Economic Update: Inflation & Labor Shortage

Economic Update: Inflation & Labor Shortage 30,872 views Jul 12, 2021 2.3K 41 Share Save Democracy At Work 242K subscribers [S11 E25] Inflation & Labor Shortage On this week's show, Prof Wolff talks about the social effects of inflation and the lack of accountability on the part of employers. Capitalist employers set prices with the only motive of maximizing. Employees, the vast majority, must live with inflation but are excluded from decisions setting prices. Employers scream “labor shortage” to get the government to force workers back to work at low wages. Employers also recover from economic crashes while undercutting workers’ efforts to do the same - and that's how capitalism works. **Economic Update with Richard D. Wolff is a@Democracy At Work production. We make it a point to provide the show free of ads. Please consider supporting our work. 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Wolff Check out d@w's other books: "The Sickness is the System," "Understanding Socialism," and "Understanding Marxism" http://www.lulu.com/spotlight/democra... ______________________________________________________________________________ Follow us ONLINE: Patreon: https://www.patreon.com/economicupdate Websites: http://www.democracyatwork.info/econo... http://www.rdwolff.com Facebook: http://www.facebook.com/EconomicUpdate http://www.facebook.com/RichardDWolff http://www.facebook.com/DemocracyatWrk Twitter: http://twitter.com/profwolff http://twitter.com/democracyatwrk Instagram: http://instagram.com/democracyatwrk Subscribe to our podcast: http://economicupdate.libsyn.com Shop our CO-OP made MERCH: https://democracy-at-work-shop.myshop... 679 Comments Auggie Giuseppe Add a public comment... Tex Tex 5 days ago We have lots of jobs in my Texas town. They are all dishwasher, waiter, convenience store clerks and such. We have a governor that terminates federal benefits to make people accept those payment rates. 41 Hollady Drones Hollady Drones 5 days ago What is so puzzling to me is to watch the working class turn on itself, the workers are more angry at the people demanding higher wages then the corporations refusing to pay a living wage. That's how the capitalist system works by distorting our reality. Very few people seem to understand that wages have been stagnant for 40+ years while the rich grow more wealthy than ever before. What's it going to take to show the working class that the pain/debt we all experience is not the fault of laziness or immigrants/the boogie man, it's corporations, it's politicians who have gutted the middle class. Politicians on both sides of the isle are responsible for the largest amounts of unsecured debt the world has ever known. This path is unsustainable. Instead of banding together like we did in the early 20th century were tearing each other down, blaming our own people it doesn't seem to be heading in the right direction. I don't know how we're going to get out of this vicious predatory cycle. Any ideas? 31 Senator Joseph McCarthy Was A Communist Senator Joseph McCarthy Was A Communist 3 days ago There is no labor shortage, there is a shortage of living wages. There are PLENTY of laborers looking for work. That is literally the opposite of a labor shortage. 23 Gretchen Wetzel Gretchen Wetzel 5 days ago Yes to all of this! Speaking as someone unemployed but not drawing unemployment (but educated and experienced) but also in a state without a minimum wage… there’s no labor shortage. There’s a shortage of employers willing to make it financially worth it to work for them. 34 M B M B 5 days ago It seem like there are no great solutions. Our system is basically both because countries compete too. Free range slavery vs collective caste slavery. 12 Ma vie, c'est la musique et autres choses Ma vie, c'est la musique et autres choses 5 days ago We replaced monarchy with oligarchy. 😂 35 Steve Steve 5 days ago Most corporations and their political patsies are sociopathic in nature full stop. 45 Bundle of Perceptions Bundle of Perceptions 5 days ago 25:12 Question: “What kind of a society gets through a cataclysmic crisis, with somewhere between half and one million dead fellow citizens, responds by squeezing the mass of the working class to force them back to work?” Answer: That would be a Fascistic society. 25