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Richard D. Wolff, Ph.D. Economics Prof. discusses our economy beyond the rosy numbers. [1]

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Date: 2023-10-28  

Richard D. Wolff, a Professor of Economics Emeritus at the University of Massachusetts Amherst, recently presented a compelling critique of the American economic system, which deserves rigorous examination and debate. Although acknowledging incremental improvements under President Biden, Wolff paints a picture of an economy that is far from equitable or sustainable. He pierces through the mirage of American prosperity by highlighting some startling statistics. Over 12% of American households are food insecure, a disturbing fact, especially when juxtaposed with the billions of dollars the U.S. government is willing to allocate for wars and military interventions abroad. The question then arises: What kind of society are we living in where feeding its citizens becomes secondary to geopolitical power plays?

In the interview:

Richard D. Wolff, a Professor of Economics Emeritus at the University of Massachusetts Amherst, argues that the American economic system is fundamentally flawed despite some improvements under President Biden compared to his predecessor.

Wolff highlights alarming statistics, such as over 12% of American households being food insecure, despite the U.S. government allocating billions for wars abroad. He questions the moral and economic justification for such disparities.

The discussion also criticizes the level of income inequality in the U.S., which has worsened even during the pandemic. This inequality undermines the notion of a democratic society, according to Wolff.

In addressing inflation, Wolff contends that employers, or the capitalist class, hold the power to set prices, refuting the mainstream narrative that inflation is primarily the result of government action.

Finally, the talk explores the inefficiency of the American healthcare system, stating that the capitalist structure leads to mediocre medical outcomes compared to other countries despite higher costs. The system focuses not on health but on profit, as per Wolff.

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The Financial Times reports that income inequality in the U.S. has continued to worsen, even amid the COVID-19 pandemic (“U.S. income inequality rises to highest level in 50 years,” Financial Times, September 2021). Wolff adds weight to this by discussing how rising income inequality corrodes the democratic fabric of society. If we claim to be a democracy, where each individual has a voice, then how can we justify a system that disproportionately amplifies the voice of a wealthy few at the expense of the many? We can’t, at least not without veering into cognitive dissonance or outright denial.

Inflation is another topic Wolff dissects, challenging the mainstream narrative that often blames government action as the primary cause. Instead, Wolff boldly states that it’s employers—or the capitalist class—who have the power to set prices. Congresswoman Katie Porter made that clear as she exposed the pilfer in a congressional hearing. In a system where CEOs earn exponentially more than their average employees and where corporate lobbying shapes public policy, it’s crucial to question the commonly accepted theories about inflation that are disseminated by the media.

Wolff also aims at the American healthcare system, declaring that its capitalist structure leads to mediocre outcomes compared to other countries. According to a study by the Commonwealth Fund, the U.S. healthcare system ranks last among 11 high-income nations despite being the most expensive (“Mirror, Mirror 2021: Reflecting Poorly,” Commonwealth Fund, August 2021). This suggests that the focus isn’t on achieving the best health outcomes but rather on maximizing profit, often at the expense of patient care.

The critique presented by Richard D. Wolff provides not just an academic or theoretical exposition but an urgent call to action. It strips away the gloss of American exceptionalism and confronts us with the harsh realities of a system that needs serious reconsideration and reform. While incremental changes are valuable, they are insufficient in tackling the structural issues that perpetuate inequality, inefficiency, and moral bankruptcy. As we look to the future, we must ask ourselves what kind of society we want to be. Will we continue to uphold a flawed system, or will we be brave enough to envision and enact transformative change?

Check out my books on our economic fraud, the necessity to engage the other side, and creating a real economy that serves us all. Subscribe to our YouTube Channel to help us get 100,000 subscribers. By joining our YouTube channel, will you help us widely deliver the progressive message?

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