Economic Update: The System is the Problem

[S12 E22] The System is the Problem
In this week's show, Prof. Wolff talks about insurers defrauding pensions, record highway deaths, inflation and risk, interest rate rises, Massachusetts to vote on millionaires tax, Starbucks CEO as dictator, and Mitt Romney's sudden concern with "fairness" exposed.
**Economic Update with Richard D. Wolff is‪@democracyatwrk‬ production. We make it a point to provide the show free of ads. Please consider supporting our work. Become an EU patron on Patreon: / economicupdate and help us spread Prof. Wolff's message to a larger audience. Every donation counts!
A special thank you to our devoted EU Patreon community whose contributions make this show possible each week.
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NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available 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.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly www.lulu.com/sp...
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SOURCES FOR SHOW SEGMENTS:
1. Pensions: www.cnn.com/20...
2. Highway deaths: www.axios.com/...
- www.axios.com/...
3. Interest rates rising: www.cnn.com/20...
4. Rising food prices: nypost.com/202...
- www.independen...
5. Massachusetts to vote on millionaires tax: inequality.org...
6. Starbucks CEO as dictator: www.theguardia...
7. Mitt Romney: www.independen...

[@jacpratt8608]

Love this program. Makes me want to go out and have an argument. 'those whining CEOs should've paid attention to the Managing Risk courses in business colleges.' Its Class War.

[@need-to-know-]

Go get ‘em!

[@bernadettesandoval3990]

should CEOs have anticipated the government locking down their states and paying people to stay home from work?

[@need-to-know-]

@@bernadettesandoval3990 They damn well should have. There was something called a pandemic going on. Otherwise, let me get this straight. They don’t know how to manage that? Other countries seemed to have done so. Perhaps they should ask them to teach the business classes over here.

[@50jakecs]

Why should overpaid executives care about risk management since they get paid no matter what happens and they negotiated golden parachutes for when they get booted out of the job. They did learn risk management - just for their own personal risk, not the company's risk.

[@need-to-know-]

@@50jakecs lol Yep. And that’s a major part of the problem.

[@stuartyoung4716]

I am so glad that I stopped driving more than twenty years ago. Instead, I get around by public transit and the shoe leather express. That reduces my expenses considerably. I also refuse to borrow money or to have a credit card. As a result my credit score is low, and for that I am glad. My income is below the poverty level so my expenses ate very low despite inflation.

[@archibaldnoah2787]

Info from Germany ... since June 1st, as a temporary countermeasure to inflation, you can buy a ticket for 9 EUR (10 USD) which allows you to use local and regional public transport, across Germany. It's a "huge" success but unfortunately limited to the three summer months.It should be always líke this.

[@nikipiulitzaable]

Meanwhile, in the US, Las Vegas built tunnels for subway but they decided to give them to Elon Musk to use the tunnels as a an unsafe and inefficient highway lane for Tesla cars ;) kzbin.info/www/bejne/hHe6i4p6pt6JaKs

[@littlestone1541]

We had something like this in France too but they cut it about a year ago.

[@truthaboveall7988]

That’s too smart for America we prefer to rob our citizens full time no matter what

[@sctai8375]

Thank you for educating the truth on how rich gets richer and poor gets poorer. All systems in the capitalism are about personal/corporation interests, greediness and corruptions; human nature!

[@schmetterling4477]

And there comes the totally frustrated loser. ;-)

[@petestanton1945]

Only half of human nature

[@schmetterling4477]

@@petestanton1945 If that is so, then you have a very poor nature.

[@亲爱的爸爸]

human have greedy nature also selflessness and brave or love nature. it is up to you to choose which side

[@tavx6659]

I wish I discovered this channel sooner, So transformational!! Get your flowers professor!!!

[@jackh3242]

Thank you for mentioning public transit! Excellent discussion.

[@haleybrown2836]

I don't know about anybody else but the Greed displayed daily fills me with utter revulsion.

[@Ravenlight_303]

I have learned quite a bit from this program and other lectures from prof Wolff. I am grateful.

[@VTLibtard]

Thank you for saying that. Prof Wolff is awesome! Thank you sir!

The free market is the bosses' playground where workers have to work harder, better, longer and for less pay to keep the bosses in the game.

[@cruzergo]

The free market is only free for the few. The rest suck up the prices dictated by the few.

[@bernadettesandoval3990]

the market in the US is not free, but government regulated

[@olubunmiolumuyiwa]

If the market were more free. Workers would be getting paid more from reduced taxes on profits. More young people would be able to find a job due to lower min wage. More people would have more specialised products due to better innovation and prices would be lower do to greater productivity. It would also be cheaper for people to start businesses and hier people. There would also be more local banks for people to get small loans for productive means in their businesses

@@olubunmiolumuyiwa, I agree. In the American dream, anything is possible. Even with money as debt.

