Europe Declines Faster than the United States
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 1.9K Ratings
🗓️ 3 June 2025
⏱️ 31 minutes
🧾️ Download transcript
Summary
On this week’s episode of Economic Update, Professor Wolff delivers updates on U.S. vs Chinese wheelbarrows, the Cold War error against China, the lasting effects of terminated U.S. federal workers, how tariffs alone won't bring manufacturing back to the U.S., further declines in U.S. coal mining, McDonald's hamburgers in the U.S., and the rapid economic decline in Europe.
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Transcript
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| 0:00.0 | Welcome, friends to another edition of Economic Update, a weekly program devoted to the economic |
| 0:26.6 | dimensions of our lives and those of our children. I'm your host, Richard Wolfe. I want to quickly |
| 0:34.3 | remind you to keep sending us your suggestions and ideas. |
| 0:39.0 | They go to charlie.info-438 at gmail.com. |
| 0:46.3 | And again, a reminder that a companion volume to this program is our book Understanding Capitalism, which I urge you to take a look at if you're |
| 0:57.8 | interested in a more developed argument about the capitalist system, then we can put into |
| 1:06.8 | each of the segments that comprise these programs. Today we're going to talk about the U.S. |
| 1:14.9 | trade war with China. It's an overwhelmingly important economic reality of our times. |
| 1:23.2 | We're going to be talking about the layoff of government workers, another important reality of our times. We're going to be talking about the layoff of government workers, another important reality |
| 1:28.7 | of our times. |
| 1:30.5 | We're going to talk about a real serious decline in the McDonald hamburger business, which |
| 1:37.5 | is part of what's happening to retail across America and needs to be understood. |
| 1:44.3 | And finally, the relationship changing between the United States and Europe speaking economically. |
| 1:53.5 | So let's begin. |
| 1:56.4 | I'm going to start with a very short segment. |
| 1:59.6 | It's a story of something that began eight years ago in 2017. |
| 2:05.4 | At that time it was President Trump's first term as president, and he hit China, as we all |
| 2:13.3 | remember, with tariffs. |
| 2:16.1 | And about the time he hit them with tariffs, they were of course much less than than he is |
| 2:21.4 | doing now. |
| 2:23.6 | But when he did it, it was remarkable enough since other countries weren't behaving this |
| 2:29.5 | way. |
... |
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