Economic Update: American Families Today Are Crisis Ridden

[@jirotomiyama5589]

The difference between rich and poor in America should be the number one topic of discussion in American politics today.

[@nwatson2773]

Those in power use "identity politics" to sow the seeds of division and conquer the people.

[@nthperson]

No disagreement. What there is no consensus over is the fundamental causes and what are the solutions. My view is that a good start would be to restructure the individual income tax to combine simplification of compliance with strong progressivity that captures unearned (i.e., rent-derived) income. Let's get rid of the preferential treatment for gains on the sale of land and financial assets.

[@damianisafatfuck275]

The government has been captured by corporations and the less than 1k who are the less than 0.001%. They are the constituents and their representatives are who make up the government. This is end stage capitalism.

[@productionf1lms]

Instead we're arguing about straws.

[@j01150126]

​@@nthperson17 percent flat tax for 50K and over no loop holes no offshore companies or bank accounts.

[@DjWellDressedMan]

2023: The USA has never had a Single-Payer Public Healthcare system that much poorer countries have had since the 1960's! That is the ultimate example of Corporate Control and in part why so many Americans are under pressure.

[@simonsadler9360]

Sick poor Americans helped by pro bono doctors , white supremacists shooting black people , while they love Raped Africa's products, gold &;Diamonds , rare minerals , Russia never took part in Black slave labour

[@simonsadler9360]

A bit ironic , Spanish

[@simonsadler9360]

A bit ironic , Spain ,Russia & North Korea free health system for the poor

[@DjWellDressedMan]

@@simonsadler9360 Ironic? how?

[@hotmess9640]

Only reason why there’s no mass outrage is because only those that can pay into it have private insurance, most get it from their employers or the government via medi-calc

[@treefrog3349]

I am old enough to have had friends that got their education tuition-free from BERKELEY! Today, a community college is more expensive. How does that new paradigm serve the American People?How does that that nurture democracy? Answer : It doesn't. It is an insult. Just look around you.

[@nthperson]

The argument against tuition-free higher education has always been that non-college graduate taxpayers are taxed to subsidized the education of those who do attend college. We pretty much willingly accept our responsibility to provide public funding for children up through high school, in part based on the expectation that "good schools" contribute to higher property values. Thus, rising property (really land) values returns what is paid in property taxes when the property is sold. Economists have long argued over whether this gain in land value is earned or unearned. Most economists do agree that the conventional property tax ought to be replaced by a tax on land-value only.

[@denisevarner7308]

It's not just education and skills training. It's in water, decent food, heating costs, etc. I am financially broke from $7/gallon gas in California this past summer. Why? It put me in a hole so deep I doubt I will be able to recover from this.

[@blktarockstar818]

What we agree to public funding of schools because it is required for our economy to function @@nthperson

[@blktarockstar818]

@@denisevarner7308 listen if 2$ more in gas ruined you you had much larger financial problems

[@kayleevalli2681]

Still waiting for that 3-day work week that were promised with computers.

[@HanS662]

When the machines take over we’ll either have 7 day or zero day work weeks.

[@juicydangler207]

"Work when you feel like it" for most things, maybe.@@HanS662

[@timeenoughforart]

Many of us have those three day weeks. A granddad working at Walmart to pay the copay on grandmas Cancer treatment, or the PHD's who can't get hired so end up as a Barista.

[@blktarockstar818]

Ya so many phds working at Starbucks lol @@timeenoughforart

[@andreah6379]

I never heard 3-day weeks.

[@stella3265]

I love Prof’s comments regarding more free time. Extra 4 hours each day for people to do constructive things. Enhance one’s quality of life. I think the capitalists would be terrified not because of the economics of a 4 hour work day but, because it would give people more free time to think about what’s wrong with our society and do something about it.

[@irelandishsac13]

Knowing corporations, it won't work out the way you think it will imo

[@tuberific454]

That's why the UAW's demands for a 32 hr wk are not unreasonable, and in essence are being made on behalf of all Americans, not just auto workers. The 40 hr wk that has existed for close to a century is not only antiquated due to productivity gains from tech advancement, but was the result of a structural socioeconomic upheaval known as the American labor movement. If similarly is not pursued as AI assimilates into our personal and professional ecosystems, then as Wolff said all the gains will concentrate in the few, which as Fraad would put it is a perversion of our democracy.

[@reddoggie554]

You actually think people will use their "more free time" to think about what's wrong with society? They are more likely to think about how wrong it is to be forced to work four hour days.