[@RobertTempleton64]

A well-regulated public transportation system would alleviate stupendous amounts of waste and other situations by providing the populace with a reasonably efficient way to move about any urban area (and even into the more rural regions). But 'mah freedom' rules in the nation that screams it but has an oligarchic republic empire nonetheless. Have you opened your eyes yet?

[@Ruddy761]

I opened my eyes and did not like what I saw. Unfortunately most people are walking around with there eyes shut. They might bump into something someday..

[@areed2000]

Amazing how powerful knowledge can be; for the good, bad and ugly.

[@fredganoe9791]

Ironic that oligarchs/plutocrats (I avoid calling them “elites” with its positive connotation.) consider risk management to be their major charge. Meanwhile, 42,915 people died in automobile accidents in this country in 2021. Wonder how many of them took the risk of driving to work to make those oligarchs/plutocrats rich? Resource allocation is, in my opinion, superior to risk management in the economy. So why didn’t the oligarchs/plutocrats allocate resources to prevent, e.g., supply chain disruption, inadequate preparation for the pandemic, baby formula shortages, etc.? Oh, they were too busy allocating resources for guns and ammunition, warplanes and bombs, drones and missiles, warships and Naval forces for a pivot to Asia, upgrade for nuclear weapons ($1 trillion), mercenaries in regime-change target countries, $54 billion to Ukraine, …, …, …. . All the usual graft and corruption.

[@marywest6844]

You are very wise, In sightful person. And what you write so very correct and fact. Just so contemptful what greed no mercy chooses to do ,. No humanity rushing their veins. Cold, callous, nutters.

[@PaulHosse]

Allianz was my old employer. A fine of 6 billion is literally chump change for them.

[@jeffnewman8261]

Schultz doesn't want Starbucks to unionize because it will me less profits to divide among shareholders. That's it, plain and simple.

[@HBFaash]

Pump 100s of billions into the economy, ends up going to the 1%, more money after static/shrinking product, prices go up, employers pass it on,(or price gouge), almost all parts of the system compensate themselves. This is to recoup increasing costs; workers also have increasing costs, ie inflation, so, the only part of the system the capitalists want to deny passing on costs is - the workers. They scream, 'don't want more pay, it'll increase inflation'. Or, they put up interest rates to reduce borrowing, workers then pay more for increased interest on current loans, employers pass the cost onto the populace, who are told to not ask for more wages, more money for the 1%. So, like the old song, "There's a hole in my bucket", workers money flows upward and they always pay under this system.

[@lightningfirst689]

"Well, he's concerned about fairness to students. I'm not going to laugh," That, professor, is where you and I differ.

[@lesliestenta3084]

HawAii highways are terrible, pot holes galore. I live in Thailand and the Roads are smooth and much better than HawAii. Horrific traffic, very unreliable busses in the burbs. Everyone in HawAii has a car, and I mean everyone.

[@businessman688]

I love this dude

[@samhaddad7078]

Many thanks Mr.Wolf

[@fulanodetal9994]

You go Prof!!!

[@treefrog3349]

The transportation business in America is just one more egregious example of the power of the FEW over the needs of the MANY. The automobile industry and the fossil fuel industry have reaped gargantuan profits for themselves while ignoring all the negative externalities that their industries create, and for which the taxpayer continues to pay. The obvious need for a state-of-the-art mass transit system has long been evident. It is merely "common sense". That fact that our national "representatives" ignored that obvious pressing need begs many questions about WHY NOT?

[@lincolnpork9357]

Good to see more use of the e-word ( externalities ) .... hope 'confounding variables' gets more use too.

[@bobcornwell403]

The most revolutionary thing that could happen here in the US would be changing the campaign finance system. I suggest a sort of "Robbihood" system where all campaign contributions are taxed, and the money collected is redistributed to insure that no party or candidate has a huge campaign fund advantage over the other. Most career politicians would hate this new system, because it would make successful challengers, even within their own party, more likely.

[@baronbrixworthy]

I wonder if the Citizens United case could be used to make that legal argument. Since money = speech, shouldn't all candidates have equal access to political speech?

[@bobcornwell403]

@@baronbrixworthy That's part of my argument. The other part is that my proposed system does not limit "free speach" in any way. Instead, it arguably enhances it. For The Supreme Court to strike it down, they would have to argue that one's "free speech" should be based on one's means. Knowing this Court majority, I wouldn't put it past them. Bur I think it would be difficult for them to do without making them look ridiculous.

