Richard Wolff on the decline of the US empire and the denial of the US
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Published 2023-02-02
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Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst, and a Visiting Professor in the Graduate Program in International Affairs of the New School University, NYC. He is the founder of Democracy at Work and host of their nationally syndicated show Economic Update. His latest book is The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself, which can be found along with his other books Understanding Socialism and Understanding Marxism at www.democracyatwork.info.
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All Comments (21)
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My husband and I married 1969 with college degrees, and we entered the work force 1970, - just in time to notice the decline in salaries. Sadly, the Boomers in the 1970's and 1980's didn't have the internet to gain knowledge from, so we suffered in silence, thinking that we were to blame for small wage increases and layoffs. We couldn't understand why we were not achieving the growth our parents didThe internet has made people like you available and now it's easier to understand the bigger picture.
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It's good to hear an educated American telling us what the rest of the world has known about American attitudes for decades.
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I lived through the '50s, '60s, '70s, and so on. Thank you Dr. Wolff for providing the best insight ever explaining the economic, social, and political strife engulfing our country and the rest of the world. We all need to get our heads in the right place to work through this.
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I graduated from college in 1972, and I have realized that my generation got screwed in more ways than one: Vietnam, stagnant wages, loss of pensions, and a manipulated stock market. I really enjoy listening to your voice of reason and reality in a world that has gone down multiple rabbit holes.
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I nearly died crying for my mum who had paid in the tax system for over 40 years, now every time she collects her pension, and paired with over 20 % tax on it, I ask why? you paid tax on your earning, you know pay tax on your pension, what is going on?. The system is broken or corrupted, it is obvious to everyone.
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Wow, that is clear explanation of the collapse of the family and society
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Thank you for the lesson in history which is very much true. I don't recall you reminding your listeners, that history usually repeats itself. Unfortunately, the greed of corporations are one of the largest contributors to the inequalities of this nation. If left unchecked the downfall of The USA is inevitable. Denial and the inability to act soon will undoubtedly seal our fate. Well done Sir.
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This explains so much. And it makes me want to weep having lived through it at the age of 71. I worry about what is ahead for my children and society in general
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Homelessness, drug addiction, poverty are manifestations of a society in decay.
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It is refreshing to hear someone speak the truth about what i have thought was going on in the US, Russia and China. The greed in this county has risen to exponential heights with our country in serious decline.
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Thank you for giving us your time to lay the current status out so clearly. My deep respect to you.
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You're absolutely right, we're in a situation where currencies are losing purchasing power faster then we can earn them
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Great talk. The Ukraine issue has sped up global multipolarity, with several non-western nations with natural reserves in abundance wanting to join BRICS.
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I’m 58 years old, grew up in America, brainwashed in America regarding economics and how it is run in USA. I’m just now figuring it all out, because I was raised that they way things were run was the best in the world. Now my eyes are open and I’m so happy to hear Professor Wolff say all this because I kept questioning myself, but he just said exactly how I feel, and I don’t feel alone in my thinking.
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I'm 78 and remember everything he is saying . In the late 60's to the 70's anyone with a decent full time job could buy a brand new well equipped car and pay it off in 3 years ( that was the normal payment time .) My parents bought a two bedroom house with full basement and space on second floor to add 2 more bedrooms for 11,000 in 1956 . That same house now list for 350,000.
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This is brilliant, thank you.
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I entered the work force in 1980. My entire adult life has been defined by this economic loss and the cascading consequences of that decline. I hear you.
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Those who don’t study history are doomed to repeat it. Yet those who do study history are doomed to stand by helplessly while everyone else repeats it.
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It’s so refreshing to hear someone who is teaching students something worthwhile. Loved your presentation. And to see someone who does not take the usual US Approach of ‘if it doesn’t work just do more of it’ which continues to get the country into ‘deeper do dos’. Thank you again 🎉
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I'm sharing this with all my friends and family. I think this is the way back to sanity. We've been living so long on our anger that it has blinded us.
