Venezuela: Looking Deeper
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 2.1K Ratings
🗓️ 3 February 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
On this week's episode of Economic Update, Professor Wolff delivers updates on how 73% of U.S. credit card debt is needed for everyday purchases, the issues with Venezuelan oil, and MAGA splits as Trump panders to the voting masses at the expense of a few giant corporations. The second half features an interview with Geo Maher, author, educator, and activist, on the crisis in Venezuela and its long-term implications for the U.S. and the rest of the world.
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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 |
| 0:26.8 | dimensions of our lives and those of our children. |
| 0:30.6 | I'm your host, Richard Wolfe. |
| 0:33.7 | I want to begin today with a very brief announcement. |
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| 1:16.2 | Go to patreon.com slash democracy at work, or you can find the link in the description below. |
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| 1:38.4 | substack community at democracy at work.substack.com. |
| 1:46.0 | Our program today involves a number of important current issues, credit card debt, the Venezuela |
| 1:56.2 | crisis, the disintegration of the MAGA community underneath Mr. Trump. |
| 2:05.9 | And then an interview with G. O. Mar, a specialist on Venezuela, an American professor, |
| 2:13.5 | but who has taught and worked in Venezuela and knows firsthand what's going on there and what |
| 2:21.2 | the abduction of Mr. Maduro will likely mean. So a good program, I think. Let's jump |
| 2:29.3 | right in. A statistic that jumped out at me this last week that I want to share with you is the |
| 2:38.4 | following. |
| 2:39.4 | That of the $1.21 trillion in credit card debt now being carried by Americans, 73%. |
| 2:52.6 | So three quarters of the debt now on the books that is owned by, owed by would be better, |
... |
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