[@bobcornwell403]

@MsErica647 I love your sentiment. But, I think getting money out of politics is like getting smoke out of fire. I think it is far more practical to somehow regulate such money in a way that cannot be argued as an infringement on free speech. Under my proposed system, one can raise as much money as one likes, and can raise it from any source. But one would be required to share such money with one's most likely opponent. This could be devastating to the incentive to raise excessive amounts of cash. Doing such would be like turning a stripped screw. At least that's how my thinking goes.

[@Jamhael1]

@@bobcornwell403 if we can get an extreme example, the Japanese system is more "competitive" because the politician must pay his.campaign from his own money, and even then, he has a limit of how much he must spend based on what position he/she is running after.

[@PCFLSZ]

@@baronbrixworthy If a union collects donations to advertise voting for pro-union candidates, are those donations taxed and if so, how are they divided? Is it split up between only anti-union candidates? The big money during elections is in the issue-oriented (soft money) organizations that cannot ask people to vote for our against a particular candidate. Candidate donations (hard money) are highly regulated and usually small amounts. Bernie bragged about his average donation amount being less than $20 size he accepted no corporate donations which are capped at $2,000 anyway. What about candidates that self-fund their hard money campaign?

[@nrrork]

We need to rezone our cities, too. The loss of walkable cities has not only made us over-reliant on cars, but it was a major factor in atomizing us as people. How can you build a sense of community when all the places you work, shop, and socialize are all MILES AWAY, and filled with strangers who live MILES AWAY themselves? You meet and hit it off with someone at one of these places, but they could live an hour's drive from you. Let alone trying to meet a GROUP of people... I don't know how much of it was DESIGNED to alienate us, or if it was just a byproduct of oil and automobile industry greed, but it's gotta stop.

[@nrrork]

And I'll add: Public transportation Is not much use in our current designed cities. Where do you put the bus stops or train stations? Are they easily accessible on foot? What about the destination: will IT give you access to any place on foot? Here in the midwest, chances are the answer is no.

[@HoneyBadger80886]

#PeopleCentric cities. #Community

[@danielhutchinson6604]

Exactumundo!

[@severdislike4222]

There are images of city planning from the early 19'th/20'th centuries and comparisons to what they are today. They went from walkable & close community spaces to sprawling parking lots eating up 2/3'rds of the available space. Car culture is a plague.

[@nrrork]

Oh I don't think car culture is the problem. Hell, I think we'd love our cars MORE if we reserved them for leisure activities instead of mind-numbing commutes and running errands and these hideous big box stores surrounded by concrete moats of nothingness.

[@gracehopkins9228]

Thanks!

[@johnclarkpontius3728]

Another option: institute maximum wage tied to the minimum wage at the company level: The maximum wage cannot exceed 40x the minimum wage, for example. To get this started, require this in all contracts let by the federal government. It would then creep into other companies. If the CEO wants a raise, the janitor also gets a raise.

[@Marxist2]

Prof. Wolff is so wise & knowledgeable, he always helps me understand the state of the economy.

[@kakayou546]

I like the hip hop beat at the start. Then he starts spitting the truth

[@JCGErvin]

Warms my heart to listen to Professor Wolff layout so plainly the undeniable truths for the prideful, greedy few who are sticking it to us all

[@son-of-the-republic3723]

My dead relatives killed by socialists and communists roll in their grave when the professor speaks

[@JCGErvin]

@@son-of-the-republic3723 Professor Wolff himself is clearly a killer, so of course your dead relatives roll in their graves… I mean all socialists and communists are killers, eh genius?

[@Redactedlllllllllllll]

@@son-of-the-republic3723 my dead relatives whose wages, children, and dignity were stolen from them by capitalists roll in their grave when you lick boots.

[@drakekoefoed1642]

now time for mao

[@son-of-the-republic3723]

@@Redactedlllllllllllll 🙏 May your wish be granted. May you live in a socialist, Marxist state. But, let those of us who do hunger and thirst for freedom go. 🇺🇸 🗽

[@Truthseeker371]

No, the problem is noone isdoung anything drastic to avoid the system. Very few people still grow own food. Very few still boycott products and services. While they criticise, they still take advantage if the Capitalistic system and consumerism. The blame is on those who are only talkers.

[@schmetterling4477]

Yes, times were so much better when everybody was growing their own food and we were all living in unheated medieval huts without running water but plenty of fleas. ;-)

[@maxshea1829]

"You don't vote for kings!" -- Monty Python

[@Guitarpima]

Changing from gas powered vehicles to electric is not solving the problem, it is still the same problem. However, public transportation is the answer. There should be no private transportation.

[@holeygrail4156]

Let's be frank Germany paid usa regime 6 billion USD for protection fees or else....

[@VangeliRock]

This guy is good.

