In the latest episode of Behind The Headlines’ “Most Censored News” series, Lee Camp and Professor Richard Wolff discuss the waning of economic power in the United States and the potential reasons for this decline.
Richard Wolff is a well-known economist and host of the nationally syndicated show “Economic Update.” He is a Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting professor at the graduate program at the New School in New York City. He cofounded the non-profit group, Democracy at Work and is the author of several books, including, “The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself.”
One reason for U.S. decline, according to Wolff, is the automation transformation and its impact on employment in the country. The loss of jobs due to automation and the lack of responsibility for employers to support workers who have been displaced. The 1970s and 1980s marked a turning point in this regard, as advances in technology, such as computers and robots, began to replace human labor in many industries. This trend has continued in recent years with the rise of artificial intelligence, leading to even more job losses for American workers.
Another factor mentioned is the increasing concentration of wealth and power among a small number of large corporations. This has led to a decline in the bargaining power of workers and a decrease in wages, further contributing to the overall decline in U.S. economic power. The dwindling of unions, which have historically played a key role in advocating for the rights and interests of workers, has also contributed to this trend.
The impact of globalization on the U.S. economy is also discussed in the conversation, with the outsourcing of manufacturing and the decline of unionization being cited as factors that have led to a decline in economic power. The globalization of trade and the increasing integration of global markets have led to the relocation of many manufacturing jobs to countries with lower labor costs, leading to job losses and wage stagnation for American workers.
Overall, the conversation highlights the complex and multifaceted nature of the reduction of United States economic power, and the need to address the underlying issues in order to reverse this trend. These issues include the impact of automation on employment, the concentration of wealth and power among a small number of large corporations, and the impact of globalization on the domestic economy.
Watch the full interview exclusively on MintPress News.
Lee Camp is an American stand-up comedian, writer, actor and activist. Camp is the host of Behind The Headlines’ new series: The Most Censored News With Lee Camp. He is a former comedy writer for the Onion and the Huffington Post and has been a touring stand-up comic for 20 years.