[@juicydangler207]

@@reddoggie554Nah you’re wrong. People are productive by nature. We hate being bored. This would allow people to make things themselves, and many of us would do a whole lot of thinking and writing about social issues and politics I’m sure. Most of us do it at work already anyway…and we are tired of being forced to waste 8 hours of our lives every day under buzzing fluorescent lights with no “real” work to be done other than filling a seat mandated by whoever the fuck CEO.

[@juicydangler207]

This is why so many of them are now fear-mongering about the dangers of AI. It *should* be made to optimize things like “happiness” and “safety”, “freedom” and “sustainability” ya know, things that help people and the Earth. We could easily do it this way, just as the Prof says.

[@keithlightminder3005]

The French Revolution questioned the belief that such unfair distribution was how it was supposed to be.

[@bluewater454]

The French Revolution was class warfare.

[@nthperson]

The French Revolution could have been avoided if only the wisdom of the French physiocratic political economists had been listened to, especially A.R. Jacques Turgot, the finance minister dismissed because he urged the taxation of France's landed elite and the church based on the church's landholdings.

[@bluewater454]

@@nthperson Boiling something like the French Revolution down to something as simple as taxing the rich is typically leftist. There were a myriad of problems that contributed to the anger of the people against the aristocracy. I doubt that the taxation policy of one technocrat would have avoided the revolution.

[@michaelandrews4783]

@@bluewater454 Of course it was the RIch allways want more money they dont need because money = power. Why should we let 5% of the population live in obscene luxery while the rest of us work like dogs? America needs a modern Guiliotein. The fact the population is armed and do nothing about this is unbeleivable.

[@colberthunter12]

​@@bluewater454and the poor people won that war, the elites have worked their way back to the position to receive another haircut from the country razor, the wealthy from this generation don't think it can happen to them like it did the wealthy in the past, this time they will be eaten after death.

[@elishadan212]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[@RosellaLCraig]

As dollar is losing value so as other countries currencies values are depreciating gradually. Is time to start making use of Bitcoin now

[@robertl.anderson]

Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?

[@georgec.wilkerson]

​@@robertl.andersonWell, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since covid. Personally, I garner knowledge from a brokerage advisor whom I work with, and I've actually made over $300K with their help since February. Very effective defensive strategies are used to protect my portfolio and make proffits despite the ups and downs.

[@robertl.anderson]

​@@georgec.wilkersonI find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.

[@georgec.wilkerson]

​@@robertl.andersonMy Fiduciary Adviser is MRS AVA KIMBERLY. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

[@patbranigan6501]

AI does not buy anything nor does it use any services. Workers do.

[@gitteholmen8156]

So let us get rid of workers. Useless Eaters, White Trash as The elite has named us. And Treats us accordingly. Best if We just “disappear”

[@jessicagroot403]

AI costs a ton of hardware, electricity, and water to run which has to be set up by software and data engineers. It's not cheap.

[@cheri238]

Thank you again, Professor Richard Wolff and Dr. Fraad. With the deepest respect and appreciation for the wisdom you impart. Good morning!!

[@biff408]

strange thing is that Wolff and Fraad are a long time married couple - why they never admit to that is a mystery to me.

[@tuberific454]

​@biff408 It's because their personal relationship is not why she appears on the show. Even if they didn't know each other she would still be a guest because at some point Wolff would've gotten wind of her resounding intellect and insight, compelling him to implore her to make an appearance.

[@cheri238]

Everyone knows they are married and are supportive of one another. That is what a good match made in heaven is for. Heaven and Hell are here on Earth, and there is a God for all of us. One has to follow both dark and light matter.

[@jacoblehrer4198]

i think they want to remain entirely professional, which is actually admirable @@biff408

[@kennethfranco778]

I tip my hats off to Professor Richard Wolff for his accurate assessment of the current economic malaise. However, if he were my economics student, I'd give him an F for his prescriptive approach to economic policy because he doesn't seem to understand that excessive government spending is not the solution, but rather, the underlying problem to the current stagflationary crisis. If the government were to pay off all outstanding student loans with public debt, that would result in a larger fiscal deficit, greater public debt burden, which has to be serviced with higher interest rates, reduced consumption for future generations that depend on government entitlement programs, further deterioration to the U.S's fiscal outlook, and would cause further inflation, which is an indirect tax on all Americans but disproportionately affect the poor. Moreover, his proposed subsidy would result in a great wealth transfer from predominantly low skilled workers to college-educated, higher-skilled income earners. Why? Because lowering the college educated workers' debt burden would increase their discretionary income which would enable them to bid pay higher prices for goods and services (vehicles, houses, etc ), which would result in inflation and price out many poor out of the market. There is no free lunch. Why should the poor and less skilled workers subsidize the educated class who already concentrate political and economic power among themselves? Socialism is not the solution!!

