Richard Wolff Shreds White House Report on Socialism



we start off our domestic block taking a look at some economic news checking in with how the elites on Wall Street and the average people on Main Street are faring at this moment in the US on Tuesday the Dow Jones Industrial Average S&P 500 and Nasdaq Composite Index all closed in the red leading some to wonder whether or not a more serious crash could soon be in store the slump on Wall Street comes just as the Social Security Administration released new data which confirms what many of us already know that regardless of that Wall Street barometer people on Main Street haven't been doing so well in fact the middle class has been in decline for decades the Social Security Administration reports that the average yearly wage in the u.s. at the moment is thirty thousand five hundred and thirty three dollars that's equal to a monthly salary of two thousand five hundred dollars what's more data shows that a whopping 68 percent of Americans are taking home less than $50,000 a year despite this reality white house economic advisor Larry Kudlow declared earlier this month that the US economy is running quote full steam ahead I've seen estimates between 6 and 15 million people that could come back into the workforce with higher wages or work fare we're humming I mean we're just humming and this what should happen is happening right now the economy is really running good state boasting that with the US economy in question I spoke earlier with Professor Richard Wolfe co-founder of democracy at work professor how do you match these two barometers I've just described a wobbly stock market and a consistently waning middle class and how is the administration able to characterize this economy as booming well it's become the nature of American politics when you're confronted with unpleasant troublesome facts you just make stuff up mr. Trump has gone further than any president in my memory in perfecting this game and his advisors are simply echoing what they're told to say the reality of the American economy is the reality of an economy that has still not recovered from the Great Crash of 2008 a economy in which a majority of people answer the question do you have the ability to handle a $400 unexpected emergency expense without selling your property their answer is an overwhelming no we have the first generation of people with their kids up to here in debt to go to college I mean we have so many signs of trouble that it takes a special kind of intellect and being as polite as I can to look at the few positive statistics and then spin a story of full steam ahead shame is what they ought to feel at this kind of playing with the reality an Americans seem to realize that something isn't working right in this system which is why I'm sure you've talked a lot about and we've covered here on in question the growing popularity of socialism in this country something we've even seen emerging within the major parties the White House recently actually released a report which essentially warns against socialism in the u.s. it says quote in assessing the effects of socialist policies it is more important to recognize that they provide little material incentive for production and innovation and by distributing goods and services for free prevent prices from reveal economically important information about costs and consumer needs and wants why did the White House compile this report and if that claimed true well you know I'm embarrassed for the White House and that takes a lot I'm a professor of economics all my life I have taught in major American universities what the difference is between capitalism and socialism the strengths and weaknesses of both systems so that students could effectively evaluate that if a student handed in a paper anything remotely like what the Council of Economic Advisers just submitted that student would fail my course my right-wing colleagues course and those in the middle who teach that is an abominable insult to scholarship let me explain number one the notion that socialism has been ineffective in raising standards of living makes you wonder a person who says that what planet they're living on let me give the best example thirty years ago China the People's Republic of China was one of the poorest societies on this planet very low income very poor standards of living here we are 30 years later in an economy which calls itself socialist and I'm not debating whether that's true or not that's not the point but they have been able in their socialist economy as they call it to become the second most important economic system in the world their average range of increase of wages is many times higher for 20 years than here in the United States it's not a theoretical question whether socialism can raise standards of living as fast as capitalism socialism in China has done it much faster and to pretend that that's not there to talk about socialism as if Venezuela or Cuba are the examples is so in illegitimate that it verges on kind of intellectual and scholarly fraud and they should be ashamed of themselves of putting that kind of stuff out there it's beneath even this administration right those points are and then especially the case of China are completely overlooked by dead by the by this report but the New York Times actually had something interesting to say about this report as well it said essentially that even into the 1980s some prominent liberals continued to insist that communism was delivering superior economic results but that the fall of the Berlin Wall and that argument it also says that the notion in this report that while socialism was supposed to make people more equal and allow the poor to escape oppression it was the end of socialism that brought more than a billion people out of poverty and made World incomes more equal so the New York Times essentially agreeing with this report and saying that notion is undisputed they actually say that by economists is the New York Times being accurate absolutely not and I I would reproach the New York Times that's unnecessary what you're doing they know full well that it's disputed i'm disputing it and i went to harvard and yale and all the rest of it and lots of my colleagues would dispute what they've written it's shameful to write like that and here's the irony when the new york times endorses this kind of shoddy junky make-believe economics they're giving strength to the very Trump that they criticize on the next page they wonder why the economy is zeroing in to the right or our politics is but they're actively helping that sort of thing a billion people didn't come out of poverty having something to do with the end of socialism the biggest economy in the world right now in terms of number of people is again the People's Republic of China it is the number one example of what socialism is able to do in raising the standards of living of a large country of very poor people to have a discussion in which you do not acknowledge that means you're not having a debate about different positions you're pretending that the alternative to your position doesn't exist and that's illegitimate and intellectually dishonest for some reason I thought you would have a lot to say about this story and so we appreciate you coming on delivering that and passioned rebuttal to the New York Times and White House there professor richard wolf always a pleasure thank you for the opportunity hey youtube thanks for checking out our channel we hope you enjoyed the video we have tons of content for you just like this for more of RT america's one-of-a-kind news and analysis be sure to subscribe to never stop questioning more




