Economic Update with Richard D. Wolff

Economic Update returns next week to its regular schedule! This week's episode was recorded in June this year and covers topics our viewers have written to us and requested. Professor Wolff explains what deficits are and why the capitalist system enables and invites employers to cause them. He then proceeds to explain how deficits both solve specific problems of capitalism while also causing others. Over time, problems accumulate to undermine the credit of the US and bring economic crisis. Modern Monetary Theory (MMT) is shown to offer one way out of the crisis by changing how money is created. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

In this week's episode of the "Best Of Economic Update Series," we examine a comparison between the economic failures we face today caused by the same political forces and capitalists that we have encountered before, as well as the causes and effects of economic policies proven to fail. We hope you're enjoying this "Best Of" series. We will return to regular weekly updates on Labor Day, September 1st, and as always, we thank you for your attention, support, and solidarity. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

This week on Economic Update, we take a look back at some of Prof. Wolff's guest interviews from years past that still echo in today's global socio-economic setting. We hope you're enjoying this "Best Of" series. We will return to regular weekly updates on Labor Day, and as always, we thank you for your attention, support, and solidarity. The d@w Team The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

This week on Economic Update, we revisit two of the most viewed episodes of Economic Update. The first features Professor Wolff's analysis of the key changes driving the emergence of a new economic world order, and the second provides a look at the causes and effects of China's economic achievements. You can see both episodes in their entirety at the respective links below: Economic Update: The Emerging New World Order (April 2023) https://youtu.be/2s6F97zYJ1Y Economic Update: The Phenomenon of China (April 2024) https://youtu.be/X6LBNDKTk8Q The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

This week on Economic Update, we take a look back at Donald Trump's first term as president through the lens of psychology with Dr. Harriet Fraad. She explains what could have led people to vote for him instead of the alternative, and provides a backdrop of the socio-economic situation facing his supporters at that time. She is followed by another interview with Professor Wolff and Dr. Arlie Hochschild, a former sociology professor at UC Berkeley and a renowned author. Her research provides insight into the reasons why many still support Mr. Trump, despite their deteriorating socio-economic situation today. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

This week on Economic Update, Professor Wolff discusses the following about Mamdani's victory in the New York City Democratic mayoral race: (1) how it happened, who voted for him and why; (2) the varieties of socialism and the long history of "municipal socialism" in the US and overseas, (3) possible socialist programs for a Mamdani mayoral administration; and (4) tax revenue possibilities to pay for socialist programs. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

On this week's episode of Economic Update, Professor Wolff provides updates on Medicare advantage and "pre-authorization" as a way to reduce Medicare payments, liberals and radicals split over Mamdani, Trump's current budget further deepens the inequality of wealth across the US, and Mexico attends the BRICS meeting in Rio de Janeiro. In the second part of today's show, Professor Wolff interviews Professor Henry Giroux from McMaster University, Canada, on capitalism, culture, and fascism in the U.S. today. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

On this week's episode of Economic Update, Professor Wolff delivers updates on the political theater, of the U.S./Iran hostilities, the political shock of Zohran Mamdani's Democratic primary win in New York City, the withdrawal of union leaders from the Democratic National Committee, and the rising trade among BRICS crosses the $1 trillion milestone. In the second part of today's show, Prof. Wolff interviews two leaders of the musicians' union representing the orchestra of the Metropolitan Opera at Lincoln Center, New York City: Javier Gandara and Stephanie Mortimore. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

This week on Economic Update, Professor Wolff, responding to requests, explores the parallels between what led to the rise of Hitler and fascism in Germany after World War I and what has brought the US to Trump and his current policies. Many key basic parallels are presented alongside some remaining differences that help explain why what Trump is doing is not yet what a fully formed US fascism would entail. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week.1:01 We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info

Chris Hedges, a Pulitzer Prize-winning journalist and author renowned for his work on Middle Eastern conflicts, delivers a compelling analysis of the current crises in the region. He explains Israel's military actions against Iran and their implications for Gaza and U.S. foreign policy. Hedges critiques the humanitarian situation in Gaza, revealing severe human rights implications. He draws parallels to historical settler colonialism while advocating for a deeper understanding of these complex geopolitical dynamics.