[@weschancellor489]

I am a CPA. I was there when Ronald Reagan signed the Tax Reform Act of 1986. Also when George W Bush passed the law against Rich People paying taxes and then the tax law signed by DT that created more Tax Cuts for the rich.

[@CameronFussner]

Since Biden took office, there seem to have been more unfavorable results in America. I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits despite the downturn. Any tips on how they do it?

[@lowcostfresh2266]

This sounds really interesting. I've been thinking of pulling out my money too. Could you recommend who your advisor is? I could really use some help.

[@samm2848]

TY! You are my go to for understanding the reality of of our oppressive system.

[@bernardheathaway9146]

I love this duo! Points of view, that cover almost my whole experience of trying to create and maintain a good psychological balance under this soul crushing system

[@tygorton]

Electricity Co-ops exist in Missouri. I can not overstate how beneficial this setup is for everyone involved, employees and customers included. I've experienced PG&E in California and is was a nightmare of constant price gouging and bad infrastructure maintenance practices. I was so conditioned to view PG&E as my enemy that it took me quite some time to realize the Electric Co-op in Missouri actually just wants to help and provide the best service possible. Quite the eye opener.

[@kevinschmidt2210]

Plus, California electric utility slum lords failed to upgrade their faulty equipment, and that caused hundreds of wildfires. Fascist oligarchy owned corporations really are the enemy. Socialist people owned co-ops are your friends.

[@JK360noscope]

There are like 6 utilities that will serve you in NH, even in rural areas

[@EricaEllson]

Thank you for explaining the maximization of profits, that I see as one of the most critical problems under capitalism! The masses of people are bamboozled over profits first, rather than people first! Even now with all the peoples suffering financially, look at the mega profits the corporations are reporting! Look up at the profits, follow the money! Thank you so much for this essential program!

[@roughhabit9085]

Hey can you list some of these record profit making companies for me so I can buy some shares in them, because damn , I can’t see any stocks going up.

[@all2031]

As workers are fired, demand falls, producers cannot sell as much as before.

[@andreah6379]

Demand falls before workers are fired or laid off.

[@Celis.C]

The next step with AI is employers forcing employees to train the AI that will end up replacing their own jobs. Also, the biggest irony is that AI has thus far been used to replace works of art, rather than the jobs nobody wants to do

[@thespacecowboy420]

It isn't there, but idiot capitalists think that it is. This is going to be a massive shitshow in about 18 months.

[@juicydangler207]

That is because AI isn’t all that “smart” and never will be. It can only repeat designs, not create new ones. Also it can’t do high level math correctly.

[@juicydangler207]

So I hope we can figure out how to drive it.

[@jacoblehrer4198]

you aren't wrong but at the current rate of development, AI will be able to do the math 99% of the population is capable of, which is the main concern@@juicydangler207

[@kevinschmidt2210]

@@juicydangler207 AI is making tremendous contributions that were not possible, even one year ago. Keep up or get left behind.

[@vivalaleta]

The crux of our communal situation is being constantly ruled by sociopaths - those without the ability to empathize. In other systems the rulers, born into their situations, were sometimes without this affliction. But in capitalism these kind of people are the ones who desire power over others. Rarely do any of us want that kind of position. I feel this is the main reason we are consistently treated abysmally by our governments.

[@birdlover7776]

Agree

[@JenniferRusso5]

I agree.

[@BlackIce675]

Who do you think set all this in motion. The world was OK before the boomers. And they got what they wanted. Not exactly. They probably need a 2nd job to cover expenses because that " 2nd shift " was so unbearable 😫. Not to mention the decline of every traditional social institution like marriage, church , unions, ect, but you don't have to worry about the " 2nd shift " 😉

[@vivalaleta]

@@BlackIce675 What antiquated nonsense. Staying in an unhappy marriage because of a legal agreement is garbage. Good riddance.

[@vivalaleta]

@@BlackIce675 Religion is dying off. Believing in an invisible, do nothing entity is increasingly unpopular? Color me happy.