Comments
  1. I see socialism and capitalism as two sides of the same coin. Probably in any society. Fearing one or the other is counter productive. Take your money to the bank and you are practicing capitalism and socialism. It's always there… can't ignore it or hide from it. Fear and greed are society's obstacles,. It's fundamental components of socialism and capitalism are basic to economy. Fear, and greed are your enemy. Resist them.

  2. Richard Wolff for president But unfortunately you have to be an actor or something (not someone with brains) to become a precident because the Americans agree with their feelings and not their brains.

    So the one who knows how to play the feeling best wins. So it is very important that you can lie well and thell the people wath they wanna hear.

  3. Richard Wolff has openly declared himself as classic communist. He believes that management positions all companies are "not needed", that the remaining "workers" can easily do the management just by taking one day per week to do it.
    Note: this guy is one of the most called commentators of the RT America.
    Judge this facts as you like.

  4. This guy is a rabble rousing asshole. I try to keep an open mind, and have watched over and again, Wolfe never gives solutions, NEVER! All he does is complain, criticize and complain again.

    Let him come forward with sound concepts and perhaps he may get followers that actually know how to use their brains, rather than the ignorant sheep he constantly chooses to address.

  5. Mr. Wolf you should be ashamed of yourself you can be as anti-American as you want but don't act like you're American you don't have our interests but you're in Russia's pockets

  6. Capitalism brought in The Great Depression and was rescued by Roosevelt Socialism. It works for Germany as National Socialism; it works in Soviet Union under Stalin; it works in China

  7. As I see it you have extreme capitalism on one side and extreme communism on the other. Socialism is the compromise. Socialism is a centrist approach to the economy. Extreme capitalism which is what Americans are afflicted with now is not an economic system at least for the working class that is worth defending from it's enemies. The other extreme is true as well. That's the underlying appeal of socialism for the generation that is poised to take control of the American political machine. They aren't just me me me people they understand the we in society.

  8. Socialism is Luciferianism lite. Communism is in the Jews DNA. Wolf is obviously a Jew. Notice how a Jew never mentions the absolute fact that Christian capitalism not only lifts people out of poverty but retains individual liberty. It is the JEW hijack of capitalism that is destroying Capitalism. Crony capitalism isn't any different than members of the Politboro lining each other's pockets with government contracts. Jews are destroying America. They want a world of their own. No Jews, no abortion industry. No Jews, no pornography industry. No Jews, No Federal Reserve. No Jews, no Israeli false flag of 911. Dumbass Satan worshipers, Jews know Socialism works for awhile. Just until you run out of other people's money and then it all goes to shit. If prosperity is not coupled to individual merit then the incentive is lost to prosper. You see others prospering because they are on the government dole even though they don't have a job. Or you see government workers become lazy and overpaid and they get so corrupt that nothing gets done without a bribe. Puerto Rico the most recent example. Puerto Rican Socialist mayor of San Juan calling Trump everything but a white man and all the while the bitch is stealing everything that isn't nailed down. It amazes me at how hypocritical and criminal liberals have become. They aren't about helping anyone but themselves. They talk a good game but when it come down to putting their money where their mouth is they always prove to be lying duplicitous back stabbing chickenshit self centered ignorant assholes.