[@frank124c]

Prof Wolff's videos are the best on the internet! He's a good man and he knows his subjects. Very good explanations.

[@XRPinstitute]

Fuck paying higher taxes. Government is not my parent and my income is not Ice cream. There will be no sharing or redistribution. Get your own.

[@schmetterling4477]

Says the guy on social security... :-)

[@spanosspanos]

I wish the professor would draw a distinction between Employers and employers. In other words, a CEO is not the same as the owner of a pizza parlor or local bar, or a house painter or plumber. employers (with a small e) don’t really have a choice when it comes to raising prices, because owners of actually small businesses are in the same class as the employees that work along side them.

[@schmetterling4477]

Neither do CEOs of "Employers". They are often working with profit margins of no more than a few percent, which are far below those of your painters and plumbers. The actual business of many large businesses is cost control in markets with very small margins.

[@TankGump96]

I love your response to these craven reptiles..."Shame on you"😇

[@yarajamal1782]

Inflation in Brazil is very high now. The country has 33 million people hungry, and it is one of biggest producers of food.

[@HxH2011DRA]

Public transport now!

[@throwawayidiot6451]

Hi Prof Wolff. I would like to ask if it would be possible for you to bring a knowledgeable guest which could discuss battery technology and production problems. I keep hearing electric cars and other clean technologies which rely on big batteries are not the silver bullet they seem at first because the mining process and technology limitations make them not too great. But I don't know if that is just propaganda by fossil fuel companies or if it is actually true.

[@drakekoefoed1642]

propaganda. oh, are lithium mines a problem? tell the liars to shut up. there is already another battery that's better generally.

[@yuan-hsiangliao4968]

The question is no body care this issue in America! Why?

[@Omniscient_Zero]

Yes, it is. It's time to fix it, and it's not optional.

[@al2642]

But far fetched here and there, but he's knowledgeable and his points are usually valid. I would not despise investing in private cars, as long as they are electric, self driving, centralized to the one software that will run all vehicles on the planet at the end of this century

[@hyperflys]

Actually Professor Wolff you are wrong about Musk. He would have a conversation about mass transportation and he already has a solution! They are self driven cars, which will eliminate the need for buses and mass transportation. It will eliminate accidents, traffic lights, stop signs, traffic jams etc. It will eliminate the driver.

[@petestanton1945]

GM, Standard Oil & Firestone were convicted of conspiracy, for buying all the metro train rights-of-way, demolishing the train tracks, developing the land, then selling cities GM buses burning Standard Oil diesel running Firestone tires. $1 fine due to statute of limitations.

[@johnclarkpontius3728]

High speed rail for cross country transport instead of cars

[@drakekoefoed1642]

you could have a microcar for the grocery store, and when you go long distance, put it on the maglev train. no wheels, tires, brakes to wear out. energy is free sunlight, so taking the microcar on the train is cheap. the automated warehouse operations give a clue how delivery could be automated. a robot car that looks like a torpedo going through a pipe and brings stuff right to your house. the box fits in the car and is re-used, so the robot takes it back when you put it in the little bitty loading dock.

[@yourgodismean4526]

LOVE the rain analogy. Still giggling

[@bortsimpson4536]

social security was pilfered by politicians, public transportation is expensive, people still die from getting hit by busses, inflation is too much demand chasing too few goods if you want to reduce it increase efficiency or reduce demand, by increasing interest rates investment will decrease.

[@sylestermajor7129]

Thank you, prof. Voelker

[@duprog]

On the fairness of relieving student dept, I would remind you that it is the same as your example with the two ice cream cones. Don't create the problem in the first place is the better option. People going to post secondary education should be able to do so with incurring a lifetime of dept. As for fairness to everyone, I would prefer the option of a minimum income for all. It would be more equal than a partial distribution to only those you are '' good enough '' to get a student loan. Obviously, considering it's the best option, it's the least likely to be adopted!

[@ravenbone3028]

America's decline is a failure of imagination. We elect leaders who tell us "This is just how it is. Deal with it." We should have leaders who shake their heads and say: "This is utter fuckin' bullshit and you don't have to accept this as the norm. You should not have to tolerate these conditions. We deserve better." I triple dog dare Killer Mike to sample the D@W's jingle, btw.

[@NamedMyTaco]

Wow! I didn't know that I could watch the premiere of Economic Update!

[@teckmenglee8060]

Yes it is the US system of governance and politics that is the problem why the working class in USA is always marginalised.

[@majidaouladlhaj2266]

Genuis

[@edwardcortes6668]

I know you have debated Peter Schiff (the libertarian CEO) about Capitalism vs. Socialism in the past. Would you debate him on your show? Peter Schiff believes in the free market and has argued that Walmart has not exploited their workers. Jimmie Dore had him on his show, despite not agreeing with everything Pete said, but was gracious to him. Will you have this debate with Peter?

