Law and Disorder April 26, 2010

Afghanistan War, Civil Liberties, Human Rights, Truth to Power

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Jobless Recovery and the Federal Reserve Holdout

Today we welcome back Rick Wolff, Professor of Economics at the University of Massachusetts and his son Max Wolff freelance researcher, strategist, and writer in the areas of international finance and macroeconomics  to discuss the current economic recovery, is it recovering without job growth? Rick is also the author of the book, Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, where he takes the reader back to 2005 and step by step reveals how policies, economic structures and wage-to-profit systems led to a global economic collapse.

We get a critical update from both Rich and Max. Will there be another leg down as predicted. Another leg down meaning, will the economy continue to drop? This was mentioned because of the way people were investing, investing in a way that expected the market to drop.

Rick Wolff / Max Wolff :

  • There’s a recovery in some parts and not others. The missing piece of the economic puzzle is job growth.
  • Housing assets are 35 percent off their 2006 peaks. 15.5 million people unemployed.  1 out of 6 in the labor force in a dire economic situation.  Misery index, looks at long term unemployed – 27 weeks or more.
  • 41 percent of our unemployed have been out of work for 27 weeks.
  • Average unemployment benefits cap out at 2000.00 a month
  • “Phony ‘Economic Recovery’, Real Alternatives” – article by Rick Wolff
  • You have to wonder that we live in a time of massive unemployment, the recovery didn’t deal with that problem, and yet we don’t have a national discussion of “direct employment.”  We did need a banking bailout, we chose to bail out some elements of society and not others.
  • A couple of hundred billion dollars for say kids to continue to got to school on the subway, or community colleges can stay open, or job training programs, or the state of California can stay open, we decided was a waste of money?
  • The average person in the US has a 30 day life expectancy without International finance.
  • 61 thousand UAW workers laid off.
  • US Cash for Clunkers program, borrowed European model but replaced old used cars with new SUVs, and increased price of used car parts.
  • Oregon Example: Last summer, the state legislature controlled completely by the Democratic party passed a bill to face their 700 hundred million dollar shortfall, not by cutting social programs, but by taxing the corporations and the rich.  Unions, liberal folks, and the democratic party (left of where it is in the rest of the country)
  • We need 110 – 120 thousand new jobs a month to keep up with population growth. Jobless growth recovery from 2002 to 2007 was from explosive consumer debt.
  • People buying more things without getting jobs (credit) The last 18 months we witnessed the largest re-distribution of wealth in US history. The bottom 80 percent stood still and the top 20 percent lead by the top 5 percent shot up.
  • 7.8 million homes in the foreclosure pipeline

Guest – 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. He also teaches classes regularly at the Brecht Forum in Manhattan.

Guest – Max Fraad Wolff , freelance researcher, strategist, and writer in the areas of international finance and macroeconomics. Max’s work can be seen at the Huffington Post, The AsiaTimes, Prudent Bear, SeekingAlpha and many other outlets.

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Radio Documentary – It Was Genocide: Armenian Survivor Stories

April 24, 2010 marks the beginning of the systematic implementation of a plan to exterminate the Armenian race 95 years ago. Carried out by the Young Turk government of the Ottoman Empire, over half of the Armenians living in the Empire were killed. To commemorate this, the first genocide of the 20th century, Law and Disorder co-host Heidi Boghosian and producer Geoff Brady present a 90-minute program titled, It Was Genocide: Armenian Survivor Stories.

We wish to thank WBAI for their commitment to recognizing the Armenian genocide, and are grateful to the individuals we interviewed for opening their hearts and sharing the difficult memories of the past.

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