[@victorcamilo7232]

Thanks!

[@lachummers]

Richard and Harriett...always amazing! Hats off. I spread word if your respective work and content wherever possible. Praise.

[@rodbennett1133]

an unbeatable team for clarity in explaining the path forward for our salvation; dr"s fraad and wolff!

[@roughhabit9085]

The on path these guys will lead us down is the road to serfdom.

[@shellb1633]

❤ Love you guys

[@irelandishsac13]

Dr. Fraad❤ Low wages are punishment for wanting to work or needing to work because you can't stay in a marriage where your spouse is abusive. Still a second class citizen.

[@alexinfinite7142]

There definitely is an element of spite. These capitalists like to pepper it in with their rampant selfish greed.

[@jamessmith1785]

I know 80% of men who were in marriages are just abusive !

[@donnaallison7462]

The poor,seniors,disabled are suffering!

[@WilcoxNotreallythere]

My b hole is suffering!!!

[@richardscathouse]

That's their job! 😂😂

[@ernestbellande2822]

It’s an excellent program Dr.WOOLF. It uncovers the reasons why the US is in such deep problems and the clear faults of the capitalistic system. Thanks again

[@VincentConti-m5j]

Pandering! One of the best sellers online along with fear! This guy is the king of pandering! He is not talking about my family or most of the families i know! Middle class. My adult kids are doung well. Better than we did Economically. We didnt have all the things there are today. Cars are better, houses are bigger!!!! Poor poor Americans!!!!! Doom and gloom for the depressed class!

[@alanaadams7440]

The elites don't have to live under their own rules or pay for or held accountable for their mistakes

[@nc2624]

Actually, the rich does, they see the state of emergency, chaos, and exploitation we're dealing with bc of their dealings....

[@davidsenderodelsanto]

If Capitalism was working as advertised there would not hundreds of thousands of fully employed persons unable to afford to rent a studio apartment and are forced to exist unhoused, often in a state of great precariousness as the uncountable covert homeless. According to supply and demand the high price of basic shelter should cause a capitalist to build low rent apartments causing the price to fall to equilibrium and the market is served by the forces of the market. In the real world that economic model feels as simplistic as the guilded age propaganda tales of the virtuous Street Urchin who grows to become a self-made Robber Baron - a hero of the bourgeoisie.

[@thyownshadow]

Thanks Charlie.

[@KurtBossy]

I love Richard Great show

[@lisanidog8178]

Everyone is in crisis today not just families. And Middle Class think crisis is all about them no one else.

[@Notfunnysam]

For some crisis means destitution while for others crisis means everything is about to fall apart....

[@lisanidog8178]

@@Notfunnysam yup! And 13 years ago I had both! My point was that it happens to single people not just families and Middle Class think that when what you mentioned happens to them they think it’s never happened before or to anyone else.

[@Notfunnysam]

@lisanidog8178 ooohh, 😳 I see..thanks for helping make that clear for me

[@lisanidog8178]

@@Notfunnysam you’re welcome.

[@lisanidog8178]

@hippiefarmer6728 I can relate. I went through that in 2009 2010. Had to give up my car, worried every day I’d go homeless, starved for three months, and I dropped from Middle Class to really Poor. Now I’m comfortably Poor meaning I can eat without needing government help, still saving for a car, don’t wake up and go to bed scared, pay my bills on time. But things you describe happen to a Poor too! Do you care that they go through that? Of course not! You think you’re the first to go through hard times? Since when do hard times NOT spill over to Middle Class who think like the Rich, that they’re exceptions to hard times and when it happens think it never happens to others! What you describe isn’t just for families or Middle Class it happens to Poor no one cares about but are terrified of being, it happens to single people. Republicans are trying to reduce everything not Dems. They’ve accomplished a lot. Oh excuse me that what Dems have accomplished you don’t feel ten seconds later. It takes time to filter through. What I blame about both parties which you don’t is that both parties act like Middle Class are the only ones who need rescuing! Want to blame both political parties for stuff that affects you 5inking it only affects you? How about you blame voters who put those people in office! Voters couldn’t care less about how their choices affect others being selfish, and most don’t give a damn that Poor are affected until they become them!

[@stephen_pfrimmer]

Thank you both.