[@justinwilliam2865]

The fish ALWAYS rots from the head...!

[@thecatsbackyard4833]

I'm glad Professor Wolff keeps talking about inflation. Ya know something that could really cap inflation would be if labor was treated as a commodity in the sense that laborers could inflate the price of their labor if prices of other things went up. Ya know if the person from Mcdonald's could say, "sorry boss, ya gotta pay %20 more for this year than last because prices went up". If they could actually do that, inflation would slow down real quick.

[@carinalundstrom7684]

Wolff is outstanding, incredibly educational and clearly explanatory with simple perfect examples. Any person would wake up politically if he / she listened to Wolff's descriptions of how and why the capitalist system works as it does.

[@carinalundstrom7684]

@@kensho123456 ...and he speaks clearly, so clearly that I perceive every word he says combined with his expressive and personal Wolff facial expressions, it enchants, at least me. I discovered Wolff in The Jimmy Dore Show recently and now I'm stuck😊

[@johnclarkpontius3728]

If we had competition, producers could not collude to raise prices as easily. Because all mergers and acquisitions have been approved, there are only 3 or 4 companies in each industry. They agree to raise prices even though collusion is illegal

[@gauravgoswami3965]

In India wage is stagnant.not increasing.

[@rumpelstiltskin9768]

Two points from Japan. 1. Newspaper recently reported gas prices had declined for the 7th consecutive week. 2. Front page today had a story of how small scale hotel/rest/tourism companies will be required to switch over from the national to the corporate pension system. Contributions are higher in the latter. As you mention, fund managers must be licking their chops.

[@kennytheclown3859]

The general population should really listen to this guy.

[@schmetterling4477]

They are already listening to another crazy uncle who calls himself Q... :-)

[@sinamirmahmoud7606]

no tax for moving money ... tax for static money ... if you have money and invest into creating things you can have all of your money ... and vice versa

[@schmetterling4477]

Why would you tax static money? That would merely force everybody into dumb money investing. We already have more than enough of that.

[@sinamirmahmoud7606]

@@schmetterling4477 no through risk averse means ... it's hard for me to explain.

[@schmetterling4477]

@@sinamirmahmoud7606 It's hard for you to explain? Bullshit.

[@nigelpalmer9248]

Almost everything is so obvious even I have had arguments about justintime systems during Brexit. How stupid it seemed to rely on th M25 for production. Some PPL understood they were spouting BS at us.

[@schmetterling4477]

Except that that's not the problem. The problem is the great resignation.

[@christopherlim4743]

Government put higher taxes on the rich, but create loop holes for the rich to avoid taxes. Government raising the taxes on the rich is nothing more than political propaganda. Why government do not want to impose a luxury goods and services tax? Corporation move to many countries that do not have unions like China, Mexico etc. Countries that have unions create production disruption. Each day disruption cost companies thousands of dollars and disruption of the supply chain.

[@frizellruckerjr3968]

Volume is lower than usual on this video.

[@Marxist2]

I always learn so much from Prof. Wolff. I thank you.

[@dingfeldersmurfalot4560]

I like these programs, but get the chills when he proposes China as a good example.

[@VictorZenloth]

That's because you're racist.

[@matthewwhitton5720]

There is a superb, hour-plus ‘ debate ‘ recorded in the last years of William F. Buckley’s ‘ Firing Line ‘, specifically concerned with ( gasp ! )…’ union power ‘ ( shudder ). It’s crammed with late - 90s representatives of both the right ( academic, business, and political ) and ‘ soft ‘ left ( no Marxists or anyone resembling a socialist appearing, sadly ),..and union activists themselves. I was struck by the words of a labour - friendly Professor ( there are several of them, all scorchingly disdainful of Buckley and his rightist coterie ),…who mentioned the very thing that Professor Wolff has so often written and spoken about…that revolutionary processes in America , from 1776 to the annihilation of the CSA and subsequent Reconstruction,.stopped dead in their tracks, running for the nearest exit, at the prospect of social or political upheaval going anywhere near democracy touching the workplace with a barge pole. I’d dearly love to hear, or watch, Professor Wolff record a commentary on that debate, packed with his own asides and contributions….

[@paladinsorcerer67]

Better to reach for the utopia, than to settle for a dystopia.

[@albertogallegos1278]

I think more than the system human being is the real problem

[@jennifers3112]

#WOLFF2024!!!

