The US Federal debt recently climbed to $40 trillion, double what it was just ten years ago. The United States is borrowing at an unprecedented rate, putting itself and the whole world at risk of financial collapse. Professor Richard Wolff joins Clearing the FOG to discuss why the debt is rising so quickly, how it impacts our daily lives and more signs of a US empire in decline. Wolff explains that the election of Donald Trump and progressive Democrats are “votes of alienation” rather than being based on a political ideology. Wolff expresses optimism in the face of a rising interest in socialism and whether the US can transform away from capitalism or rescue it, as was done under FDR.
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Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.
Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also regular lecturer at the Brecht Forum in New York City.
Prof Wolff is the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update. Learn more at RDWolff.com.
