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....... Professor Wolff's Website: www.rdwolff.com Professor Wolff's Podcast: http://www.truth-out.org/economic-update-your-weekly-dose-revolutionary-economi...
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Some of the economic news from the US this month.
The list of very major US companies using offshore tax havens to avoid paying any tax at all - some after even having had billions in bailout money - is shocking.
While even the tiny financial transaction tax that has been suggested...has been rejected.
Exactly as Richard predicted in December's talk Obama beat up the rich with a "feather" (a few % of tax increase, above a very high threshold) in the "fiscal cliff" drama - while 100% of the ordinary working people get a 50% rise in a basic "payroll tax".
The cheapening of education - under the banner of "democratization"...is creating, an illusion, a veneer, of learning, as a substitute for the real thing - dramatically illustrating the fact that US corporations have lost confidence in the US as an economic base now, and are putting most of their investment elsewhere in the world.
Richard explains the history of why capitalism allowed wages to rise in the US for a long time, but that the same mechanism would also inevitably then be required to abandon these high wage industries for lower wage ones, as soon as this started to became possible with the development of global communications etc.
This dire situation (for the US) allows Richard to put forward his worker participation model as the only one which can be the alternative, now - to either private, or state based, capitalism.
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