We speak with Marxist economist Richard Wolff about how experts forecast another economic recession in the United States, with inflation at a historic high and a federal minimum wage that hasn’t changed for 13 years. The Federal Reserve plan to combat rising inflation by raising interest rates delivers a “body blow to a working class” already suffering from decades of upward wealth redistribution and a pandemic, says Wolff, emeritus professor of economics at University of Massachusetts Amherst and visiting professor at The New School. His latest book is The Sickness Is the System: When Capitalism Fails to Save Us from Pandemics or Itself.
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