Written by John Lounsbury
Econintersect: Richard Wolff is a visiting professor at the New School in New York City and Professor of Economics Emeritus, University of Massachusetts, Amherst. He has a regular program on the Manhattan Neighborhood Network. This video is the broadcast of 24 January 2017, covering a range of topics including the tangled web of business relationships of individuals taking positions in goverment, profitability of companies paying fines for illegal behavior, comparison of wages with productivity, and other items.
Here is the start of Prof. Wolff’s bio at Wikipedia:
Richard David Wolff (born April 1, 1942) is an American Marxian economist, well known for his work on Marxian economics, economic methodology, and class analysis. He is Professor of Economics Emeritus, University of Massachusetts, Amherst, and currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.
Summmary of this video from YouTube:
Aired 1/24/17. On Today’s Economic Update, Professor Wolff bring ups a research article from the Economy Policy Institute, which complied numerous charts that compared workers’s wages from 1985 to 2015. The article compared white men’s and black men’s wages as well as white women’s and black women’s wages. The study shows that black men’s wages were down 6% lower than what they were in 1980, whereas white men’s wages went down 1%. On the other hand. Black women’s wages increased 15% and White women’s wages went up 31%. The growth in productivity in all labors rose consistently over 35 years, the productivity levels were much higher than worker’s wages altogether. Professor Wolff indicates that the fact that male workers did worse than their female counterparts may have had something to do with the outcome of election since many workers, since many of them feel disenfranchised and left behind.
Mr Wolff mentions that the British Parliament has intentions of promoting upward mobility by eliminating unpaid internships for more than one month in Britain. British legislators have expressed interest in abolishing unpaid internships for more than one month since several members of Parliament deem it as a system that preys upon the most economically disadvantaged and favors the most affluent sectors of society.
According to Mr. Wolff, the big banks are quite satisfied with the Trump administration, even more so than they would’ve been under Democrats because they are counting on a reduction of regulations and a relaxation of the Dodd Frank rules. Professor Wolff addresses a study conducted by United Way Worldwide, which shows that an Average Annual Survival Budget for a family of four is $62,472 in New York, just to get a basic living household income. The study also indicates 44% of households in New York State were either living below the poverty line or barely above it. Meanwhile, the Bronx, which is the poorest county in New York City shows that 71% of households were living below the poverty line or barely surpassed it. During the last segment of the show, Professor Wolff interviews Becky Bond and Zach Exley, Senior Advisers to the Bernie Sanders Campaign and Co-Authors of “Rules for Revolutionaries: How big Organizing Can Change Everything.” #MNN #RichardWolff#EconomicUpdate #PowerToThePeople #CommunityEngagement.
For more information on Manhattan Neighborhood Network: http://www.mnn.org