[@JungleJim]

A: my job is to care for full employment and inflation A: I work for the people A: inflation unacceptable, horrific, worst thing ever also A: we will do nothing about it one year later, also A: we will do nothing about it

[@schmetterling4477]

We have full employment. That is part of the problem. An awful lot of people decided to retire and enjoy life during the pandemic. There is nobody to take their place, so wages are rising, which makes products and services more expensive. Are you going to get all those people back to work who don't want to, anymore, because they have seen how short life can be? How?

[@bloodybonescomic]

Risk Management 101: Call your congressional operative for a bailout.

[@robertprice9052]

He’s wrong about social security (and most everything else). You have to first remember retirement is a relatively new concept. Prior to 1935, most people didn’t actually retire. Families were typically extended families and family supported the family. In some cases of retirement people sold their business to someone who made payments to them. My grandmother bought a grocery store in the 30s this way. The Great Depression taught that generation that banks might fail and take your life savings with it. Investing in stocks was often hard to do, or impossible if you lived in rural areas without brokers. Many worked until they couldn’t and family supported them. Life expectancy in 1930 was 58 for men, 64 for women. In 1935 Social Security Insurance was put in place and in 1937 the first lump sum payments were issued. The intent was for the government to have a mandatory guaranteed savings for all Americans. Early on some career fields could opt out of social security because of their pensions- federal workers, railroad workers, ship workers, military and so on. It was never intended to pay out to someone who never paid in. It was not a safe guard against corruption. It was a guaranteed savings. Why? The government needed money, and it would prevent the government from supporting indigent people. It was a safety net for working Americans. Today a large percentage of people drawing social security never paid a penny into it. Under the traditional rules you must work and pay in for a minimum of ten years. Most people draw out what they paid in somewhere between 5-7 years. People are encouraged to wait to draw later in life when they are closer to life expectancy. Drawing less earlier is penalized because you will well over draw what you paid in. As baby boomers leave the workforce there are fewer people paying into social security. So as millennials want free every thing paid for by the government, it will fall on them to fill the government coffers to pay for it.

[@helengarrett6378]

What a wierd post! To begin with, most families don't have enough generational wealth to pass on much of anything. During the Great Depression many families didn't even have enough wealth to keep all the family members fed, clothed and healthy. 1 in every 4 people of working age were unemployed. There was no help for unemployed people. Their families starved. Nobody gets free social security. Nyouvstill have to have paid into the INSURANCE system the required number of quarters to bet a minimum payout, or be the spouse of the insured person. Social Security is an insurance scheme. It's not a houndout given by the rich to the poor or aged. It doesn't xt pay out enough to live on. It wasn't built to do that. It's supposed to be a supplementbtonavperson's life c savings. We working people are not able to save. We live on credit. We end up old trying to live on the Social Security we paid into. It is supposed to be linked to the cost of living but isn't due to manipulation and cruelty of those who legislatevfor the benefit of the privileged. The idle rich don't need Social Security and resent that we have any help at all after a lifetime of making profit for THEM!

[@kmrerk]

"millennials want free everything paid for by the government"...right wing B.S. You obviously aren't really listening to professor Wolff. Smug complacency will not fix anything.

[@guytouquet]

To start with, eliminate fares for in-city transit.

[@user-em6ie2be7x]

Thank you Professor Wolff for laying out the Hard Facts. Especially when you point out the Failures of America's Late stage Capitalist System.

[@AudioPervert1]

Man this guy is pathetic regressive ... what's worse is the crowd that gathers here to cheer and agree. Time to Unsubscribe. What a pathetic waste of time this geezer verbiage balls. 1

[@edmumdtan2278]

Can we as normal citizens live a life with no borrowings. Looking back at my life (DOB 5-5-48), can say I have till now not borrowed a single cent. For example I bought my house which I am still staying CASH!

[@schmetterling4477]

So you put up a corrugated metal sheet over four sticks in a 3rd world slum? ;-)

[@edmumdtan2278]

@@schmetterling4477 My house is a semidi single story 3 rooms 2 bathrooms unit bought it one month before the bank was going to reprocess it. Spent some CASH to renovate it using cheap labor from Burma. 4 air conditioners.

[@edmumdtan2278]

@@schmetterling4477 The aim of the story is to encourage using cash instead of banks & Co cause that is the cause of all the world's miseries.

[@schmetterling4477]

@@edmumdtan2278 And where did that cash come from on your minimum wage salary? ;-)

[@edmumdtan2278]

@@schmetterling4477 Savings, frugality, policy of no cash no buy etc. Once I was about to purchase a condo but a lawyer friend John H said you must have at least 50 percent of the purchase price. So it was cancelled. That was when the maximum repayment period for a car loan was 4 years. Raise the interest. Who cares.