[@Joyous765]

Dear Prof. Wolff and Dr. Harriet Fraud, this interview is so rich and beautiful with info and facts that paint an awesomely clear picture of what ails us daily in American Life! I can hardly thank both of you enough. The info is potentially so liberating and feels helpful and liberating to me just to take it all in. I want to hear it again and again, hopefully to help and enlighten others! May God and the Cosmos Bless both of you, and all… ❤

[@sweetpadre]

You want a communal kitchen? Imagine coming home from work to cook a meal and the kitchen is occupied. After you wait an hour or two for it to clear you then have to cook under pressure because someone else is waiting for you to finish. Your food will mysteriously disappear from its storage place, Your neighbors will always critique the appearance and smell of your meals. Some will expect a free bite while others will say bad things about your cooking. Kids will be running around while you are trying to eat in peace, Your neighbors will let their dirty dishes pile up for days on the sink, they will fail to thoroughly clean up after themselves, things will grow moldy in the refrigerator, refrigerator, and someone else will always expect YOU to take out the trash. Communism is not the answer.

[@scottjacobson4765]

IMPECCABLE ANCEDOTES! 🎉 THANK YOU BOTH! 😊❤

[@Spock_Rogers]

So many men want a servant at home, yet they expect her to pay half the bills.

[@pacmancdi]

From what I've seen many expect them to pay ALL the bills while they sit at home and play video games all day. America is fracked

[@j.e.n.thomas4341]

Talking about the ills of volatile households and the tapestry of society, lest we forget, who was born in the late 1800s in Austria rocked not only his cradle but the entire World?

[@WilcoxNotreallythere]

Your mom?

[@mikecarmichael5743]

hi Prof i am from the working poor. i and the rest of the working poor can pay for students who learned nothing of merit, but the poor should pay...

[@susanlippy1009]

If you are truly below the poverty line you pay effectively 0 in tax. It all comes back to you in the form of a tax refund. So no you would not be paying for the education. Those who are above the poverty line will pay while the rich will use tax strategies and loopholes to avoid paying. So middle class will pay for the education they get, rich generally go to private colleges so they would not necessarily benefit. You, if you are below poverty would benefit as YOUR kids would get free education courtesy of the middle class.

[@vivalaleta]

Find a mate who respects your mind the way Wolff and Fraad respect each other's opinion.

[@louis6205]

i caught this too. there is certainly a disconnect: she somehow sees the nuclear family as subjugating the woman (in my view a shallow, even selfish and reprehensible view). i don't think Dr. Wolff would describe the nuclear family that way. i certainly wouldn't either.

[@nancyk-ms3pc]

As a single, never married woman, now 68 years old, I will die in peace knowing that I am not leaving behind my children, to suffer, struggling as a way of life. I was in my twenties when my father warned me marriage was not a good deal for a woman, but left the decision up to me. I have never regretted my decision. From my view, the future for most women has only gotten bleaker. For me, I'm okay. I'm enjoying retirement knowing I will not be leaving children behind in this world. I have a higher education, no substance abuse and my # 1 focus is political activism. I deeply dislike what I'm seeing as what this future will offer and I shake my head to child slavery and pedophilia. Why would any woman have a child today? She'd have to be trapped or crazy.

[@andreah6379]

I personally never regretted not having children. I'm 67yo, & saw when I graduated high school, that the US was getting worse the way it treated poor and middle-class ppl. Nixon being pardoned by Ford was clearly showing me that wealthy rich cover for wealthy rich. And that wasn't me. America is all about class society. And now inequality has never been worse. I am so relieved I never had children to worry about pollution, climate crisis, rising debt & corporate greed today is unequalled in our history. That all keeps me up at night just thinking how I'm affected & how my life has gotten worse as corporate greed sees no end. Our priorities in our country are so f'd up!

[@schloughed]

You sound like a shrew.

[@Peekaboo-Kitty]

I completely disagree. I deeply regret not having children. I have NO next of Kin. There is NOBODY I can talk to, nobody to visit me, nobody that can come and take me home from Hospital. I am all alone with NOBODY to help me with anything. And when there's an old woman all alone, so many people take advantage of you. There is NO purpose to my life whatsoever. All my friends have now got grandchildren while I have NOTHING! I know they all laugh at me behind my back saying "What a total Loser she is" and they are 100% right! As for drugs, your child will be what YOU teach them to be. Loser children always have Loser parents, ALWAYS!

[@elisabethcamariajacobs8587]

Both speakers give great insight into our fast chsnging society and its succesively developing problems. Thank you.

