Richard Wolff on Trump’s budget proposal

Economist Richard Wolff discusses in the video below Trump’s budget proposal, which aims to dramatically slash various benefits for many of the poorest Americans, cut taxes for the richest and ramp up military spending. It is unlikely to pass through Congress unaltered, and it is apparently somewhat fantastical in its economics, but it remains disgraceful.

I am not a socialist. In my view, social democracy, the mixed economy and a reformed capitalism which deliver widespread prosperity is surely an effective bulwark against revolutionary socialism. Indeed, in the early decades after World War II, this was more widely accepted in the West as part of the ‘soft’ fight against communism. If capitalism does not deliver the goods to the majority, it will lose legitimacy.

In a number of European countries, relatively strong unions which act as social partners with government and business, rather than as shock troops of the revolution, have helped to achieve both prosperity and a degree of social justice alongside individual liberty. There may sometimes be trade-offs between these goals, but they are worth shooting for together.

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