Economic Update: U.S. Midterm Elections

About the author

Comments

  1. Lottery is a direct injection of cash to our gov. That is what liberal Marxist progressives want money feeding the gov. Much like tarrifs, yet Mr. Wolf does not like them. Not sure if Mr wolf is a true socialist or not, he seems to dislike cash going to the gov.

  2. Who knew women, aa, and hispanics are now working, who would have guessed thst. Fantastic interview. Became very educated. Looking forward to more EDUCATIONAL and insightful interviews. Women are now working Jesus Christ who knew that.

  3. I've so been looking forward to you guys in conversation. The two eminent Marxian thinkers/economists of our age! I love how it takes two old white lefties to point out that we have a new diverse working class, although I would add that working/unemployed/young white men still need a useful part to play in society.

    I think it's a mistake just to highlight women, people of colour and Hispanics since many white men are also LGBTQ+, disabled, impoverished,  single-dads, homeless etc. What I'm saying is that white men are too often looked at as a monolith, and according to studies in the UK young white working class men are by far viewed the most negatively, while old white and Asian women and men the most favourably, showing age not just of the youngest but of those in their 30s and 40s is an important factor as well. And there are many people of the slightly later than baby-boomer generation, who have kids that are part of the millennium/younger generation that they are concerned about.

    I know my Mum and Dad had to live through Maggie Thatcher, the evisceration of manufacturing and the 3 million on the dole in the 1980s… there are a lot more potential allies than you think. But if we keep putting an unobtainable bar for social liberalism ie. using specific words and avoiding certain faux-pas and mannerisms, otherwise you're a racist/bigot etc. is misunderstanding the many allies in the older generation who fought for liberal values and civil rights in the 60s and the 70s that today we TAKE FOR GRANTED. While we're fighting over gay marriage, we need to stop and respect the equal rights of people in the queer community to have sex (illegal before 1968), equal age of consent in UK, be able to have civil partnerships, be an accepted part of society. We also have to understand that we're a lot less comfortable with free-speech liberalism of the post-war era, which was by far the most liberal, left-wing opinion, which understood the way to fight fascism and authoritarianism was with reason and argument. We have almost receded into a form of social conservatism in our restriction of the use of language and jokes in "bad taste". I in no way whatsoever condone racism, xenophobia, homophobia or misogyny of any kind, and such forms of fear and hatred should be CONFRONTED not censored. We need to promote understanding of why it is wrong to say and advocate certain things, rather than patronize and censor those we disagree with. That is a conservative attitude that has no place on the left. That it should be a left-wing opinion to censor swearing and bad language amongst responsible adults is absurd to me. Words have a great power, and we need them in the fight against corporate oligopoly.Don't use that power to punch down at the ignorant, for accusing an innocent person of racism, antisemitism, bigotry without evidence and reasoning is the biggest insult. To shut down someone's right to a voice through gaslighting and slander is worrying trope of our times and only feeds the vitriol and power of the extreme right.

  4. Democrates are cheering that soon america will be 1 party rule. So proud! And you did it by being brainwashed by msm and flooding the country with immigrants.

  5. Stop saying the government has to borrow money! Who exactly are they borrowing the dollar from? China, no they print the yaun; Britain, no that's right they print the pound; Japan, no they print the yen! America prints the dollar so why exactly do they need to borrow?

  6. Trump: Just another City Slicker Con Man foolin' the poor country folk into buyin' his shoddy wares while the city folk long ago stopped being fooled by him.

  7. The US is in a death spiral. What we need is for the next big crash. When it happens and businesses try to look at the government to "help them out" and spend tons to fix it, we need to say FUCK NO. We need the rich of this system to pay for what they cause, even at our own sacrifice. We need their position to be taken apart by simply not accepting the cost of fixing the issues they bring up. One big problem like 2008 and a refusal to correct it will immediately give us the chance to break this gridlock in their favor, and move towards a better system.

  8. Stock market is 4-8X overpriced, with small caps at the high end. Look at the Russell 2000 with a PE in excess of 100! PE ratios go down in bad times. Real GDP growth properly accounting for inflation and deficit spending has been deeply negative 10 years running. This is the biggest ever masked economic depression.

    You won't see acclaimed economists showing you the truth like I do. You watch and you'll hear Mr. Wolff citing economic figures put out by government which uses creative accounting.