[@Feelgoo49]

No individual should relay on government, no doubts

[@ashbreva]

Great point on leisure. 👏🏾

[@CarolPrice4p]

Love to you all Thanks for keeping us well informed.

[@nneo100]

I read Henry Ford cut the worker's work time, but they got the same pay.

[@runwaygina]

20 hr work weeks still will do little for the working class at the same wage. We need livable wages in this recession, but quite frankly I don’t ever see that happening in real time

[@suzanneharris8339]

When we get a big WOW 📣 from Professor Wolff, we can expect to hear a gem of clarity & correctness, no matter the topic. 👏 👌 👆💯 ☺ 💪 👊 🎉 🥉 ✌

[@GaryWinstonBrown]

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[@Ashleycorrie8494]

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[@PennyBurdick318]

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[@Seanmirrer]

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[@davidevans6618]

The machines be doing 15 minute sector ration deliveries and you'll own nothing.

[@jackyee1291]

The single parent, fatherless, dysfunctional family has been the normal American family structure for the past few decades.

[@roughhabit9085]

Thanks to the New Deal which encouraged women to marry the government and has denied men from being responsible for themselves and other people.

[@pacmancdi]

That's because this country has been rejecting Christian values for the last few decades. God's way of doing things is for our own good.

[@louissartor6294]

With the economic challenges that many, perhaps most Americans face, especially those adults in their 20s and 30s, and maybe their 40s, it’s no wonder why so many are declining to bring children into our world. At the same time the federal government, under both parties, eagerly embraces any and all opportunities to fund wars where we have no national security threat. Funding the Israeli government is especially problematic because of its apartheid policies. American elections in my lifetime seem to have little impact in changing the reality that we face.

[@richardscathouse]

Failed system 😂

[@maxshea1829]

Gloria Steinem was a big help to capitalists!

[@nthperson]

The women I have come to know over a long life feel their lives were enriched by the expanded opportunity for formal education and professional achievement. Most delayed having children and, if they chose to have children, had only one or two children in order to make the work-life challenge balanced. Of course, there are many women whose circumstances meant their lives became unstable from an early age.

[@jamessmith1785]

absolutely and information now tells us she was supported by the CIA

[@claudenobles779]

11:20 These employers won't be benevolently logical. They will think "idle hands are the devils playground" and if the workforce has time to think, they may see through our class's trickery, become politically aware and active, which could lead to a social democracy. This fooling class must be "forced to do right". Simply That p.s. remember in "3rd world" countries what the oligarchs and thugs did to such resistance? So be prepare and win by any means necessary.

[@tuberific454]

The problem will be more about market competition than the personal views of boards of directors about work ethics. If AI results in a product being made for half the cost if half the workers are released from employment and without a loss in output, then keeping those employees will eventually hurt market share as competitors' prices decrease from workforce reduction. So, any change in workweek needs to be legislative like for example lowering the number of hours a person can work before overtime is paid. On the same token, another issue will be a global drop in demand as mass layoffs occur. Price is where supply meets demand. So, there will be systemic deflation, which will generate debilitating market crashes according to even the most basic economic models. So that will be something that will need to be sorted out eventually.

[@princecampbell3620]

No balance will exist in this nation due to artificial intelligence, because workers buy their products. Eventually, they will lose even in taxes. Greedy people do not operate like that. Worker co-op will call for empathy which powerful people in charge do not or are trained to have in any business schools. The state takes over family values. Today, parents cannot parent their children.

[@JMoroccoMisterBoy]

Dr./Prof. Wolff : Tks., much appreciated.

[@DavidCodyPeppers.]

When robots take jobs of the hand its automation, and those individuals can be 'retrained'. When AI takes jobs of the mind - IT MUST BE REGULATED. Peace! \o/

[@joball6479]

Thank you Dr. Harriet Fraad!!!

[@the_earth_mystic]

Dr. Harriet Fraad is an OG gangsta. I just learned so much from her about what is going with women and why the nuclear family unit is (and never was) a good deal in America.

[@michaelfruchter3177]

Thank you for explaining how we can live a better life.

[@sizzla123]

Super situational report. What is Communism? Communism is the doctrine of the conditions of the liberation of the proletariat. What is the proletariat? The proletariat is that class in society which lives entirely from the sale of its labor and does not draw profit from any kind of capital; whose weal and woe, whose life and death, whose sole existence depends on the demand for labor.~ Friedrich Engels

[@kevinschmidt2210]

Fascist capitalism is the problem, not defunct communism.

