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The Socialist Program with Brian Becker

Capitalism in Crisis: What the Hell is a K-Shaped Recovery?? The Fraud of Capitalist Economics

The Socialist Program with Brian Becker

The Socialist Program

Politics, News

4.7587 Ratings

🗓️ 16 December 2020

⏱️ 34 minutes

🧾️ Download transcript

Summary

On this week's episode of The Socialist Program's regular segment "Capitalism in Crisis" with Prof. Richard Wolff, we discuss the economy's "K-Shaped" recovery -- in which one section of society bounces back from the pandemic but the majority of people see their living standards and prospects for the future continue to decline.

Richard Wolff is the co-founder of the organization Democracy at Work and the  author of many books, the latest being "The System is the Sickness: When Capitalism Fails to Save Us from Pandemics or Itself." You can check out his work at rdwolff.com.

Transcript

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0:00.0

50 million Americans are hungry, 40 million families are facing eviction, millions have lost

0:11.4

health care benefits, and more than a million workers, health care workers, have been laid

0:18.2

off, have lost their jobs in the middle of the COVID-19 pandemic.

0:24.5

We need a new system. We need a new society. We need to demand that which may have sounded

0:30.7

impossible even a few weeks ago, but is not only realizable, but an imperative necessity.

1:06.6

Music but is not only realizable, but an imperative necessity. Deepening unemployment, a looming wave of evictions, massive and widening inequality,

1:08.7

there's no denying it.

1:16.2

Capitalism isn't crisis, and capitalism is the crisis. We are excited again to have Professor Richard Wolfe join us for a regular weekly segment where we discuss the biggest

1:22.6

stories relating to the economy, the state of the working class, and the crimes of capitalism.

1:29.4

We'll talk about how the economy can be reconstituted on a new basis so that the needs of people

1:35.0

and the planet come before profit.

1:38.6

Richard Wolf is the co-founder of the Organization Democracy at Work and the author of many

1:44.0

books, the latest being

1:45.5

The System is the Sickness, When Capitalism Fails to Save Us from Pandemics or Itself,

1:53.0

you can check out his work at R-D-Wolf.com, and Wolf is spelled WOLFF.

2:00.2

Professor Wolf, welcome to the show. Thank you very much.

2:03.2

Glad to be here. Thank you. It's such a stark set of numbers, 50 million hungry, 40 million

2:11.9

families facing eviction, millions losing their health care. And you would think, well, that should be a cause of

2:21.0

immense alarm. The media, which does so much to shape consciousness, could be having blaring

2:29.2

headlines, you know, big banner headlines saying the American working class and poor are in

2:37.8

crisis. The system is in crisis. But it's really, it feels just sort of like business as usual.

2:46.6

And even the way the economic situation is, you know, affecting different parts of the population

...

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