This week’s episode of Economic Update features an analysis by Professor Wolff on: 
1. How Trump seeks to address the problem of costly American wars and their impact on sharply rising budget deficits, 
2. How the rising U.S. debt has led to the loss of the United States’ "AAA" credit rating, 
3. How Trump’s response is to seek to slash government spending and raise money by imposing tariffs on the entire world, 
4. How this backfires as other countries retaliate, hurting US exports and causing the dollar to lose its appeal as the world's safest currency, 
5. How China's economic rise is more substantial than the U.S. measures aimed at stopping or slowing that rise, 
6. How the declining U.S. empire undermines the U.S. capitalist economy by making it increasingly difficult for CEOs and other corporate leaders in the U.S., households, and the government to prevail over and dominate the U.S. economy and society.

 

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