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Full Video: American Hustle (Richard Wolff) (Patreon)

Published:
2023-02-02 21:09:57
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2026-06
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Progressive Solutions to Debt Crisis NEVER Proposed (w/ Richard Wolff)

This week, Briahna interviewed Marxist economist Richard Wolff about the debt ceiling negotiations that started this week, and the progressive solutions to the debt crisis that are never put on the table, including taxing the rich, cutting the military budget, and minting the coin. The conversation eventually turns toward the subject preoccupying the left: the future of the left, Marianne 2024, and the leadership void left by Bernie Sanders. Is there hope for a "Draft X" movement? Who is Wolff's dream candidate? Subscribe to Bad Faith on YouTube to access our full video library. Find Bad Faith on Twitter (@badfaithpod) and Instagram (@badfaithpod). Theme by Nick Thorburn (@nickfromislands)

Comments

MeatStepLively

Economics is at best a social science. Wolff seems to be oblivious to the fact that the narrative he is spinning about US “debt” and it’s relationship to China. The Chinese are WAY farther in debt than the US Government and they’re printing money at a rate that would make Ben Bernanke blush. They do not produce energy, the cannot feed themselves, and they have a demographic crisis that is exponentially worse than the western world. They are heavily invested in US Treasuries bc that is what having access to US consumers/investors entails. I’m sure everyone has heard of petrodollar recycling: China’s version of that is “slave labor” recycling. The CCP is fukd. The US Government (CIA) KNOWS it. These new semiconductor sanctions by Biden are a literal declaration of war on China and go beyond anything Trump did by a mile. Shit is gonna be weird for decades as this all plays out. You want to bet against America: god bless. It hasn’t worked out so well the last 200 years.

Anonymous

I get that Dr. Wolff is a really smart guy (he reminds us of his Ivy League cred EVERY TIME I hear him talk), but there is just something so flat-footed about his approach to things. I know Glen Loury is not well loved around here but he did a “debate” about socialism vs. capitalism and it wasn’t pretty. Glen ran circles around him and he seemed like a very JV-level academic in comparison. Obviously heart is in the right place. Great interview as always, Brie.

Anonymous
>>101055442

I also watched that debate and Dr. Lowery was out of his league. I think even his wife felt bad for pairing him up with Dr Wolff, whose arguments were thougtful and impactful. In fact if you listened to this interview with BJG you would have heard Dr Wolff say his supporters grow more numerous by the day. He’s been invited to guest speak on more programs over the past two years and the previous 30 combined. Socialism is winning the hearts and minds of Americans and Dr Wolff has played an important role in this upsurge of interest.

Methew
>>101055442

I also saw it and my take away was the same as u, Loury was out of his league his wife used some good mediating skills

Fish Priest

Hi Brie. awesome callin tonight. F*** Dee!!! I know Jonathan is your BFF there, but rather that Grumbine, I'd humbly suggest Mark Blyth would be a way better guest to talk macro econ and debts/deficits what have you. Cheers

Lydia Maria Child
>>101077619

Blythe was great a few years ago, but haven't heard much from him lately. Wonder what he's been up to. Good suggestion.

Fish Priest
>>101077619

You know, if you do get Steve Grumbine on, I'd encourage you to have Andre Stackhouse on in the same episode. In my opinion, Grumbine is kind of to the Whole Washington health care scene what Ben Burgis is to Force the Vote. He's a kind of weird MMT fundie, and because he (rightly) prefers we fund healthcare federally, he shits all over activists trying to push the needle by voter initiative in the states while our legislators fail us.

Anonymous
>>101055442

Hmm, interesting. Even when they’re discussing why Marxist theory is not taught in advanced Econ courses? To be clear, I disagree with Loury about a lot of things, especially his ideas about free markets. But Wolff seems to be arguing that socialism is just “the idea that there’s something better than capitalism,” as though either one of these ideas exists in some pure state on the ground. If he’s winning people over to just “be more critical”, great and I hope he keeps up the good work. But it would be great if he could refresh his material a bit.

Anonymous
>>101055442

And after listening to Jonathan on the Callin, I’m sticking by my concern troll/bad take. But I can see that if you’re more interested in ideology rather than economics, Glen Loury was “out of his league”. 🙄

Anonymous
>>101077619

Fish Priest, thank you for supporting the MMT perspective! I was a huge Richard Wolff fan (to a lesser degree, still am) prior to delving deeply into MMT over the last 3 years. Listening to him on this latest episode of Bad Faith was quite painful. It's sad to see he's still not aware that the federal government is the monopoly issuer of the currency and, therefore, doesn't need tax or bond revenue for spending purposes. It literally can't use tax revenue for spending. It can only spend new money into existence. I realize I'm preaching to the choir here, but for those leftists uninitiated into the world of MMT, I desperately want to make this clear to them. Unfortunately, Richard Wolff keeps moving us backwards in a way I find particularly dangerous in that his erroneous foundations are those shared by Monetarists and the like. We don't "need" the wealth of the rich in order to fund MFA or universal housing or a federal jobs guarantee. We could fund those programs tomorrow by an act of Congress. The rich should be taxed out of existence, for sure, but only to curb their influence in the political process. Anyhoo, thanks for posting the above links. Love the Kelton interview. It's also a great book everyone should read. P.S., you ever listen to the MMT podcast out of the UK? It really is the best source I've found for this stuff. They routinely manage to get Warren Mosler, MMT founder, on the pod. It's incredible stuff. Thank you, thank you.

