Why The Post Pandemic Economy Should Worry Us All?
July 14, 2022
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5:15Now PlayingWhy The Post Pandemic Economy Should Worry Us All?
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as posted by the channelWhat is the post-pandemic economy going to look like? Should we be worried? Although it’s an inconvenient fact for policymakers and wackos everywhere, we’re still very much in the middle of a worldwide pandemic, with over one million Americans dead from COVID alone. So what could the future have in store? We wanted to ask our expert guest this week, Richard Wolff, Professor Emeritus of Economics at the University of Massachusetts Amherst, what he thought about all these questions and more.
“If you aren’t worried, you aren’t paying attention,” is basically what Professor Wolff had to say about the future state of the economy. Over the past 2.5 years, the every American has had to deal with successive crises that remain completely unresolved. The pandemic that we were unprepared for, and seem to have learned no lessons from, continues unabated, and the economic fallout from rising costs and supply chain snafus continue to hurt the pockets of everyone without a Tesla.
To cope with rising inflation, the Federal Reserve is raising interests rates at a rapid clip, and also signaling that wage increasing are a large part of why things are getting more expensive. To curb inflation, the Fed and President Biden would rather take money away from working class Americans and stimulate a recession than confronting the corporate interests pulling in record-breaking profits month after month.
Richard D. Wolff is a Professor Emeritus of Economics at the University of Massachusetts Amherst. Follow Professor Wolff on Twitter
Recorded July 10rd, 2022
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