Richard Wolff on the current state of the economy

program date: 
Wed, 02/02/2011

Host Lisa Loving interviews renowned University of Massachusetts Economics Professor, Richard Wolff about the current state of the economy including the global economy's role in the political changes we're seeing in Tunisia, Egypt, Yemen, and now Jordan.

Wolff is author of the book "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." He said last week: "Some 20-30 million unemployed, underemployed, and no-longer-even-looking workers were not worth addressing nor offering any new governmental program (e.g. direct federal hiring as undertaken by FDR from 1934 to 1941). The past program of Bush and Obama to rely on the private sector and stimulating it in the hopes that benefits will trickle down to reduce unemployment has not worked now for years. Yet that is all the State of the Union address offers, more of the same old, same old that has failed. The long term effects of massive, long-term unemployment will continue to undermine growth and revitalization of the U.S. economy in multiple ways.

 

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