Jacobin Radio w/ Suzi Weissman: Economic Weirdness w/ Robert Brenner

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4.7 • 1.5K Ratings

🗓️ 15 August 2022

⏱️ 50 minutes

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Summary

Suzi talks to economic historian Robert Brenner to get his understanding of this strange economic moment. What makes it strange? Inflation has dampened spending, the economy is shrinking, and many call it "shaky." Yet profits are strong and soaring, especially in the energy sector, in part because of Russia’s war on Ukraine. And job growth continues. Despite wage increases, workers’ wages overall are still lagging, but CEO pay is skyrocketing—and the Fed continues to raise interest rates to curb inflation. Are they trying to induce a “mild” recession, avoid one, or what? The moment is unique because of the pandemic, supply chain blockages and shortages, and Russia’s war wreaking havoc on the world economy. We get Robert Brenner’s analysis.

Jacobin Radio with Suzi Weissman features conversations with leading thinkers and activists, with a focus on labor, the economy, protest movements.

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Transcript

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0:00.0	This is Jacobin Radio. I'm Suzy Weissman. On today's show, we spend the hour with economic
0:28.0	historian Robert Brenner to get his understanding of this strange economic moment. What makes it strange?
0:35.0	The latest jobs report shows strong job growth, but inflation is hitting hard on already tight
0:41.7	budgets for working people, while company profits, especially in the energy sector, are sore. Despite
0:48.7	wage increases, workers' wages overall are still lagging, but CEO pay is skyrocketing. In response,
0:57.0	the Fed has enacted its second consecutive three-quarter percentage point interest rate increase,
1:02.7	its most aggressive push in three decades to dampen demand and slow down the economy. Are they
1:10.0	trying to induce a mild recession, avoid one, or just what? We ask Robert Brenner to explain the
1:16.8	drivers for this inflationary period and to assess the Fed's response as well as the general
1:21.7	state of the economy, which he has argued is weak. We'll get his analysis when our program returns,
1:28.2	in just a moment.
1:44.5	This is Jacobin Radio. I'm Suzy Weissman. We're very fortunate to have Robert Brenner back with us
1:50.3	to try to get an understanding of this economic moment. Inflation is dampened, spending,
1:56.1	the economy is shrinking, and many call it shaky. Yet, profits are strong, and soaring in the
2:02.1	energy sector, in part because of Russia's war on Ukraine. And job growth continues. Wages are
2:08.6	up, but still lagging, and the Fed is raising interest rates to curb inflation. Will the Fed manage
2:15.1	to walk the tight rope between slowing demand and causing a recession? The moment is unique,
2:21.9	because of the pandemic, supply chain blockages and shortages, and Russia's war wreaking havoc
2:28.4	on the world economy. We're going to get Robert Brenner's view. And Robert Brenner should be known
2:34.2	to all of you by now. He's a professor of history emeritus at UCLA in the author of many books,
2:40.9	including the economics of global turbulence, the boom in the bubble, the Brenner debates,
2:46.9	and merchants in revolution. His analysis of the Cares Act bailout, which we discussed right here,
	...

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