Short Summary
- Richard Wolff discusses the current state of the labor movement and its relationship with political parties, emphasizing a crisis and turning point.
- The labor movement has gained significant momentum in recent years, mobilizing millions and becoming one of the most active social movements despite mainstream media's lack of coverage.
- Wolff highlights serious challenges facing the American economy, particularly as the U.S. Empire declines.
- He reflects on the historical context of American prosperity post-World War II but notes that since the 1970s, the working class has struggled to maintain a rising standard of living.
- The reliance on debt to sustain consumption has led to precarious situations for many families, especially as borrowing options diminish.
- Wolff argues that as the economy declines, the wealthy elite are attempting to preserve their wealth by shifting burdens onto the working class, resulting in stagnant wages and rising living costs.
- He emphasizes the lack of increase in the minimum wage since 2009, which has diminished workers' purchasing power.
- The speaker discusses the struggles of low-paid workers and the growing anger and desperation driving labor movements, including a notable strike by 55,000 postal workers in Canada.
- He critiques the legal framework that allows companies to delay negotiations and highlights the changing landscape for unions.
- The segment concludes with a discussion on the importance of collective action among workers and political engagement to secure rights and interests, stressing the need for unity in labor movements.
[EU S14 E47] Labor Unions and Political Power
On this week’s episode of Economic Update, Professor Wolff devotes this week's episode to Labor Unions and Political parties. We explain why US & Western capitalism today provoke labor and unions into more and more social and political action. The latest examples are the recent Canadian Postal Workers strike and the Barnes and Noble bookstore workers rally in New York City. The Professor discusses the history of the standard practice of employers filing complaints with the National Labor Relations Board to dispute the results of elections that form unions.
Finally a major discussion on politics and the intersection of labor. What will be unions' relationship to political parties? Will we see general strikes and mass popular mobilizations? Only time will tell.