Corporations are riding high in the saddle. With their friends in Washington they are raking it in. That certainly is the case with the tax law passed by Congress in late 2017. If you look at the details it is warmed over trickle-down economics. While most workers will get crumbs, the big winners will be corporations. And along the way, the deficit will go way up. Corporate tax contributions to the federal budget has been declining for decades and this bill will make it worse. The right-wing plan seems clear: Cut taxes on corporations and then reduce and eliminate programs like Social Security, food stamps, Medicare and Medicaid because there is no money. As the saying goes, the rich have gotten richer and the poor poorer. Inequality has soared into the stratosphere. To bring it down we need a concerted grassroots movement.
Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. The New York Times calls him “America’s most prominent Marxist economist.” He is the author of numerous books including Democracy at Work, Capitalism’s Crisis Deepens and Occupy the Economy with David Barsamian.
Program #WOLR014. Recorded in New York, NY on January 10, 2018.