[@ongandre8835]

Prof Wolf..thank you for you selfless n noble motives to bring to the public important worldly problems and how the solutions will benefit the people NOT the EMPLOYERS....God bless you

[@claudenobles779]

18:38 If this cultural abuse is known, and nothing is done substantially to solve this, the conclusion seems obvious.

[@rodbennett1133]

exactly! socialism is the family that has to replace the family that no longer exists!

[@brydgetburke341]

I wanna cry.. she 100% right on all points. No wonder we are all so alone now.

[@OlegoHC]

New startups would work full-time and around the clock in order to have higher productivity and lower prices. Hence your romantic dreams would only work in a centrally controlled economy.

[@flash_flood_area]

Always glad to hear from Dr Fraad. This country is so messed up. It was awful for me and my partner, and our kids, with no extended family around and no co-housing community.

[@seriouslyyoujest1771]

In the early 1970’s S Alan Watts talked about AI. “ When the Robot replaces the worker, the Company gets the Robot, and sends the employee a check. Otherwise the people don’t be able to buy the goods being manufactured”.

[@lisasmith1850]

Right out of Michael Hudson's playbook, Forgive them their debts. Bring him on Richard 😀

[@jgalt308]

But what would they talk about...none of the words they use have the same meaning and there is no agreement regarding "history" either.

[@lisasmith1850]

@@jgalt308 They have a great rapport. They did an interview about a year ago. It was one of Richard's best. I have been a listener ever since. They both adhere to classical economics. Both gentleman are very enlightening on this topic, imo.

[@jgalt308]

@@lisasmith1850 Wolff is terrified of Hudson and very careful what he says and doesn't say when in his presence...which he will avoid at all costs. You saw a one -off and really have no understanding of what you were witnessing. As for "forgive them their debts"...Hudson ( and Graeber ) have explained the necessity involved in doing that...and the consequences for not doing it. Those conditions became irrelevant when city-states began expanding their territorial boundaries...and coming into conflict with "other" peoples and their hierarchies...and coinage replaced the credit systems that had previously dominated. "....none of the words they use have the same meaning and there is no agreement regarding "history" either." Anyone familiar with both would become aware of this over time if they were really paying attention...unfortunately, these numbers are minimal. In any case, there is no comparison that can be made between Hudson's work and experience and that of Wolff...and they DO NOT agree.

[@lisasmith1850]

@@jgalt308 I don't think you need to agree to have a great chemistry. They do.

[@jgalt308]

@@lisasmith1850 It's an "illusion"...you just can't see past it. Wolff never references Hudson, and Hudson has no reason to cite Wolff. They are in diametric opposition on just about everything, and Wolff has been smart enough to avoid having that exposed nor is he going to put himself in that position.

[@Feelgoo49]

Winning and winning... Go to your house by the beach and enjoy capitalism

[@philiptan2051]

That is right prof, the French Revolution is happening again soon in the usa. In the 18th century France, the people who had nothing were called the “proletarian” as they didn’t have anything except children. In the usa the middle class is disappearing and the society is divided into the group “the have and the have not”. The second group is buried in debt as the credit card debt has increased exponentially and the housing market becomes unreachable. Small banks experiences a rising delinquencies rate as the interest rate and prices increase. The moment of American ‘Bastille’ is just a matter of time.

[@oswarz]

The employer wants ever MORE profit. So what would be the purpose of AI?

[@juicydangler207]

These algorithms should not be optimizing profits for the employer. Once something is written and maintained that way, you're not going to be able to change it. So don't work for those employers. The purpose of AI *should* be to optimize "sustainability" for some other sort of employee-employer structure --> a Round Table - type, for example.

[@mithrandir2006]

It would be nice to have some links to those initiatives.

[@tandennis5817]

Everyone has debt and everyone has to be responsible for themselves and not expect othere to bail them out. Is the President being fair to his own citizens who needs the money more badly then the students. If you have no money then don't study and borrow money beyond you means.

[@GoodmanMIke59]

3:10 what are you saying students are owed? Why are you leading with student debt forgiveness when I worked my entire life and paid off all of my debts? These students? They were given four or five years of a good time? They got to enjoy their late teens, early twenties. And I'm supposed to cover the cost for that?

[@tomtuttle919]

Only through solidarity of Americans can We push back the greedy ones...

