Economic Update: Best Years of U.S. Lie in its Past
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- Опубликовано: 19 сен 2024
- [S11 E28] Best Years of U.S. Lie in its Past
On this week's show, Prof. Wolff talks about Chipotle Mexican Grill blaming its price increases on its workers, economist Arthur Laffer's claims that many poor, minority workers "not worth $15/hour." and false claims that lower taxes help economic growth while higher taxes hurt it. On the second half of the program, Wolff interviews August H. Nimtz, Jr. on today's crisis of a declining U.S. capitalism, its impacts and implications.
**Economic Update with Richard D. Wolff is a@democracyatwrk production. We make it a point to provide the show free of ads. Please consider supporting our work. Donate one time or become a monthly donor by visiting us at democracyatwork.info/donate or become a patron of Economic Update on Patreon: / economicupdate . Your contributions help keep this content free and accessible to all. Now more than ever, sharing Prof. Wolff's message is critical.
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Learn more about d@w's NEW BOOK by award-winning print and broadcast journalist Robert "Bob" Hennelly. Stuck Nation: Can the United States Change Course on Our History of Choosing Profits Over People? at www.democracyatwork.info/books .
“Hennelly brilliantly analyzes our capitalist crises and how individuals cope with them, tragically but often heroically. He helps us draw inspiration and realistic hope from how courageous Americans are facing and fixing a stuck nation.” - Richard D. Wolff
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About our guest: August Nimtz is a professor of Political Science and African American and African Studies, and Distinguished Teaching Professor, University of Minnesota. Most recent book, Marxism versus Liberalism: Comparative Real-Time Political Analysis. Most recent periodical publication: The Chauvin Verdict: A Historic Victory that Points the Way Forward (Monthly Review Online). Current political work: co-coordinator of the Minnesota Cuba Committee--solidarity work in defense of the Cuban Revolution.
Media Links:
Most recent book Marxism versus Liberalism: Comparative Real-Time Political Analysis
Amazon author's page www.amazon.com...
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SOURCES FOR SHOW SEGMENTS:
1. Chipotle Mexican Grill: www.restaurant...
www.cnbc.com/2...
2. Arthur Laffer's claims: www.independen... minimum-wage-trump-b1863428.html
3. Lower taxes help economic growth: www.theguardia...
You know Wolff is a comrade when he doesn't pronounce Chipotle correctly and thinks they sell tacos. Love this person.
It's weird, that Prof Wolff speaks 6 languages but is pronouncing chipotle wrong. But Chipotle does sell tacos... and burritos, quesadilla, ensalada, guacamole, etc. etc.
video title: , IF we think Europeans Will Give us Solutions We are going nowhere
Richard Wolfe is amazing at explaining what is really goin on in this world. Hats off to him.
SALUTE
The sad part of it all, is that most workers don't even have an affordable housing to go to, they'll at best sleep in their cars! Housing is a luxury nowadays, these workers keep their suffering hidden and keep hoping for a miracle to get out of this endless vicious circle. Greed is becoming a legitimate sign of success. For every 1 new billionaire there are thousands of new slaves in this corrupt capitalism.
The bankers have a plan. The workers have no money to rent, the landlords have no money to pay mortgage, the banks foreclose their properties. They probably have already invested in tent companies too, for you.
@@michael511128 Take note, though they have a point, like American's struggling so others have super yachts, the landlords that always called the tenants whiners, said they should have had a better plan , made better choices in life....etc........they are the ones feeling the crushing effects of not enough to go around, like the regular folk.....and they are crying the as loud or louder , than those they always dismissed...lol
I think it’s more like hundreds of thousands or millions of slaves per billionaire
Great comment., I am so sad to see so many Americans blame the victim and have no empathy and quick to judge .
A lot of workers probably can't really afford to eat Chipotle.
Great guest, glad to see that through him and others that generation + background continues. Their wisdom is needed.
FACTS
Dr. Wolff is a national treasure
I sat in a meeting where the company owners decided to preemptively raise the price of there jeans ahead of a projected cost increase on cotton. The COO asked, "Have we seen the increase in cotton yet?" To which the head buyer replied, " No, not yet. But, we can raise the price now." (And make a little more money.) And they did.
