Richard D. Wolff Quotes

Workers must control the workplace: If workers made the decisions, do you really think they would vote to outsource their own jobs to China? Of course not. Would workers vote to pollute their own air and water and poison their own kids just to make an extra nickel in profit? Of course not.

Let's be clear about some things: over the last 20 years the United States has had a hard time achieving economic growth. The last year or two are slightly better, parts of them than the previous ones, and there's no mystery for that: it's because the government gave an enormous boost to the economy. Let me say that again: not private enterprise, not private capitalist corporations, the government gave an enormous boost. What was the form of the boost? The 2017 tax cut in December of that year, which gave corporations a vast amount of hundreds of billions of dollars in taxes they don't have to pay anymore, freeing up that money for them to do whatever they want with; and they mostly used it to increase salaries of executives, to buy back shares of stock in the stock market. All of which was very good for the top one percent, but not for the rest of the American people. All of that is hidden under the rug by Mr. Trump. But even the performance, getting our growth rate up to 3% for a part of that time, even though it's averaging out to two and a half to three percent, that that's the best in the world, that's just a lie!

​In the light of the coronavirus pandemic, I focus criticism on capitalism and the vulnerabilities it has accumulated for several reasons. Viruses are part of nature. They have attacked human beings—sometimes dangerously—in both distant and recent history. In 1918, the Spanish Flu killed nearly 700,000 in the United States and millions elsewhere. Recent viruses include , and Ebola. What matters to is each society's preparedness: stockpiled tests, masks, ventilators, hospital beds, trained personnel, etc., to manage dangerous viruses. In the U.S., such objects are produced by private capitalist enterprises whose goal is profit. It was not profitable to produce and stockpile such products, that was not and still is not being done. Nor did the U.S. government produce or stockpile those medical products. Top U.S. government personnel privilege private capitalism; it is their primary objective to protect and strengthen. The result is that neither private capitalism nor the U.S. government performed the most basic duty of any economic system: to protect and maintain public health and safety. U.S. capitalism's response to the coronavirus pandemic continues to be what it has been since December 2019: too little, too late. It failed. It is the problem.

When workers make the decisions, you stop outsourcing jobs, you stop the wealth gap, you stop inequality.

Workers must form worker-run cooperatives. Then we can buy goods and services only from worker-run cooperatives, and that would end global sweatshop slavery.

College students are not happy with answers from professors. Students are challenging them. A tension is growing. Students are chained to student debt they cannot possibly pay back…. This system no longer works for them, and they know it.

A country that promises it is committed to democracy has never faced the fact that in the enterprise we don’t have democracy. We have a tiny group of people making all the decisions. And that’s not a good idea. And maybe now we can face that the decisions they’ve made, individually and collectively, have plunged us into a situation where we cannot afford the luxury of not facing basic questions about how our economy is organized. We should have done it for the last 50 years. Maybe this new generation of young people coming into the Congress will begin that conversation and, hopefully, bring us along into a national debate on these subjects, which is long overdue.

And here's the third and most important point about this president's bizarre speech: not one word was uttered about inequality. It is the starkest feature of American economic life in the last 40 years. It has gotten worse literally every year, and with the tax cut of 2017, Mr. Trump added his extra to making the inequality even greater than it had been before. Corporations would give an enormous amount of money; back they used it to speculate in the stock market; buy back the shares of their own companies, boosting the amount of money that executives and shareholders get; widening the inequality.

Now, do you think workers would vote to unequally redistribute profits? Of course not. They would vote for equitable distribution.

The second economic reality I would want to talk about, is the fact that he spent more time in this State of the Union message demonizing immigrants than on any other topic. Stories of immigrants being bad, stories of invasions coming, wild exaggerations that have no basis in fact. Let me give you the simplest economics with which to understand that: the United States is an economy of three hundred and twenty five million people; the number of undocumented immigrants in the United States is estimated between 10 and 12 million. Okay you don't need rocket science to understand that nothing that you can do to those poor 10 to 12 million of the lowest paid people in our economy is gonna change the economic conditions for 325 million Americans. Focusing on immigrants is pure scapegoating; it's focusing people on something that doesn't matter because you don't want them to focus on what does matter.

We have a lot of employment, but the quality of the jobs has collapsed over the last 10 years. The people who work now used to be people who had a job with good income, good benefits and good security. The jobs, overwhelmingly, created have none of those things: low wages—that’s why our wages have gone nowhere; bad benefits—those are shrinking, pensions and so on; and the security is virtually gone. One of our biggest problems in America is people don’t know one week to the next what hours they’re working, what income they’ll get. You can’t have a life like this. So, what we’ve done is we’ve ratcheted down the quality of jobs. We’ve made people use up their savings since the great crash of 2008, so they’re in a bind. They have really no choice but to offer themselves at lower wages or at less benefit or at less security than before, which is why there’s the anger, which is why there was the vote for Mr. Trump in the first place, because this talk of recovery really is about that stock market with the funny money that the Fed Reserve pumped in, but is not about the real lives of people, which are in serious trouble, hence the numbers, like a average American family can’t get a $400 emergency cost because it doesn’t have that kind of money in the background. So, you’ve undone the underlying economy, you have this frothy stock market for the 1 percent, and this is an impossible tension tearing the country apart.

The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism's scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to "solve" all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by s had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of and wealth reached historic highs. ​In short, capitalism had built up vulnerabilities to another crash that any number of possible triggers could unleash. The trigger this time was not the dot.com meltdown of 2000 or the sub-prime meltdown of 2008/9; it was a virus. And of course, mainstream ideology requires focusing on the trigger, not the vulnerability. Thus mainstream policies aim to reestablish pre-virus capitalism. Even if they succeed, that will return us to a capitalist system whose accumulated vulnerabilities will soon again collapse from yet another trigger.

The wealth gap between rich and poor is the result of a board of directors dividing up the profits and keeping the lion’s share for themselves.

Well, you know, the irony is, it’s one of the bizarre ways an economy works. There was no incentive to take all that money and go in and produce things that might have driven up prices and so on, because the people in America can’t afford to buy it. Our wages have been stagnant. The debts have been so big that people are afraid to borrow the way they once did, even though they still do, but not at the growing scale as before. So, all that extra money kind of went into the stock market to make itself make quick money by buying shares, hoping that they would go up. And if all the rich people who get it into their hands do that kind of thing, you see the stock market go up, but the underlying economy doesn’t go anywhere. And again, after a while, that’s not a sustainable arrangement.

And then the final twist: he spent a few minutes prancing at the stage saying we will not have socialism, socialism has been recurring or coming back. Mr. Trump, the biggest single cause of Americans interest in socialism is because the economy, the capitalist economy you represent, hasn't worked real well for the majority of people. The inequality you inherited, and made worse, has increased the interest in socialism. You don't like socialism! You're the biggest booster of it in this country. You're the one! You're blind as to what is going on. Your fakery in order to promote yourself politically, is in a way the most dangerous misunderstanding and misleadership that this society cannot now afford, given what is happening to it.