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" "If you don’t want inequality, don’t unequally redistribute it in the first place: Workers must equitably distribute all profit equally to all workers. After all, profit is merely surplus value of labor, and that belongs to all workers.
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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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!
Companies around the world cannot make plans, cannot make investments, cannot make assumptions about what’s going to happen, because we don’t know what he’s going to do, we don’t know what the Chinese are going to do. But, you know, there’s a more deep historical problem here. And it’s really American history. When we became an independent nation, it was partly because we were held back—tea party, remember?—by the British. They had a rule: They wanted the colony to be subordinate. We didn’t want to do that as Americans, and we ended up pushing back against the control, the effort to hold back American development. We went to two wars: the Revolutionary War and, again, the War of 1812. The history records are not good about trying to squelch an upcoming economic power. China is today’s upcoming economic power. The effort to squelch and stop it is both likely to fail and extremely dangerous, because these trade wars have a nasty habit of becoming military.
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.