Economic Update: Worsening Economic Inequality Yields Worsening Social Conditions

[EU S14 E33] Worsening Economic Inequality Yields Worsening Social Conditions

On this week’s Economic Update, Professor Richard Wolff discusses Kate Pickett's and Richard Wilkinson's best-selling study in the book "The Spirit Level" (2009), showing how economic inequality correlates with most of the major social problems of our time.

We will juxtapose their latest paper "The Spirit Level at 15: The Enduring Impact of Inequality" Which details how economic inequality has only gotten worse since the past fifteen years, despite government laws and programs aimed to "reduce" inequality.

Wilkinson and Pickett show how inequality leads to severe social ills, divisions, and disintegration. What we need is to face that it is capitalism that generates the inequality that generates the hostilities and social tensions intruding upon and damaging our lives."

Important reading "The Spirit Level at 15: The Enduring Impact of Inequality:

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[DonaldMark-nese]

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

[HectorWhitney]

In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.

[deitrickhemming]

And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.

[GeorgeMiller-kmpg]

Hallelujah The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49, 000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11, 000 and got my payout of $290, 500 every month…God bless Mrs Susan Jane Christy ❤️

[commonman]

We still have social mobility. I went from the middle class to the working poor quite easily. Our system is getting worse. More and more people are being pushed aside and forgotten.

[bellakrinkle]

Unfortunately, the majority of Americans have been brainwashed, beginning in elementary school, continuing into high school, and beyond - yes, this includes me. At what point do some of us start questioning our trusted public teaching? In college, if we were fortunate enough to set a college or university degree goal. I remember a professor in a geopolitical class I enrolled in out of curiosity because I'd never heard the word "geopolitics" and was completely clueless but very curious. Wow! Did he give me a lot to think about! I questioned almost everything he lectured on!
It took a decade or more for me to catch up ideologically with where he already was. I'm so happy I stumbled onto his class.

[andrewcastelletti]

That last 5min or so very powerful stuff... I live in Canada and the decline in standard of living over the past 15-20 years has been scary to witness. I wish people could band together but most don't have the stomach for it.

[ElizabethMoore-kh]

I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped myself a lot! Imagine I invested $50, 000 and received $190, 500 after 14 days

[klitzkop]

That's why people are choosing, not to have kids.

[melii-hr]

If buffet selling, Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all but just how long will It take to recover or am I better off putting my money elsewhere. I need a lot as rent, inflation alone eat up almost all of what I make with dependents and other obligations included. Tbh it's an uncertain year for me.

[ChopBassMan]

Thank you for everything you are doing Prof. Wolff - to educate we who have never had a truthful or functional/critical thinking education in US economics and the ways that we can change our system to have a better way for all of us.

[Superkaimon]

In my opinion the height of the last bull run was actually April of 2021, at least for most alts. Of course on the chart it was basically a split double top with several months in between. The coins that I was in peaked in April. Conversley I realize bitcoin's height was in November of the same year. I agree with you on this next parabolic run. I think that the beginning of this will be around October of this year and up through next spring, even possibly as late as September of 2025 but no later than that in my opinion. However I strongly believe it will be primarily March through June of 2025 for the peak. People definitely need to start looking at where they intend to take profits and which coins are a priority....currently I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[catcaves]

Excellent episode. Very important message Richard expresses here that should be shared

[daviddestin]

Stop saying "inequality". Say - poverty or destitution. I don't care that I am not rich- what really makes me angry is the fact that I work like a slave and can't secure the basic means of survival, if you include healthcare.

[TexasRiverRat]

It's almost as if someone benefits from the inequality that exists and is getting worse.

[Flawtistic]

Whenever I let my YouTube autoplay, it often brings me to Richard Wolff videos. Feeling grateful that they haven't caught the mistake in the algorithm. 👑

[texasbluebonnet]

I feel like the inequality in our country is so pathetic that it may very well be a national security threat at this point in time .

[RattyA.]

Nobody brings the proof like Richard Wolff! Such a brilliant show, and exactly what we all need to understand. Capitalism kills.

[peterjol]

Almost all problems could be solved by a society that decides what it NEEDS and wants and then making it financially worthwhile for the people to SHARE the jobs that achieve it. There would be no more people doing bull***t jobs, no more useless jobs, no more unemployment. Everyone would be sharing in doing something we need and want.

[MichProgNerd]

I’ve said for years that people from educational institutions, corporations and governments need to be held accountable.