  9. Capitalism has the potential to benefit a society, but you can't base a society ON capitalism, any more than you can base a society on poker, or sonnet-composing.
    We've made the mistake in recent years of trying to live as though we were a society based on capitalism, some of us because we were deceived and some because we benefitted from the deception.

  10. 'hey guys how can we keep all our money?'
    'tell them capitalism is perfect and socialism is bad, and that if they work hard, they'll be rich too, and just say it over and over again; worked with religion might work with this too.'

  11. china has a shit load of slave labor being paid next to nothing, who work their ass off. (good luck to them i say.) the pollution is off the scale too. My opinion is its growth will continue as long as they can do things cheaper than the rest of the world. Poor places globally will get richer and rich places in the world will get poorer until labor cost equalize. The political argument between left and right is fucking boring

  12. Professor is full of prunes. China made it's economy off of the US with unfair tariffs, for giving their workers little wages, over working their workforce to the extent the workers are kiling themselves.
    It's a shame this Profession is turning a blind eye to what is really going on

  13. Dick Wolff is an absolute idiot. You cannot trust people who went to "Harvard and Yale and all the rest of them". He says neverthemind whether or not China is actually socialist they call themselves socialist and they have risen to world power over the last several decades and SOCIALISM DID IT… so lets neverthemind that China has been trending away from communism. Dick has no integrity. At risk of sounding like Dick himself… SHAME! SHAME!

  14. It's funny Wolff uses China as an example of socialism as it was due to their special economic zones, where SPECIFICALLY the workers would NOT own the means of production (opposed to the state owned rest of the country). And the regulations were far looser than most US states. And incredibly reduced managed economy.
    If "socialism" means far more capitalism than we have now, then sure. Sign me up.

  15. This divided nation needs persons such as Professor Richard Wolff to fix the economy.
    Mr Trump would have never made it to the White House had his opponent been Mr. Bernie Sanders!
    In Mr Trump's "Make America Great Again", there are people making $3.50 to £7.50 per hour and there are also those whose corporate taxes have been massively decreased by this President!
    Let us all dream that in the not so distant future Professor Wolff will be a key player in fixing the American economy.

  16. Socialism only works when it rides on the back of capitalism…I like how he doesn't want to debate the fact that China is communist and using slave labor to drive its capital markets. He also doesn't want to discuss Venezuela, which turned one of the most perfect opportunities for success into a place where the cats and dogs are disappearing.

  17. But i don't understand how it is that socialism specifically made China wealthier. I kinda just figured they're just socialist/communist in name and are actually just fascists that whored their country out for money by going capitalist.

  18. Well, China become 2nd world largest economy because of Capitalism. After economical reforms of Dèng Xiăopíng in 80's, after they attract investors and let people to build businesses and feed themselves. Before that Socialism/Communism turned the hole country into shithole and killed millions of Chinese people. When I hear the word Socialism, I smell Death.

  19. Lets not forget why China is doing good, is is because their communist socialist Government slaughtered students at Tisnanmen Square because they wanted free speech. The government had to back down after that and let the people have free market capitalism and they grew faster then ever under that system. The communist Government now is gaining power again and is now shutting down free speech and repressing the people more and more and they will go back to a death system again soon. It was free market capitalism that made them big not the fucked up Government.

  20. move to Venezuela if you want to live under Socialism morons, look what it has done to that shithole country, have a nice life asswipes

  21. What planet is HE living on? China has been practicing authoritarian capitalism for at least 20 years – their new slogan is, "To get rich is glorious." – and that has raised its living standards. American businesses moved to China because the police state prevents workers and the people there from organizing and the newly industrial, sweatshop economy there has made the air unbreathable.
    It has, nevertheless, reduced poverty and created a middle class. Ask Joseph Stiglitz about that.

  22. Here's a thought: a free market system that implements socialists structures (healthcare, education, etc.)?

    Maybe a balance of the two as a way to control the extremes of each system?

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