We were very excited to welcome Professor Richard Wolff to Krystal Kyle & Friends this week. As a prominent Marxist economist and a prolific writer on the crises of capitalism, Professor Wolff is someone we always look forward to hearing from — we know many of you probably feel the same way. That’s why we couldn’t wait to get him on the show to discuss Modern Monetary Theory, how the Biden admin is measuring up to expectations, and even more.
If you’re familiar with Professor Wolff’s work, you won’t be surprised to hear that in his view, the Biden presidency falls far short of its potential — restricted as that potential is by the admin’s liberal-democratic political framework. At the center of Wolff’s critique is a challenge to the austerity budgets that Biden, like so many other Democratic leaders, has supported during his years in office. Wolff makes the case that what actually drives the formation of the budget is the political will of the elites in power. Along with Stephanie Kelton and other prominent supporters of Modern Monetary Theory, Wolff has shown that when it comes time to offer massive funds to imperialist military projects, the cost-cutting concerns of these “hawks” fly out the window. Instead of allocating the profit made by workers toward projects that deprive those workers of basic needs, Wolff argues, the government has other options. Other forms of distributing wealth are possible — providing essential resources to everyone, as a guarantee, for example, rather than stripping down those programs to pay for more military weapons.
Join us for more Krystal Kyle & Friends next week, and remember that you can find the audio of our conversation with Professor Wolff on Spotify, Apple Podcasts, Pandora, and other major streaming platforms.
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