The Socialist Program with Brian Becker cover image

The Socialist Program with Brian Becker

Soaring U.S. Debt & Class Struggle

Sep 18, 2024
Richard Wolff, a renowned economist and co-founder of Democracy at Work, joins Brian Becker to tackle the urgent issues surrounding consumer debt in the U.S. They discuss the disproportionate burden on working-class families struggling with rising debts from healthcare and education. The conversation explores how Federal Reserve interest rates affect borrowing and inflation, while also touching on the implications of military spending on national debt. Wolff emphasizes the need for systemic change to address these critical economic disparities.
29:02

Episode guests

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Quick takeaways

  • The working class is increasingly burdened by debt due to inadequate wages that fail to cover essential living expenses.
  • U.S. national debt is exacerbated by prioritization of military spending over domestic welfare, creating shared vulnerabilities among social classes.

Deep dives

The Working Class and Debt Challenges

The working class faces an increasing reliance on debt as their wages fail to meet basic living expenses. High debt levels stem from essential needs such as medical care and education, yet the narrative in mainstream media often ignores the root causes of this financial strain. Rather than addressing the inadequacy of wages, discussions often focus on the types of debt consumers should favor, misplacing the issue at hand. This ongoing cycle of debt not only burdens individuals but reflects a larger systemic failure where corporations are not compensating labor adequately.

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