Anonymous

Just watched this after the new Second Thought video and it's super related. This was a really good discussion. @43:00 Richard Wolff hits the nail on the head. Questioning why the "populous Left flank" and Democrats in general aren't actually about the things they say they are about is because they are what the Washington Generals are to the Harlem Globetrotters.... paid losers to make it seem like the game isn't rigged. Some combination of West x Wolff x Hedges would be interesting especially if they ran 3rd party. Would definitely help me to convince people to drop their party. haha I don't know...I think people need someone to break down how unnecessarily bad the US government is making it for Americans like Bernie did with Medicare For All. For example: The government is reducing the emergency benefits to SNAP payments to pre-Pandemic amounts. https://thehill.com/changing-america/respect/poverty/3831423-snap-payments-to-shrink-in-32-states-as-emergency-benefits-end-next-month/ Are food prices back to pre-Pandemic prices? I looked up what's the total amount to help the 41.5 million people (12.5% of US resident population) that received benefits. For FY 2021: $113.8 billion https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=104330 I like to compare government spending with the one thing both parties agree on increasing every year: Department of "Defense" budget of $1.90 TRILLION for FY 2023 https://www.usaspending.gov/agency/department-of-defense?fy=2023 I just started getting a little Tech money so a lot of financial terms are still foreign to me. For example, the term "discretionary spending". Looked it up..."A discretionary expense is a cost that a business or household can survive without, if necessary." https://www.investopedia.com/terms/d/discretionary-expense.asp The reason I looked it up was because I read: "The fiscal year 2023 Department of Defense Appropriations Act provides $797.7 billion in discretionary spending..." https://appropriations.house.gov/sites/democrats.appropriations.house.gov/files/Defense%20FY23%20Summary.pdf If I'm understanding this right, the US government would rather give the Department of "Defense" money it doesn't need to operate that is about 7x of what it would cost to help 41.5 million Americans eat. That's F You money for real! You can really tell a government's priorities based on what they spend the people's money one. I think if people really understood what was happening, hopefully things would start to change, but the people who were elected to relay and fight for those things are corrupt.

Andrew Alderfer
>>101130471

Thanks for the info Dwayne! I agree that the priorities in the national budget reflect how corrupt the political system is. Imagine having a Social discretionary fund that would provide assistance to people experiencing a crisis (instead of a gofundme) or like fix a local water system that is poisoning people. I like you're analogy to the Harlem Globe Trotters, too. Although, I tend to think of the entire elite class as the Harlem Globe-Trotters and us as the Washington Generals. We're a part of the theater just as much as they are, and we're the ones who are losing.

Anonymous
>>101130471

Peace Andrew. Yeah, imagine if US taxpayers money actually went to helping the US population. haha The thing with the Globetrotters / Generals analogy is that the Generals are in on the scam and get paid to pretend and intentionally lose. We the people are the ones paying for these teams to keep pretending the game isn't rigged. The elite class / corporations are the owners of both teams. I think if people understood that in the year of our Lord 2023, the Department of "Defense" has (again, unless I'm misunderstanding what discretionary means) almost $800 billion to spend on unnecessary stuff when there's so many other things that could have a positive impact on people's lives. At the end of the day, for me, F your party, drop them. Make them earn your vote. Any money you would have donated to a politician, give it to a local food bank and if possible write it off on your taxes. It's still wild to me that in America, like the richest nation of all time, its people still go hungry.

Gee Zee
>>101077619

Fish Priest I think Steve G’s problem with implementing universal healthcare on the state level first is the fact that they would have to rely on a huge amount of federal money to begin with and states would have to raise the money to pay for it, unlike the federal government which would just create new money. Not to mention Congress people from states that don’t implement universal healthcare in their state could easily come up with the narrative that their constituents “federal tax dollars” are going towards other people’s healthcare. It’s basically incrementalism, and why social welfare programs like that should be implemented nationwide at the federal level.

Anonymous

I don't understand why we had to cut off Maggie at the end of the Callin. She was suggesting some great outside-of-the-box strategy ideas. Please start with her next Callin so she can finish her suggestion.

Anonymous

And now we know the real reason Nixon was brought down.

Kimi Ramos

Will you talk to Steve Grumbine about mmt? @sdgrumbine I’m so confused about this conflict. I love Richard Wolff but I love Status Coup too, and of course, I so count on your show for the best explanations. Ty!