Another ploy used, a tax is placed on an item, the seller will go up in price more than the tax. The increase in sales price will be blamed on the tax, after all nobody will know how much the tax really added to the cost. .
If that happened during the Covid pandemic it may have been due to nobody having to wear, or therefore, buying pants due to all the zoom meetings and online working and schools...lol j/k But...
@@annettezaleski I am glad CNN stood behind Jeffery ( a little back from him...) unlike the N Y Times.......I did not want to see him promoting his new podcast...Lubin With Toobin
I hope Prof. Nimtz is on the show again in the future, this was great! :)
Another great update! Thanks Dr. Wolff! Please bring Dr. Nimitz back soon!
Amazing to watch Prof Wolf over the years as he has gone from most that even had him on being critics , not to mention the comments, to most people either finally realizing what he was saying was correct, or at the very least, taking notice and seriously considering it !
wolff says "Chipotle" in a very interesting way lol
Yeah, I mean... was there nobody on the production team who could have mentioned this to him?
Clearly our dear Wolff needs a burrito bowl STAT.
@@anhedonic-antediluvian He does not eat at places that treat workers so poorly.
@@neutralrobot you pronounce it wrong, It's "shitte", just like the name of the management and investors.
You weren't joking. Lol We all slip up I know that. It's pretty funny but he's probably tired too I'm sure. Still funny.
This is brilliant. Praying. We need the professor to testify in front of Congress. They’re talking right now about minimum wages and a minimum income. $1200 a month. This is so very important. I think it will keep people off the streets.
Nobody earns a billion dollars; they earn $7.50 an hour. Let's cap their wealth. They cap our salaries.
I like how you mentioned other professors fawned up at being called about of the working class ....its shows the clear disdain people have for the working class that the sheeer mention of being apart of "them" has a negative correlation working class is viewed as less than even within the working class office job white collar working class is viewed different as someone that is a housekeeper or a dishwasher but in reality we are all in the working class getting screwed together
Class isn't really about how much money you make or where you live. It's about what you do. So a working class electrician can make more than his middle class manager. White collar jobs are middle class by definition whether or not they get paid well (assuming that they aren't engaging in a working class side hustle). There are a few professions where it gets a little murky. Nurses and teachers kind of straddle the line between working class and middle class. Curiously, both professions have traditionally been dominated by women, and perhaps that has something to do with it.
As for your comment that we are all getting screwed together, I concur. The demonization of working class life has led to the undermining of working class protections and benefits which lowers the expectations and demands of middle class workers as well. The beneficiaries of this have been the investor class-the underclass have always been screwed.
Hahaha....Remember when Fox news famously said .." the problem is that they expect "things".....we should point out that 95% have a refrigerator , 90 % a microwave...etc".......As much as to say " what is wrong with you people, some have private jets , you have a TV don't you, socks on your feet".....
@WTFViewer LOL...Thank you. Just watched democracy now talking about the documentary "Crime of The Century". Has the Sacker's testifying that they are not responsible for any deaths......or even addictions... ruclips.net/video/40X0yguwHAE/видео.html
@WTFViewer I have a BA and BED , and I realized very early that the ones that went in to trades were the ones with jobs. The wealthy hate the well educated though, as we may or may not land teaching jobs, but we know what Stockholm Syndrome is , and the last few years we can see that millions of good , hard working Americans also know what it is, even if they have never heard the term.
I would argue what is happening is that the wealthy got away with it and would continue as long as a certain percentage with little voice were the ones beat down ( Prof Wolf described them as shock absorbs that get crushed) , but once way too many people are working all the time with little hope, well now we are starting to see a real attitude change, and more empathy for our fellow citizens ! A conservative messaged me that greed is good....It never sounded right in the movie, and it has better on any day since.....Not much evidence for greed being good for society, truck loads pointing to the facts that it is not ..
Cheers !
@WTFViewer juno and netzero had free internet and email in the mid '90s and AOL blitzed the public with free AOL discs? floppies? i'm not sure, that gave you free AOL for 500 hours or some shit. i was a typical enduser, just learning wtf it was all about, and the thought of leaving the AOL womb terrified the crap outta me, until my kid showed me how to use Internet Explorer to go anywhere on the web, get free yahoo email, etc. I frankly don't remember where the hell the internet was coming from, maybe the phone company? But everything was free!! no company had proprietary rights to anything, and if they did, you could find the same program somewhere else for free. Now everything is apps, controlled by google. I can do nothing with the new oneplus nord 200 android piece of shit unless i go online to let google know about it first. i'm guessing it won't be getting any better anytime soon.
