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Moyers: Rampant Capitalism Has Created a Social Disaster — How Do We Right the Ship?

February 23, 2013 in Blogs

By Bill Moyers, Richard D. Wolff, BillMoyers.com



From BillMoyers.com:

Economist Richard Wolff joins Bill to shine light on the disaster left behind in capitalism’s wake, and to discuss the fight for economic justice, including a fair minimum wage. A Professor of Economics Emeritus at the University of Massachusetts, and currently Visiting Professor in the Graduate Program in International Affairs of the New School, Wolff has written many books on the effects of rampant capitalism, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It.

BILL MOYERS: Welcome. There’s hardly a sentient grown-up in this country who isn’t aware that our economy is no longer working for vast numbers of everyday people. The rich and powerful have more wealth and power than ever; everyone else keeps losing ground. Between 2009 and 2011 alone, income fell for the 99 percent, while it rose eleven percent for the top One Percent. Since the worst of the financial crisis, that top One Percent has captured the increases in income while the rest of the country has floundered. Stunning, isn’t it? The behavior of many of those One Percenters brought on the financial crisis in the first place. We turned around and rescued them, and now their wealth is skyrocketing once again. At the bottom, working people are practically flat on their back. President Obama has finally recognized they need help. In his State of the Union, he proposed an increase in the minimum wage:

PRESIDENT OBAMA: Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to nine dollars an hour.

BILL MOYERS: But as the economist Dean Baker points out this week, “If the minimum wage had risen in step with productivity growth it would be over $16.50 an hour today.” We talk a lot about what’s happening to the middle class, but the American Dream’s really become a nightmare for the poor. Just about everyone has an opinion about the trouble we’re in – the blame game is at fever pitch in Washington, where obstinate Republicans and hapless Democrats once …read more
Source: ALTERNET

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