to protect your false claims...by deleting responses to them.

[@Socabebe]

We missed you!! Thank goodness you’re back.

[@albwilso9]

You are so right!!!

[@canyildiz5966]

Keep it up Prof Wolff. You are fighting for our future, as young people, and we appreciate you. If you live to see the day, we promise to reserve you a spot to witness the changes we make✊🏼😂. for a better, brighter future, Where our lives aren't overrun by fear and anxiety.

[@AnthonyTolhurst-dw1nc]

Henry Ford understood higher wages meant more customers 100 years ago!

[@mauriziomoretti5392]

Hurra' the Prof is back! No shame in taking a vacation (whether it were indeed a vacation), even a long one (heaven knows we all deserve it) but next time please give us a warning. We were worried sick.🍾🥂

[@ba7out]

You have made a tremendous effort, to summarize the current situation we live, in this foolish world. Thank you

[@jgalt308]

Nah, he is still clueless...

[@ba7out]

@@jgalt308 😮

[@jgalt308]

@@ba7out and still clueless...🤣🤣😜😜🤦‍♂🤦‍♂🤦‍♀🤦‍♀😎😎😎😎✔✔✔✔✔✔✔✔✔✔✔✔

[@ZamariPorter]

@@jgalt308explain how lol

[@antediluvianatheist5262]

@@jgalt308 You're a libertarian. You don't know anything.

[@cesarcalderonvalles]

Thank you

[@longyou8254]

Thx for sharing 😮

[@lordk.gaimiz6881]

I'm glad y'all are ok, i missed you ^^

[@-www.chapters.video-]

00:00 Introduction to economic update and upcoming topics 04:02 Discussion on the latest labor force report and unemployment in the US 07:01 Concerns about student debt and lack of relief 10:48 Poll results on public perception of teachers and schools 14:55 Acknowledgment of the ILWU strike and the power of workers 15:59 Importance of democracy at work and the limitations of mainstream media 16:07 Capitalism's contradiction: reducing wages reduces market for products 19:13 The development of the advertising industry 21:35 Using credit cards to compensate for low wages 24:36 Capitalists restricting supply to drive up prices

[@albwilso9]

It is good to see that the Unions are coming back. we need to support them .

[@dn695]

Thanks!

[@danielhutchinson6604]

What if the supply chain was a Government suggested euphemism, for the Latin American Nations who have been hustled by IMF "Loans" to become indentured servants? Could Inflation be caused by those folks trading with each other? Since the announcement in 2014 of an alternative to the World Bank, it seems like the US Government appears to be disturbed, by such suggestions?

[@bluewater454]

Trade causes inflation? 🤡 Sure. If you say so.

[@bluewater454]

@@zsk303 So, the fact that I am paying half again as much for my groceries as I was just a couple of years ago is just my “imagination”, huh?

[@bluewater454]

@@zsk303 I have no idea what you are talking about. These “extravagant lifers”. You mean the rich? They are not the ones who are affected by inflation. It is the poor that are affected, like people living on social security with fixed incomes who were barely making ends meet to begin with. You have a lot to learn.

[@chetdudeweb707]

@@bluewater454 Nope - it's capitalists gouging us for ever-increasing windfall profits.

[@donrahstar9447]

Please tell us your net worth and monthly expenses written off to" Democracy at work",Mr Wolff..?

[@Filippo5]

So glad to see you back

[@mattiafabbri8944]

Grazie.

[@LightWeaver]

"Thats crazy, but we live in a society made crazy by the contradictions of capitalism." That sentence right there is so true.

[@jgalt308]

"Thats crazy, but we live in a society made crazy by the contradictions of socialism." That sentence right there is so true.

[@jasonbradley7365]

Spot on

[@bostjanpalcic832]

Hvala.

[@federicoroman5253]

Excellent Mr. Wolff: My relationship and me personally we follow all your programs. We are located in Argentina and Bolivia, but we are sure that many people like us fallow you in all South America. We hope that one day, your programs can come with Spanish subtitles. For as is very important to know that in side of the system we have people like you who show the truth. Thank you for your job.

[@jgalt308]

His job consists of begging for money from people who don't have any, and his own predictions are that this inequity will continue...so the only future that following him promises is that at some point he will go silent. Michael Hudson, on the other hand, might help you understand what you are dealing with...as the root of your problems are much closer to home and lie within your own borders...and this is true for most countries.

[@grahamkerr2803]

Thanks

[@headsails]

Is there a union that strikes not so much for better wages but to look at the company books? No? This is why I can’t take them seriously.

[@walter1932]

Good health to Dr.Wolf. Your analysis is on target.

[@georgekostaras]

Thanks for the update

[@sunwado]

The sarcasm is brilliant.

[@sattler96]

With the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.

[@jamesprophet7060]

We need to change our system. We need better education and equity. And more workers rights.

[@elitorres1192]

Good to have your Economic update this week professor. 👌

[@nil981]

The way i see it, if after 90 days of negotiations over a union contract if it doesn't go anywhere the union contract becomes immediately ratified by law! any private company that stalls negotiations past 90 days will be forced to abide by the union contracts terms at the end of the period.

[@alexmashkin863]

There's one other way corporations are restricting competition - "intellectual property", ridiculous notion that you can artificially and arbitrary prohibit other from copying what you have invented

[@chetdudeweb707]

Especially given the fact that almost NOTHING is "invented" in a vacuum. Among the most egregious examples of perversion by copyright is Big PhRMA's tweaking a molecule and re-patenting essentially the same drug when their license to gouge us with a monopoly runs out.

[@chetdudeweb707]

@@LonerWeirdo Imagine if Jonas Salk didn't GIVE AWAY the polio vaccine.

[@u.k6547]

happy to have you back

[@a_viewerv2069]

Great talk and program , thx

[@markparker8054]

Thanks Prof Wolff ❤

[@rustyshackleford4801]

Glad to see Prof. Wolff is okay! Missed him greatly!

[@bolshoyfakelniy1156]

thanks

[@_tarrvis758]

JBS, Cargill, Tyson all came together to reduce supply of pork, poultry, and beef in order to keep prices high. They all recently settled small settlements of low millions.

[@spanky7277]

Eventually food for animals will go to high and people will stop or refuse to take animals from shelters .

[@Cristian_M_]

You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just a few months ago and now they are multimillionaires.,.,.,.

[@makaracomeau160]

Do we still have tons os ships lined up off shore "Waiting" to be unloaded ???

[@hermenutic]

Immediate filing for bankruptcy is something many will benefit from if they have reached that point of no return in the American economic experience.

[@hermenutic]

@@L3-mtDNA I was thinking mainly of the debt ridden average American household. I understand that about student debt. Democrats couldn't do anything to help. That stinks.

[@jmitterii2]

@@L3-mtDNA Supposedly they've made it "easier" to now to get student loans discharged. I'll see it and believe it when half or more of all student loans currently in default get discharged in Ch 7 bankruptcy courts. Or the judges assigned by the oligarchs just can't have that, and struck down the direction of the administration. Love how the vast majority of the people petition for things like lower property taxes, even pathetic petitions to allow farmers to rake in lots more money providing empty land for people to park their RV's and tents and cars since renting is so expensive, even local county and state petitions fall on deaf ears. Because the rule of the few outweigh the many. Welcome to oligarchy.

[@jillfryer6699]

next step a cardboard box, or perhaps you have a better idea.

[@hermenutic]

@@jillfryer6699 Matchbox?

[@chetdudeweb707]

@@hermenutic Democrats like Biden - who pushed the bill to keep student debt holders from the relief of Bankruptcy - are a main part of the problem.