[@alanaadams7440]

To live on the streets Cause they can't pay the rent or buy food with half their paycheck

[@richardscathouse]

They don't have feet? Move, I've done it many times in America no one has a right to anything. Your privileges are based on what you can pay for. 😂

[@xinxinlu2769]

Interesting analysis, enables people get unique angle to observe the US

[@michaelfoort2592]

American families directly support those powers who heap misery upon them

[@omalashevich]

Always ❤and 👍

[@petestanton1945]

indeed, more democratic than zero, infinite democracy!

[@MendeMaria-ej8bf]

The back of the coin is this: If workers don't earn enough, what about purchasing power? Who will buy the products? Do employers not think about this?

[@WilcoxNotreallythere]

Yep. McDonald's told it's employees to get another job on an employee pamphlet on how to manage your money. Haha!

[@DonThompson-ll5io]

If the govt didn't get involved in the student loan business, universities would not have raised tuitions to ridiculous amounts .

[@richardscathouse]

Safe spaces and free psych meds aren't cheap 😅

[@trekpac2]

The many problems in the US are just insurmountable. The system is breaking down.

[@pacmancdi]

I 100% agree there's no going back. America is too broken to fix at this point

[@karinetyrrell1402]

Thank you for drawing the comparison between the France of 1789 and our time.

[@dzilhopeland2992]

I am WARNING, telling Humanity, what, starting now, we are facing as I speak.

[@annohalloran6020]

America’s grandparents have arrived. They love us.

[@ellenlandowski1659]

Single payer will not get approved in the US because of the abortion fight.

[@richardscathouse]

I wouldn't be trust an American doctor anyway. 😢 #Convid was the last straw

[@wingcheung7933]

Developed countries has the same problem. US has more challenge since healthy insurance is more universal for every family compare with European countries. US families have more economic burden.

[@victorsooknarine7471]

Your Discussion on Communal Living was Inspiring!! Thanks 🙏

[@sirimevanranasinghe5903]

Good morning Professor!! Has war been a medicine for economic and social ailments? How frequently has it worked, if it has at all?

[@claudenobles779]

3:28 I guess the bLeaders hoped miseducation, lack of math skillz and logic, would allow their bamboozle to slip by. Such treachery.

[@WilcoxNotreallythere]

Like when they said we weren't in a recession but it was the actual definition of a recession. . . We're likely in a depression worldwide now.

[@claudenobles779]

I appreciate all you offer, some may say, this knowledge is passe, yet, love and respect 4 righteousness, humanity, a BEAUTFULL, garden, will prevail. The whole planet is...holly. peace and LOVE@@WilcoxNotreallythere

[@walter1932]

Professor Wolff didn’t mention the magnificent Haitian Revolution against the French In August of 1791. The impoverished French were collaborators with the French aristocracy against the Afrikan captives.

[@alexandervantricht2189]

Mr. Wolff , one thing you forgot to tell about AI , when people get fired , some governments ( like in tiny Belgium ) are confronted with this problem of jobless payments and her many restrictions . Heil , heil , heil to capitalism ! NOT

[@LL-ye9zm]

To have good amounts of time for leisure, and let the machines do all the work, is the future of mankind.

[@loristorbakken5522]

Absolutely outstanding episode❤❤❤

[@rubenlaracuente8991]

NO KIDS NO WIFE I AM A LUCKY MAN😅😅

[@andrewbogle3350]

Which is it 84,000 or 804,000?

[@jimlaregina]

When was the last time Dr. Fraad published a video on Democracy at Work? I've missed her.

[@matthewingerson]

A new one was posted three days ago.

[@jimlaregina]

Thanks. Can you post a link? I don't see the video. @@matthewingerson

[@matthewingerson]

kzbin.info/www/bejne/fpKnYomHncaojtU

[@MrTomherzog]

We are grateful for your application of a discerning intellect to humanitarian causes. You will go down in history as a great benefactor of humanity. Thank you, Dr. Wolff. A strong argument against capitalism, which I think dates back to Marx, is that the economic system promotes the worst, most greedy to the top of the economic ladder; the "nice guy" capitalists who care about their workforce are out-competed by the skinflint profit maximizers.

[@rcmrcm3370]

❤❤❤

[@urimtefiki226]

If the studying is made for money that kaind of education is not having quality. The society will suffer.

[@juicydangler207]

Totally agree with you. I seem to be in a direct pipeline pipeline to Boeing right now, and that is not what I intend haha