Monday, May 24, 2010

Richard Wolff: "Capitalism Hits the Fan"

Richard Wolff, on Capitalism:

I don’t know about you, but I must get two to three solicitations for credit cards a week in the mail--none of which I request. It’s so profitable to push debt on the American people that everybody does it. It is a society out of control. It is a profit bonanza looking for more ways to make money. And the financial sector on Wall Street responded to this situation. It didn’t create it. It got its hands on the money and found new ways to lend new people new loans at high interest rates.

More here. Mr. Wolff seems to blame computers for declining wages, but he fails to mention the new jobs that new technology has created. The real issue isn't computers or technology, but the increasing wage gap between college-educated people and non-college-educated people. As the costs of a college education and graduate school increase, this troubling gap may continue.

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