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We did them before. The minimum wage should be raised, and dramatically. We should be helping all the kinds of people who have been denied help. We s… - Richard D. Wolff
" "We did them before. The minimum wage should be raised, and dramatically. We should be helping all the kinds of people who have been denied help. We should be making sure that jobs are secure, that jobs have proper benefits, that we’re enhancing the benefits—all the things that could help the folks at the bottom have the money to spend, that will trickle up into the profits and revenues of business. That’s a more humane system. And, you know, even if it doesn’t work as much as we want it to, at least we will have helped the majority of people. What we have now is trickle-down, that helps those of the top, and then, when it doesn’t trickle down, what have we got? We’ve helped those at the top—again. The focus on trickle-up would be an alternation in our policy that’s long overdue.
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About Richard D. Wolff
Richard David Wolff (born April 1, 1942) is an American , known for his work on and . He is Professor Emeritus of Economics at the , and currently a Visiting Professor in the Graduate Program in International Affairs of the in New York. Wolff has also taught economics at Yale University, , , University of Paris I (Sorbonne), and The Brecht Forum in New York City. Not be confused with Richard Wolffe
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Richard David Wolff
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Richard Wolff
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Economic Update
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democracyatwork.info
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Democracy at Work
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rdwolff.com
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Additional quotes by Richard D. Wolff
Well, you know, easiest way to summarize it: We have been following—and, unfortunately, Democrats, too—something called trickle-down economics. We do economic policy where we help the folks at the top—we bail out the big banks, we give a tariff benefit—and we hope it trickles down, which it rarely does. First thing they can do, reverse it. Let’s do trickle-up economics. You help the people at the bottom, in all the different ways that we know how to do because the FDR regime back in the ’30s did a lot of that. So we know how to do it. [...] Do it—well, put people to work. Put people to work doing socially useful things at a decent income, not working in a fast-food restaurant under unbearable personal situations. Here’s another one: this greening of America. There’s a project that could help millions of people in a direct way. Let’s kind of do that.
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We’ve had an economy that never really escaped the crash of 2008. In a way, the last 10 years have been an economy on life support: vast amounts of money pumped into the economy; record drops in s, inviting everybody—business, individuals, governments—to borrow money—a debt-sustained situation. And after a while, you can’t mount up the debt on the basis of an economy that hasn’t really gotten going. And we’re seeing the eventual break. You know, the capitalist system has a downturn every four to seven years. It’s had that for centuries. And the last big downturn was 2008 and '09. So, if you do four and seven, and you add it to nine, we're due for one. And every major stock market observer, bank and so on predicts that we’re having a downturn. So it’s really only a question of exactly when. And the stock market anticipates this. And so we’re having, in a way, economic chickens coming home to roost. And the notion that it’s just the Fed’s policy that explains this is really the kind of remark that would get a student a very low grade in any economics course.
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