[@cosmicmusicreynolds3266]

From personal mental illness to lack of suitable work for the long to unemployment to stavation , crime and physical disabilities, capitaliism plays its part in all these things

[@schmetterling4477]

Your personal mental illness is your problem. The guy who owns the car repair shop down the street has nothing to do with it. :-)

[@longyou8254]

Good to know

[@kp6215]

This isn’t rocket science since I learned about economics at Cal Poly Pomona & mom was bookkeeper who knew the cost of everything managed household budget that my dad trusted explicitly since she managed the pharmacy in the ‘30’s & after WWII until Eli Lilly hired dad for V P of Sales Training for entire corporate office in Indianapolis

[@VernonNickersonSCHOOLCOACH]

00:23:00 This made me think of how roaches infest every nook and crannies and defecate EVERYWHERE! 👍🤟🖖🧡❤💙💜💛💚🖤🙂😅🤣😂🤪😜

[@jdcjr50]

Fairness with respect to government assistance has a common foundation: to be there for people in their times of need. This does not occur to everyone at the same time and in the same way, but the "public welfare" doctrine in the preamble to the constitution allows us to at least strive to meet people's needs in their time of it rather than a century or more (if ever) later when common sense makes it undeniably self-evident. Fair is not a zero-sum game either. Ask any bank president.

[@jgalt308]

The term is "general welfare"...and the goal is "liberty" from "government"... not dependence upon it.

[@jdcjr50]

@@jgalt308 You just said what I said- in your own way. That's very independent of you. My only distinction would be that of a time of need and being dependent upon it. When land becomes free😂, I'll be proud to call myself a libertarian.

[@jgalt308]

@@jdcjr50 Doesn't seem like it. Doesn't look like it. But if you agree that we have an illegitimate, unconstitutional, criminal government then we might be on the same page.

[@PeterMaranci]

Professor Wolff, a question: is what we're experiencing really "class warfare"? Warfare implies awareness of hostilities by both parties involved, and it seems clear that the vast majority of the working class DON'T realize that they've been under relentless attack by the capitalist class for many decades. Wouldn't a more accurate term be "class genocide"? The owner class is in the process of rendering the working class for the last drops of wealth, just as hogs are rendered for their fat. Keeping the working class ignorant of that fact for as long as possible is a key aspect of that program of class genocide.

[@lincolnpork9357]

How about "the Haves-favoured class struggle" ? [Please, do not degenerate even further the 'genocide' word that has already been severely abused in recent years.] "Keeping the working class ignorant of that fact for as long as possible ..." - by the modern version of 'bread and circuses' > over 60,000 items to choose from in a large supermarket and multitudinous distractions/entertainment available.

[@charlesdarwin9830]

Arguing that student debt forgiveness is unfair to people who don't have student loan debt is like arguing that gynecologists discriminate against men

[@rikmarx107]

Or let the poor decide what child to starve to death , to save the fitter child ??

[@bladimirastorga9308]

Ricardo Lobo

[@VernonNickersonSCHOOLCOACH]

So how many pensioners were impacted? Can capitalism not be cannibalistic?

[@nowbeing1]

Wrong. We love our cars. Cars give freedom. One world government will take away all freedoms do not help them by taking away the right to own a car and have to use a bus.

[@catherinegoodsett-wein3313]

👍🏻👍🏻

[@Dalio906]

A $43,000 profit sent to my portfolio each week, Ms. Angela cole car is amazing.

[@rickybishop8388]

Wow! How’s that possible please I’ll appreciate your assistance on how to go about it.

[@henrythomas2569]

Same here, I started with $3,000 now earning $28,300 bi-weekly profits with her trading program.

[@heatherdiane216]

@@henrythomas2569 I have also been trading with her, The profits are secured and over a 100% return on investment directly sent to your wallet.

[@karenbenson2056]

I am from Denver Colorado USA I connected with her and she has helped me a lot,she makes so much profit for me she is a FINRA agent, the best I can invest with so far ever since I came across expert Mrs Angela Cole Carr, my bad turned out being good and profitable. She's made success earlier than we thought.

[@beverlydenielle9796]

$21,000 just in two weeks Expert Mrs Angela Cole Carr you are so amazing.

[@answersquestioned]

Oh no!!! People seem to awaken to this message! Where are the trolls when you need them? Get your lazy butts over here and get to work!

[@schmetterling4477]

He's got 29k views. Beyonce has 29 billion. He needs to grow some nice boobs and long legs to be more popular. ;-)

[@stumpedii8639]

attach the maximum possible income.. to the lowest income.. increasing min wage does NOTHING.. linking the maximum income to the minimum income.. means we all rise together.. if the rich could not make more than 10x what the poor make.. the poor would soon be making 100k a year.