    I challenge all of you – something I guess economics professors will not ask of their students – is to calculate the real GDP growth of the US for the past 10 years accounting for monetary inflation, population inflation, and deficit spending. You can't tell me if you borrowed $10 and it turned into $10.05 that you made $10.05 net when in fact it would be a net loss of $9.95. To not account for deficit spending is to be ignorant. We might as well have deficit spending of $100 trillion per year to really make the economy rolling as it would show an astronomic increase in the phony real GDP growth rate, that is if everyone including the acclaimed economists do not want to consider the borrowing that boosts the GDP. "Real" in economic terms is to subtract out confounding factors. To purposely not subtract a huge confounding factor would be corrupt. In addition, using the government claim of a low inflation rate adds to the corruption. Look at a reputable site such as shadowstats.com.

  9. Also, state governments dont use that money for the stated purpose (ie education) they use it to fund other programs. The bulk of it goes into a trust fund and it earns interest which the state uses for any purpose it wants. Lastly, if you work in the lottery department you get huge bonuses and the top bureaucrats make huge salaries.

  10. Lets not leave out certain aspects of the truth. Mr Salvini, the head of the Lega, one of the parties of Italys current coalition is a ultra racist right extrimist. He has called Migrants "human flesh", demonizes the NGOs that save people from drowning in the meditaranean and made registration lists of roma and sinti. For what you might ask? Who knows… Italy under the new government has bascially stopped all migration and the violent racist rethoric encourages hate crimes against brown and black people on a weekly basis.
    What ever you think about the economic pollicies, you can't just gloss over the fact, that italy is flirting with actual FASCISM right now.

  11. Lotteries: the statistics are quite clear – close to 100% of lottery winners not only spend all the winnings within 12 months, they usually also lose the little they had before their win.
    Please base your assertions on the facts Mr Wolff?

  12. Im pessimistic that the working class and poor can ever achieve a collective conscious. The hegemony of individualism is just to powerful and keeps people ignorant and child like. Individualists rarely question they system. On top of that the capitalist class has even more strategies like nationalism, anti-immigrants, welfare, and diversity policy. Face it the average joe is just too dumb for collective consciousness, collectivist mentality, collective action, and much less a collectivist society. Dont forget slavery lasted hundreds of years, and the slaves never took collective action. It was social justice Elites who brought emancipation. Peasants were under the spell of Christianity for a thousand years before secular Elites brought them emancipation. There are virtually no black Marxists economists or socialists. Most women are feminist rather than socialist. Muslims are Islamic rather than socialist. Your basic Mexican are for unions, a far cry from socialism. The prediction of a working class consciousness is Marx's biggest fallacy

  13. Thank you for being a beacon of hope. The Fascists have been battling us in the USA since the great depression and continues to this day. You provide the vocabulary and definitions that are necessary to discuss these ideas with my friends and family.

  14. and yet people need to vote because it sheds light on corruption – until primary for
    Bernie I had no idea HOW corrupt the system really is – think about it

  15. I always try to sing along with the theme song and rhyme what I just learned. The song never lasts long enough to suit me. What is the name of it?

  16. Professor Wolff, check out the KPFA programme Up Front – 1st hr. A Federal Reserve regulator talks abt her work at the Fed!

  17. In the world democracy rankings by the EIU the USA ranks 21st equal with Italy as a "flawed democracy". This decline will continue as there is no way back, the corruption and the rot, the greed and dishonesty is too entrenched in American culture. Just take a look at what Americans elected to the white house, look carefully at the appalling state of the American political system and the dismal performance of its "representatives". "Leader of the free world" they are not, they're just another well armed fascist shithole, just another empire in the process of collapse.

  18. The tariffs on China are only going to hurt the US consumers who are benefiting from low prices. It seems the tariffs are only going to raise prices and cause inflation. Trump doesn't have a degree in economics and I'm afraid he hasn't thought thru his policy and is going to ruin the economy and the dollar.

  19. Glad to see David Harvey making the rounds with my favorite interviewers, like Wolff and Hedges. Looking forward to the Anti Capitalist Chronicles.

  20. Wow, these coastal neoliberal globalists sure do have their panties in a bunch.  Their masters have them concocting all sorts of gloom and doom to fight Trump and populism in general.  Wolff in sheep's clothing, a Judas Goat leading you to slaughter.

  21. I don't disagree that Trump's an idiot but I see a lot of complaining about anything that tries to compete against the current policies. For instance, Progressives complained about "people in the shadows" but weren't effective enough to stop the influx until it was so bad Obama was called Deporter In Chief, ICE rounds up anybody left like Gestapo. People didn't like TPP but now we see that nobody is happy about Trump working against TPP. I think the damage had been done and obviously things were gaining ground until these trade policies started really working up a storm.