Another brilliant deconstruction of Capitalism and in particular using this example of Chipotle's capitalist scheming and hustling! Absolutely brilliant break down! Glad to have Dr. Wolff on the side of the people educating us !! God bless you Prof Wolff!
More people really should watch Sergei Eisenstein's silent film "Strike!" It's a real wakeup call to the insanity of Capitalists amorality.
thanks for that comrade ive just tracked it ,"Srike " down on utube and i m going to watch it tonight
Amorality is the appropriate terminological description of present economic practice.
As always Prof. Wolff, your analysis and elucidation of our societal and political problems, are profound and most enlightening. Thank you sir. I share all your tals with my friends hoping that would spread the word. If only most of our politicians and our population follows your guidance we will become a leading democracy.
The corporations who are not paying their fair share of taxes should be kicked out of the country and do not let them sell their products and services in America!!
corporation's means corruption. amazon is the worst
The way he is saying chipotle is hilarious lmao
@@fattyacid1901 as in nestle away all profits while leaving the rest of us with the results of their damages
I've found Professor Wolff has a tendency to do this to other words as well. I'm not sure if it's on purpose, like how some RUclipsrs will **bleep** or use a different word to avoid demonetization (saying flip instead of f*ck for instance). He does this to Bezos (as Bee-zohs) and it's pretty common knowledge how to pronounce Jeff Bezos' name so I feel like he would have corrected it by now.
@@chairmanJackie - Better to say 'Jeff Bozos'.
Also, the correct way to say Faceberg's name is 'Mark Fuckerberg'. Most people don't know this.
Prof. Wolff, you're the most brilliant economist in America--but just remember, Chipotle is pronounced chip-POHWT-lay.
Jacobin’s article, title starting with “take me to your leader” lays bare just how focused wealth is on shaping governance. it’s necessary reading
Thanks EU and Prof Wolff for interviewing Prod Nimtz. He's truly one of our nation's intellectual treasures.
I had the pleasure of taking a few of Prof. Nimtz's courses. His were my favorite classes and I walked away from them with truly eye opening knowledge and experiences. His knowledge of history is awesome.
Nobody should be paid 38 million dollars. To me that is criminaly insane.
I love how you say “Chaptole” great work as always wolf.
😅
He says it the amerikan way.
Chap-olt-lay!!
He must not see too many commercials or even watch tv?? But, he could have used ANY ONE of their competitors as examples on this topic! lol
oops....*Chip-olt-lay!! Chipotle!
I love the guests prof. Wolff
I had a few classes with Prof. Nimtz. He's a real cool guy; very engaging and friendly, and he doesn't force you to accept his point of view like some professors do.
One of the better programs recently. Please have Professor Nimitz as a guest on a regular basis.
Pretty weak guest. Wolff had wrench responses from .."what's his name"
For some unknown reason the majority of Amerikkans are ok with this state of affairs.
@Revolutionary Matron In other words they are totally brainwashed
@Revolutionary Matron indeed
By the time the people see the futility of rising to the tippy- top, the accrued debt from making the attempt has crushed them. They need debt relief.
IF IT'S GOOD ENOUGH FOR WALL STREET, GET IT REPUBLICATS! DEMOCRATICANS?
'The best lies of the US have been in the past year.'
Fixed.
Dr. Wolff says chipotle the way my brother says it, jokingly, but seriously; I was laughing my ass off the whole time.
omg i know, me too. so funny
Made me smile
Dr August: [paraphrased] "When you look at the working class and capitalism, the best years are behind us for the working class. And thats a sobering reality. This explains polarization and tribalization. " this is the explanation I have been trying to find for a while now. thanks.
Capitalism= A lot of serfs, a few kings of industry.
Since the fall of the Soviet Union the owners of the United States have lost the need to share the wealth as a way of propagandizing the public to be adversarial to a system that purported to be based on that, and the simple-minded compliance of the public with that change demonstrates the absurdity of American exceptionalism.
