The Economic Crisis
Appeared in the Guardian "Comment is Free" on January 28th, 2011
Several hundred Camden, New Jersey firefighters and police officers were laid off, 18 January 2011: Renee Muhammad, who is one of four women firefighters in Camden, gets emotional while waiting to hand in her gear. Photograph: April Saul/Philadelphia Inquirer/MCT
- Published on January 27, 2011VIDEO
You say that a good way to balance the US budget and cut the national debt to zero, would be by applying a 10% tax on stocks and bonds of the ultra rich American population. Do you believe that the same could be applied in Greece as well, given that the two countries have huge differences in the rates of their economic growth and that Greece strives to attract investments?
- Goldman Sachs sets aside $15bn for pay; the state of California cuts $1.5bn from education. What's wrong with this picture?Published on January 20, 2011
So, now we know about the $15bn-plus 2010 pay package for Goldman Sachs partners and employees. The top rungs will get their many millions each, with lesser and lesser amounts going down the GS hierarchy. The mass of its more than 35,000 employees will, as usual, get much, much less than the top. In addition, the appreciation of Goldman's share prices likewise adds billions to employees who got stock options, which were likewise distributed very unequally throughout the firm.
One aspect of "American exceptionalism" was always economic. US workers, so the story went, enjoyed a rising level of real wages that afforded their families a rising standard of living. Ever harder work paid off in rising consumption. The rich got richer faster than the rest, but almost no one got poorer. Nearly all citizens felt "middle class." A profitable US capitalism kept running ahead of labor supply. So it kept raising wages to attract waves of immigration and to retain employees across the 19th century until the 1970s.
- Published on January 13, 2011AUDIO
Professor Wolff and Dr. Harriet Fraad spoke Austerity with Mitch Jesseritt's 'Letters and Politics' radio show on KPFA in California on Thursday January 13th.
- Published on January 13, 2011VIDEO
Professor Wolff spoke about the particular relationship between the Left and the current state of the world economy at the Marxist-Humanist Initiative Conference at Pace University in New York on November 6th, 2010.
Saturday Nov. 6, 2010 - 9 am to 6 pm
- Published on January 3, 2011AUDIO
Alan Minsky speaks with Professor Wolff about the possibilities for an economically healthy America at the end of this segment of Uprising Radio on KPFK in Los Angeles.
There really is little to add to the facts about the six states who will be raising their minimum wages on Jan 1, 2011. The 647,000 workers affected in these six states will get increases of 9 to 12 cents per hour. If we assume that such workers get 1 week per year off (without pay), they will then earn from $15 to $18,000 per year before taxes and any other withholdings..
The federal minimum wage is $7.25 yielding a $15,000 annual full-time wage before taxes and any other withholding.