  22. Want to fix things, profit margins need to be defined as a percentage of wages. If a company wants to advoid surplus taxes it should have to pay the workers an equal share. 50 million in wages allows for 50million profit. Or pay company tax of 50%

  23. I hope that the democratic socialists take power in the United States so that the US government stops intervening in Latin American countries and lets us progress in peace.

  24. Agriculture is the 2nd largest industry in Michigan. Many farmers havent yet harvested the grain. Im not sure if its the lack of storage or the lack of price.

  25. Most lotto winners spend their "wealth" very quickly, they neither save or invest. Trade: The playing field is NOT level. Consider: Wal MU sells bicycles profitably for under $100 each (after paying an employee to assemble). These goods are shipped perhaps 8,000 miles from abroad. I can NOT compete with that if I had a new paid for and tooled factory and paid minimum wage if I shipped my product across the street. (I can not employ and pay all the related business taxes.) We have a serious trade deficit. Our youth, though better "educated" are working longer and harder for less. (I was an I.E. in my youth.)

  26. re:the U.S., China and U.S. businesses, Oh the irony! Congratulations to poor, little Spain for standing up and not supporting the rest of the west's sanctions on Iran .Now that is leadership that I can follow. That is of course, if they are still standing? I haven't read/ heard anything to the contrary since they made this stance. If anyone, anywhere has read/heard otherwise please inform me? Shame on the rest of our world's western nations for not doing this from the start, let alone not supporting Spain and/or following suit. Congratulations to those students, bravo! re: Alienation vs opposition, people please listen and hear the words of David Harvey's explanation on the difference between the two of these…
     Rhetorical Q.: For how much longer are we going to continue paying our abusers for abusing us???…
    Please send something, a note, a letter, a complaint, a request, a quote, a book, or whatever to your favourite corrupt politician/corporation, crooked banker, war monger/profiteer/criminal, oppressor, or whoever you like. Just make sure it is a hard copy sent through snail mail. They cannot ignore and/or delete that!…
    There I go again going in to edit something because of one typo…

  27. The dynamics of capitalism make the swing from left to right predictable, if not inevitable. Liberal democracy failed because it betrayed “We the People” populism by being an apologist for neoliberalism. Liberal democracy was complicit with the neoliberal slow-moving corporate coup, which caused democracy to become uncaring, unresponsive, and unrepresentative of populations. Neoliberal capitalism and hyper disparity in wealth has broken the social contract, and caused Durkheim’s “anomie”, which has left populations vulnerable to malignant demagogues, autocrats, and authoritarian tyrants. The competitive nature and winner take all paradigm of capitalism demonstrates a predictable cycle, culminating in extreme disparity in wealth, monopoly, and a rentier economy, including producing an oligarchic class dependent on replacing failed left-wing populism with right-wing populism, Theism, and authoritarianism.

  28. Great to see the classic one-man-behind-a-desk communist report going strong! Time to give up on the euphemisms – socialism is just a stage on the way to communism. No need to fear the Cold Warriors and the Marxophobes – the people are sick of cronyism and exploitation, capitalism has completely failed the masses of the world. Only those countries implementing the communist system have people who support their governments. The leaders of the capitalist-imperialist world have no clue – no idea whatsoever how to fix the systemic problems that have been made worse by not having any check on their power. Trump just rambles and rants about "foreigners" or Democrats – he has no clue that cutting taxes and raising spending equals bankruptcy, surely elementary mathematics. But one can't blame him – every other president did much the same thing. Keep up the great work Comrade Wolff – I look forward to the re-formation of the US Communist Party soon. Forget these nitwits and phonies like Ocasio-Cortez – they think socialism means timid reforms of the capitalist machine, maybe a little more handouts. The reality is that all the exploiters and hoarders must be stripped of their power and the working people of the world must be in charge. Otherwise, the fatcats will try their best to make robots to replace everyone – which will inevitably involve a class of robots whose whole job is killing off all the able-bodied people who threaten the loot (and power) of the greedheads.