This is why I want China to take over
So the US can have a wake up call.
The Soviet Union was good for the US in the sense that it forced the US to control crony capitalism and have a decent system in which regular people could be middle class. They had to sell the idea to the world that capitalism was better than communism and the only way to do that is to make sure wealth inequality is controlled and limited.
Dear professor, it seems that the majority of Americans have not yet understood that they are slaves to an inhuman economy. The Italian professor. Valerio Malvezzi has been denouncing this for more than 20 years by propagating the Humanistic Economy where man is at the center of the market and not vice versa. Perhaps it would be worth while inviting him. His thoughts meet with yours and go far beyond.
I am definitely interested in hearing more from Dr. Nimitz Jr.
It a difficult to hear, but sadly very necessary. I am grateful to both of these brilliant professors.
FACTS ... GREAT TALKING POINTS MR WOLFF .. 💪🏾💯❤👍🏾
Somebody has never eaten at Chipotle
This professor Wolff roasts capitalism so good that it's fun to watch
Did you go live in China, Cuba or North Korea?
@@billr.2210 you have the point, professor doesn't say that all capitalism is bad, nor that all communism is good, but rather to learn good and bad from both systems, and make better system, did you live in germany, france or turkey where socialism is not totaly dead and health care and education system is free
@@billr.2210 China and Cuba have free healthcare and education. Cuba has no homeless people. Meanwhile in the USA...
@@TheOkkeh In the meantime, it seems like the only reason why some communist countries started doing well recently was because they started adopting some free market practices instead of the failure and famine of atheistic communistic ideology. Anytime businesses do good over there, they crack down on them. That doesn't happen in Germany and I'd rather live in the USA anyway.
@@c.b.3234 You mean free reeducation...
When we start to understand this subject, we will see that the Chinese system works better for all. Talk about "for the people" , Chinese system yes. US system not so much.
While the Chinese system is not perfect, and it's not really compatible in its entirety with the U.S. Constitution, it is currently doing an excellent job of improving the lives of the people of China. And while it shouldn't be adopted wholesale in the United States, it should be examined less critically for ways that it could show us how to potentially improve our own peoples lives, but unfortunately-exceptionalistic ideology…, oh yeah, and racism.
Either ever lived there for longer than a week?
@@Ashphinchtersayswhat Good try, but you are out of luck. I have lived there six different times, some up to maximum visa . You would not ask this question if you were not so racist. Have you lived there? Where and when?
@@Ashphinchtersayswhat Never lived there, but my longest visit was a month. Still, I think your point is valid at least as it pertains to me. There's no way I could truly know China in the short times that I've been there. I do have family there though that have lived their entire lives there.
@@ablam8 I just asked, I lived there for 9 months building a golf club manufacturing facility. I loved it.
Born 1980 never had a chance life has been hell on earth
Same here. I did what everyone back then said to do and still ended up screwed.
Great guest! I'd love to hear more from him. :)
I enjoyed listening to your guest and fellow professor. Please do have him back on again!
In Denmark Unionized McDonald's workers make at least $23 an hour - and the big Mac is highly competitive in price, sometimes a little more sometimes a little less, McDonald's franchisee's are still very rich, Fast food workers here work for peanuts just because the owners can get away with it, I'm sure Chipotle ( Chi-pote -lee) would still be doing extremely well paying at least $15 an hour( much less on average) without gouging customers and blaming workers wages.
its a con , some pay higher some lower . This capitaliist , the more you have is better , is over and the system is falling to bits .
great guest! more plz!
I love RUclips and the internet in general. When ancient kings were screwing over their subjects, their subjects couldn’t post the problem for all to see.
I love how he pronounces Chi Pot Le as Chi Potle. This is almost as good as when he pronounced Dogecoin as Doggycoin.
Lol made more hilarious by the fact that the quirks are opposite! Dog E Coin is really how it should be said, but isn't, meanwhile Chipotle peppers are just what Mexicans call roasted and smoked jalapeno peppers 😋.
Can't forget Jeffrey Beezos
Brings to his program. A drlight to hear.
Yes professor, pure hustle. That's why I buy from food trucks! Auténtico!
