The Socialist Program with Brian Becker
Debt Is Crushing U.S. Workers
Aug 23, 2023
Professor Richard Wolff discusses the alarming rise in auto loan defaults, the impact on the working class and the rising prices of cars. It explores the implications of unsustainable debt, the relationship between wages and raw materials, and the concentration of wealth. The podcast also touches on the rise of BRIC countries in the global economy, limitations on Chinese land ownership, and growing anti-Chinese sentiment.
33:38
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Quick takeaways
- The alarming rise in defaults on auto loans reveals the unsustainability of debt in capitalist economies and the urgent need for a new system and society.
- The American capitalist economy is showing underlying weaknesses as subsidies are withdrawn, unemployment assistance and business subsidies are cut, and rising car prices price out the middle and lower classes.
Deep dives
Defaults on Auto Loans as an Indicator of Growing Economic Crisis
Defaults on auto loans are rising at an alarming pace, indicating a growing economic crisis. Hundreds of thousands of consumers are facing mounting bills due to surging new car prices. This trend reveals the unsustainability of debt in capitalist economies. To address this crisis, a new system and society are urgently needed.
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