  29. Lotteries are just another opiate for the masses – pure exploitation. Didja know that the lottery company here in New Zealand makes BILLIONS in profits? They can afford to throw a few million several times a year – it's practically petty cash for these scoundrels. Even worse, it indulges the madness that is "upward mobility" – "if only I were rich, then everything would be wonderful!" NONSENSE! Very few winners become suddenly happy people – normally it ruins their lives because all that instant money (not earned but given randomly) is very disruptive to the ordinary person's life. The truth is that we don't need more money – we need a system that doesn't disproportionately distribute the wealth of the people. There is only so much wealth to go around, so rich people by their very nature create many poor people.

  30. Ohhh boo hoo, the government has given us more tax credits than it has taken from us. We are all gonna die.

    Stop treating government debt as if it was the same as private debt! Stop making up a mythical past when capitaliam could do without debt! You often mention MMT but it looks like you still haven‘t really got the lesson.

    Take notes: money is nothing but the promise that you can pay your taxes with it! In earlier times, the king might have asked the black smith to deliver swords and the peasant to deliver food while demanding nothing from anybody else, but when the kings no longer wanted to run the risk of peasants and blacksmiths being angry, they decided to introduce a system where everyone had to give a little „something“: they asked the population to pay one uga-aga per person. When nobody knew what an uga-aga was, the king told them that an uga-aga was a document that only the king could produce and when the people asked how they get uga-aga, the king told the blacksmith and the peasants that he‘d give them uga-aga for food and swords. The peasants and the blacksmith could then buy themselves a little compensation of their choice for their loss by giving uga-aga to a population that now hat a huge demand for uga-aga.

    If the government spends more uga-aga than it demands from the people as a tax, this means that it becomes easier for us to pay taxes. They give us more money than they take from us! This is true even if for formal reasons the government has foolishly obliged itself to lend that money from private banks (who are forced by law to lend to the government and who can ask the central bank to print it).

    The only reasons why the Italian government debt might be a problem are: 1. because they have given up their own currency, but they might as well reintroduce it. 2. the government pays interest to the banks for a service that the central bank could do for free. And 3. unfortunately, in our system the government doesn’t give uga-agas to peasants and blacksmiths so they can buy themselves a compensation for the swords and food they delivered, but the government gives the money to Walmart, McDonalds, Microsoft or Airbus for the stuff that the government employees buy and for the machinery that the government buys. Do these megacorporations spend on decent wages? -No! Do they spend it on input materials so they can continue deliver the goods? -No, they can do that with a tiny fraction of the money. Do the bosses buy themselves compensations for their „hard work“ of bullying us into wage slavery? -Yes, but again, they only use a tiny fraction of the money for that. The vast amount of money is simply HOARDED by the megacorporations or used for buybacks and other fancy strategies that make them more powerful over time. This is the third major problem.

  31. This is BS, success and happiness are inevitable, TV Jesus says so. Trump 2020 MAGA
    March on Christian soldiers. The beat downs continue …

  32. Dr. Wolff always speaks so negatively about debt. Has he addressed Modern Monetary Theory yet? Does that mean he rejects it?

  33. HAHAHA WUT??? … the SJW college hired Anti-Union Lawyers? OMG … YOU GUYS… you seriously have to "Sort yourselves Out" on the far Left here. … before one of those actual RightWing Shill-Tubers finds out about this and uses it as a weird bizzaro justification against the entire concept of workers Unions. //// And by sort yourselves out, I mean ADMIT that a lot of your Pseudo Accademics and Gender/Race baiting Social-Science Institutionalists act just like CORPORATE bureaucrats & CEO's

  34. I have a question for Mr. Wolff regarding an idea to "Socialize Capitalism" through legislation in which worker ownership of their labour and control of the means of production is enabled, protected, and enforced by a universal mandate requiring a 51% majority controlling share in each publicly-traded or private corporation be held by the collective union of that corporation's employees who would then have the ability to vote on the Board of Directors, Officers, and Company Policies, etc. My question is would this really be Socialism and if so wouldn't this be a winning promise for any American politician left or right?

  35. Cage, deport, shoot and you will prosper. Thank you, President Trump, keep beating heads and kicking ass.
    No more kid gloves. The IRON FIST will teach them a lesson they will never forge.

    The WHITE RACE is on the MARCH and we are taking back AMERICA. USA was BUILT on beat downs.

  36. Fan of Prof. Harvey? Check out David Harvey's Anti-Capitalist Chronicles, right here on YouTube: https://www.youtube.com/playlist?list=PLPJpiw1WYdTPmOmC2i3hR4_aR7omqhaCj

Leave a Reply

Your email address will not be published. Required fields are marked *