I would NEVER EVEN STEP into a Chipotle. Would rather eat grass from my lawn
Great guest
I am an avid student of the Bible and the Bible in both the old and new testament vehemently teaches kindness and provision of the poor. Additionally, that those that do not provide for the poor and oppressed, the stranger in your land will be harshly punished by God himself. The Bible says in the book of James that being poor is a high estate before God and being rich a very low estate spiritually and that wealth is given that the wealthy might distribute it to the needy
When the rich young ruler came to Jesus and asked what must I do to have eternal life, Jesus said he should go and give his wealth to the poor and THEN come and follow Jesus. You can't serve God and mammon....Mr Wolff is absolutely correct.
For perspective:
The Federal minimum wage in 1964 was $1.00 an hour. 1964 was the last year of silver coinage and the last year of silver certificates.
The $1.00 silver certificate, blue seal, could be exchanged for a silver dollar containing
.77 of a troy ounce of silver.
That amount of silver is worth about $20.00 dollars in present dollars.
Today's workers are not even being paid historical federal minimum wage.
Thank you Mr Laffer. Let us all now genuflect to the great shrine of St. Ronald (blessed forever be his name) Reagan.
Do not forget to celebrate the 50th anniversary of the Fiat Dollar August 15, 2021. Nixon closed the gold window August 15.1971. The USA went broke paying for the Vietnam War and a full employment peacetime economy and was bleeding gold bullion to take back foreign held dollars.
Another great sermon by Prof. Wolff. Thanks for all your efforts.
Major revolutionary remedies are necessary to fix this cruel, sadistic, corrupt society or we'll collapse.
15.00 is not even close to enough
I get that "4 hour day/20 hour week/$69 minimum wage" is a meme, but it feels like it might actually be more grounded in reality than reality.
I don't think 1 person can fully support themselves on $15/hr
Chipotle may be referring to those at the top like the CEO as to why they are raising the price lol 😂
22:55 fascinating
Excellent job! Keep fighting!
Price violates value all the time!
$15 an hour's worth of labor in the year 2020 is equated to the labor-time of when it was made (cost of living) of an earlier year or decade when the individual reaches the age of majority. This equation has no effect on price. Wages last were changed in 1979 and it is still based on the index of 1979.
The best capitalism has to offer working people is a sobering reality, the end of prosperity is implied.
I think grants of full voting stock to employees should be required of a publicly traded companies or firms beyond a certain size.
13:21 "They can't just say, Hello 👋, I'm a slave to _these_ corporations..."
Sometime in the year 2506...
Congressmen: "...Brought to you by Carl's Jr." 😆
Love Professor Wolf.
Very true. While everything is up by 5% or more every year, my raise from work is 2% a year….
I think depending on the goods, things are up over 30 percent or more.
If the price is too high, go be a cop. Cops always eat half price at Chipotle. And plenty of police departments are hiring these days!
ACAB. Police are class traitors.
@@transsylvanian9100 You need to re-imagine policing, with cops who want to do good. And because they're trying to do "good", no one can criticize them. Eliminate the criticism and you eliminate all problems! That's communism in its functional essence. Government is so "good" that complaining becomes treason.
Your guest was excellent . Please have him back.
Excellent episode, thanks.
If your employees can’t afford your food you have no business being in business.
Prof Wolff dunking on Laffer is great content.
The fact is that the pie is not getting smaller just the people who have most are taking increasing percentages of it.
If workers were making enough money to enjoy leisure then maybe the economy would do okay for once.
Perfect explanation, Prof. Wolff. Really liked the Frankenstein analogy, pointing out that the market is just something we created. In the discussion of executive compensation and obscene corporate profits, I would like to hear you introduce the concept of economic profit to give folks some perspective on how out of control U.S. capitalism is today.
This is like the closest thing to church that I get.
Excellent program!
Know a lot of people not worth 15 dollars an hour , they loaf , show up late , do poor quality work
Thank goodness, there isn't a local Chipotle Mexican Grill for me to avoid going to.
Yes , spent more military budgets
Knowing that after I eat that overpriced, capitalist shit burrito I might have to call 911 is enough for me to stay away from chipotle for a long time!
Chapootle
Shat-poodle, what happens to a dog eating it.
