The US is going through a really critical financial downturn and the present “political bickering” about new stimulus measures isn’t doing any good for the American folks, Professor Richard Wolff instructed RT’s Growth Bust.
“The vital factor right here within the greater context is to acknowledge that our financial system, American capitalism, is now on what appears to be like to be indefinite life help from the federal government,” stated Wolff, who’s the writer of ‘Understanding Socialism’ and the host of Financial Replace.
He added that requires much more fiscal stimulus are coming towards a backdrop of unprecedented cash lending by the Federal Reserve and just about zero rates of interest. The shift to protectionism that occurred underneath the Trump administration is exaggerating the state of affairs.
Wolff stated that the US economic system has been thriving on globalization, and a “nationalist” financial coverage doesn’t resolve any issues, with a sudden shift more likely to “wreak havoc.”
“If you put that along with an economic system principally on life help from the federal government, you’re going to shift the American economic system to grow to be an increasing number of reflective of regardless of the political theater occurs to be trying like from one week to the subsequent,” he stated.
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