"Austerity" Comes to America

Monday 14 February 2011

by: Richard D. Wolff, t r u t h o u t | Video

Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a Visiting Professor at the Graduate Program in International Affairs of the New School University in New York. He has a PhD in Economics from Yale University as well as degrees from Harvard University (history BA) and Stanford University (economics MA). Wolff has authored or co-authored 10 books and over 50 scholarly articles and 75 popular articles. His recent work has concentrated on analyzing the causes and alternative solutions to the current global economic crisis.

His documentary film on that crisis, Capitalism Hits the Fan, can be previewed at www.capitalismhitsthefan.com. He also published a book of essays on the current crisis in 2010 entitled Capitalism Hits the Fan: the Global Economic meltdown and What to Do About it. Detailed information on and copies of his many writings, audios and videos of his media interviews, lectures, and classes, and his speaking schedule are all available at his website: www.rdwolff.com.

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Richard D. Wolff is a professor emeritus at the University of Massachusetts in Amherst and also a visiting professor at the Graduate Program in International Affairs of the New School University in New York. He is the author of "New Departures in Marxian Theory" (Routledge, 2006) among many other publications. Check out Richard D. Wolff's documentary film on the current economic crisis, "Capitalism Hits the Fan," at www.capitalismhitsthefan.com. Visit Wolff's web site at www.rdwolff.com, and order a copy of his new book "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do about It."

Comments

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Socialism just keeps

 Mon, 02/14/2011 - 16:55 — Giovanna Lepore (not verified)

Socialism just keeps recommending itself. Hope people spread this video around.



A couple of VERY large

 Mon, 02/14/2011 - 22:46 — Dick Moser (not verified)

A couple of VERY large oversimplifications make me wonder about the objectivity of this analysis. First of all, although taxes at the top brackets are dramatically lower than they were in, say, the 70s, it's not true that politicians have spent to give things to people and have not raised taxes. Taxes HAVE gone up from time to time, and much of the excess spending in recent years has been for two wars which the majority of the people now, at least, don't want.

Second of all, the lenders have NOT been all rich people and corporations. In fact, corporations have loaned very little to the government and there is no mention here of governments that have been and continue to be lenders to our government.

It's tempting to oversimplify an issue to suit an ideological agenda, but let's be careful. That's what the right does so effectively and so dishonestly.



Also not mentioned is that

 Mon, 02/14/2011 - 23:31 — Paul Chadwick (not verified)

Also not mentioned is that one of the, perhaps The, largest lender to the federal government is the Social Security Trust Funds, which money has been obtained by excess taxation of average workers and wage earners over the past 20 years.



It is late, yet the

 Tue, 02/15/2011 - 02:04 — Richard Breed (not verified)

It is late, yet the commentators herein are exceptional people...and very smart. Every now & then, but hey - this is a vanguard place. So...it's late and I leave you with a little tragic chuckle analogy:

Preface: we have a duopoly which has morphed into a kind of capitalistic fascism...and what did included a lack of transparency and more importantly a lack of accountability for businesses, business people and our legislative bodies - and the ringleader of our demise? Congress. And then they started dating businessmen and their companies...then they went to first base and Lobbying became Bribery and legislative compositions which became Laws...then...Ok...preface/preamble...whatever,Done. Here's the comedy! >>>>

When Business and Politics {Congress} get into bed with each other, they enjoy their financial orgasms while we endure the economic pregnancies!

It would be a fun Toles cartoon.



@Richard Breed I like it.

 Tue, 02/15/2011 - 07:15 — FR Tothus (not verified)

@Richard Breed

I like it.



Is there a transcript

 Wed, 02/16/2011 - 00:57 — Crone (not verified)

Is there a transcript available? My aging system can't access videos.



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