I’m told that now if a person is making less than $25 per hour they can’t afford housing anywhere in the country.
Minimum wages should be around $26hr.
We can do better than capitalism.
America's best years was the 1970s, following the 60, decade of wonderful music, the 70s at the grass roots level people enjoyed a decade of meditation and spiritual disciplines and emotional healing.
San Francisco became known as the spiritual supermarket and the US enjoyed 3 years of peace for the first time in the 20th century.
It was targeted and overridden by greed, competition, materialism and consumerism and now the US has problems everywhere and everything is corrupted. The biggest military in the world is protecting a hollowed out decadent country that the rest of the World don't want to know about any more.
Please have him back
Well at least we know that Dr. Wolff has never eaten at Chi-pote-lay, lol.
Yes, because Chipotle is the crown jewel of the US economy. ;-)
Chipotal food is disgusting...
Tragedy of the Common is the USA market.
Does the board of directors really know the costs? Or are they just told that these bad things are happening by the C-Siuiters?
9:35 "Brian Niccol? Is he really wroth $38M??"
Ben Shapiro: "BUT THE CEO'S TAKE ALL THE RISK THUS THEY DESERVE THE LARGER SHARE OF THE REWARD !" ... 🙄
The bottom line is people can find a reason or argument for just about anything, the question is, why are you arguing for something WORSE? Why argue in favor of one person getting $38M that requires so many others to suffer?
Dan Price, CEO of Gravity Payments took a $1M paycut to pay his employees a min. $70K/year salary. And his business THRIVED, producing even greater profits.
This may be LATE chipotLAY inplace chipotTOW. Heart laughing. Yes I counted.
Some one put this fool as CFO of a multinational corporation... he is in urgent need of a reality check... its easy to claim foul play in corporate world when you don't have any idea of how things work... give him a chace of being a productive man by letting him have responsability of keeping a company healthy while dealing with taxes, inflation and wages...
Hey, we’re raising the average wage. We didn’t touch the lowest wage earners, but we did increase the CEO salary to a level where the average is $15 per hour. Why can’t you acknowledge our sacrifice?!
Sarcasm. I love it.
Excellent Discussion.
I've come to the conclusion that CEO's work more for Wall Street than for the company that they lead. It's like a story I read in Lee Iacocca's book where a Ford executive told him early in his career that they weren't there to make cars, they were there to make money.
The western world is in the last phase of capitalism. The elite can now add a new phase and make the system more complex so it benefits them. Or admit that both capitalism and communism have flaws and that there is no way they can add and or develop the system to have it keep working for them
So the economic scientists need to get together and think up something. But it's not like the old days anyway. There is too many opinions on too many matters especially among the specialists
pfff the best years of pretty much EVERY country lies in the past...
you think the chinese feel the same way?
@@operator9858 I know right, China would like a word with Mr. A. Ordinary...
@@operator9858 its only a matter of time. Its all connected, You think they have the ability to be completely independent? pffff gtfoh, not even the US reached that position, let alone an overpopulated shit hole like china...
Who is stupid enough to eat in a monopoly franchise food place to begin with?!
PEOPLE WITH CREDIT CARD----THEN 15 MONTHS A TACO IS STILL NOT PAID
Wolfe and Hedges on the next 3rd party Pres and vice pres ticket.
Guaranteed disaster.
Great video. Very stirring as we watch the world burn. Chipotle's CEO needs his feet held to the 🔥🔥🔥
Best years behind us? Really? Gee what a shock!
Who's Best Years?
Just did some quick math.
Average Chipotle employee @ $15/hr for 40 per week = $31,200 per year
$38,000,000/$31,200 = 1218
So the CEO of Chipotle makes 1218 times the AVERAGE wage of a Chipotle employee. That’s not even factoring in the fact that this is the average and not the minimum wage!!
CEO gets stock options, full medical, full travel, full load of freebees, like basketball tickets, etc. all excluded from salary income for tax reasons.
Recently I came across Thomas Sowell here in youtube, what a despicable human being who's taking jab at professor Wolff for telling the truth!
Sowell, really? He is an incredibly astute intelligent person. What 'Jab' did he take??
@@shemirama1408 ya wtf, OP?