[@jean-pierredevent970]

I always imagine that the rich are proud like athletes, to rank high among the richest persons and redistribution makes them lose their position. So I wonder if some maximum income above which non profits investments are required from then, would be better. The result of that non profit could be published too: we provide x jobs, save y trees, have only z sick or unhappy employees or the rich could invest in a highway which would then carry their name etc.. If anyone in such a system knows what happens beforehand, he will easier accept that subtle taxation then if it's suddenly introduced.

[@schmetterling4477]

Dude, you are making as much as your job is worth. If you can't produce two or three times as much as they pay you, then it's simply not worth employing you.

[@jean-pierredevent970]

@@schmetterling4477 Yes, but that's why Richard proposes to start up more cooperative enterprises. But in general we need companies with shareholders who decide that maximum profit is not needed. They could have other values than money.

[@theoment5388]

The millionaires will get together, figure out how much $ is less than 4% tax, then they will give that amount to the government to stop the tax. Problem solved. Politicians get the $, not the people, or the millionaires.

[@schmetterling4477]

Dude, money is not a zero sum game. :-)

[@theoment5388]

@@schmetterling4477 oh because "trickle down" I forgot. How's that working out?

[@schmetterling4477]

@@theoment5388 Trickle down is a political slogan, not an economic strategy. Why are you telling me that you don't know the difference between economic activity and election slogans that are catering to stupid people (aka GOP voters)?

[@theoment5388]

@@schmetterling4477 You're weird, get off the internet and go read a book.

[@spanky7277]

Just like corporations , workers are entitled to representation when it comes to bargaining agreements of pay . Equal labor rights ......

[@genreartwithjb5095]

Beware the Crypto Bro grifters

[@TomRivieremusic]

“Stagnating economies can, indeed, be very good for the rich, who feast off the carnage.”

[@Jay...777]

You are being scammed by big business. There profits have never been higher.

[@kkt1986]

Hey, Prof Wolff, As our Norwegian Parliament just voted over (and declined) lowering the voting age from 18 to 16 in local and regional elections, I've been made to reflect on my position in the comments sections in social media. I maintain that voting rights should follow from needs, not qualifications - which has led me to wonder: Have there, to your knowledge, existed any potent societal forces that have advocated for the complete abolition of age limits to democratic participation? Like, what if even eight year olds with their minds set on it, were allowed to participate, and we would view it as normal for participation rates to rise with their age? Is this such a bonkers idea?

[@Jamhael1]

Indeed, it makes sense - the idea of vote based on needs is a good one, but it must also come with the mental maturity to recognize the willing and voluntary vote founded upon well-thought decision. So, the combination of qualification (based on mental maturity) and needs can indeed be a good way to expand the democratic voting system.

[@kkt1986]

@@Jamhael1 but why does the right to vote need to hinge on any kind of mental maturity beyond what's required in order to 1) have an opinion and 2) mark and toss a piece of paper into the ballott box? That's what I'm asking. Why should there be any qualifications at all? For all you know, I vote based on coin tosses. And I'm allowed to do that. Why shouldn't an 8 year old be allowed to do the same, if they choose to?

[@schmetterling4477]

The bonkers idea is to keep the seventy and eighty year old folks voting. They have almost no remaining interest in the political and social development of their countries but are more often than not trying to "restore" the good old days that never were. Voting rights should diminish at 60 and terminate completely at 75, latest.

[@kkt1986]

@@schmetterling4477, so what? My question remains: Why should the right to vote have to hinge on ANY kind of mental maturity or qualifications? And by the way: 70- and 80-year olds have children and grandchildren whose interests they might want to support. I would require some data to consider before I accept your claim that this age group is so uninterested in politics. I don't believe it's the case, and it doesn't match my impression of the old people I've met in my life. If your objection is that they vote conservatively, ("trying to restore the good old days that never were"), that's even worse. Like, should only people with the "correct" views be able to vote? Not that any of this matters for my argument, since I'm questioning the very premise that voting rights should require a qualification. Why do you think voting rights should be contingent on mental faculties?

[@schmetterling4477]

@@kkt1986 The children of the 70 and 80 year old folks often don't agree with their parents and they have a vote of their own. Old geezers don't belong into politics. I have met an old Trump voter once and I had a civil discussion with him. His "reason" why he voted for Trump was that he wanted "creative destruction". What kind of fool wants to destroy a well working country? Dude, old people are a pest. The sooner they are out of politics, the better. ;-)

[@TheMemesofDestruction]

#BreakTheMeta

[@danielhutchinson6604]

even with Ecectric cars the Oil Company makes a buck, due to the use of Tires being created by oil by products being involved in the production of Tires...... There is that Lubrication issue as well..... $$$$$$