Economic Update: The Economics of Unemployment Today
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 2.1K Ratings
🗓️ 27 May 2026
⏱️ 32 minutes
🧾️ Download transcript
Summary
This week on Economic Update, Professor Wolff briefly discusses two current large strikes by workers fighting back: the British Columbia nurses in Canada and the commuter rail workers in New York (LIRR). The rest of today's episode is an analysis of the 7.4 million Americans who are unemployed today, the causes and effects of that unemployment, the irrationality of that unemployment, and the current failed "policies" to deal with it.
Transcript
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| 0:00.0 | Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic |
| 0:27.0 | dimensions of our lives and those of our children. |
| 0:30.7 | I'm your host, Richard Wolfe. |
| 0:33.7 | Before we get started, I want to remind everyone that the deadline to apply for the Worker Co-op Academy, Summer Boot Camp Edition, is June 10th. |
| 0:46.3 | In case you have no idea what I'm talking about, the Worker Co-op Academy is a 14-week online course designed to equip participants with the tools they need to build, |
| 0:59.0 | maintain, and grow their own worker co-op. It's presented in collaboration with the People's Network |
| 1:06.8 | for Land and Liberation and the Wellspring cooperative. |
| 1:11.7 | You can find out more about the program, the instructors, the registration procedure, and so on, |
| 1:17.9 | by going to Democracy at Work.info slash WCA for Worker Co-op Academy. I also want to remind you that time is running out to get your |
| 1:32.1 | signed copy of my book Understanding Capitalism, together with a personalized message I put in each |
| 1:40.7 | of these. And this effort will end later this summer. So this is the time to get that |
| 1:49.8 | done if you are interested. We will be having a new book about my own life as an American |
| 1:57.3 | Marxist coming out later this year and we're getting prepared for that. |
| 2:03.6 | Please remember that by liking, subscribing, and sharing this video, you partner with us in |
| 2:11.4 | extending our reach and bringing more people into the democracy at work community. |
| 2:18.3 | Okay. |
| 2:21.3 | Today I want to do two things. |
| 2:23.3 | I want to talk to you about two important strikes |
| 2:28.3 | in which large groups of working people are fighting to change the situation we all find ourselves in. I find |
| 2:38.7 | people able and willing to hurt their own income, jeopardize, therefore, the things they hold dear |
| 2:48.3 | in terms of finance, in order to make a point, in order to get |
| 2:52.8 | a job that is more accommodating to real people's real needs. |
... |
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