Unemployment and jobs that are permanently lost here but the more i look at it and you gentlemen are preeminent experts here i dont i dont really think its that you are an l. Im really quite taken with this k. A recovery the rich got richer and the poor got for is that an oversimplification richard go ahead not at all i think weve already seen that now folks like some time that at least 2 or 3 or 4 decades of growing inequality both of wealth and income and instead of that being understood as having contributed to the combination pandemic and crash were living through instead of that being understood we see the crash having made it worse the growth of the wealthy at the very top having outstripped everything we could have imagined at the same time that now over 60000000 americans have. Had to file for one or another kind of state or federal Unemployment Compensation assistance this is a system that is spinning out of control in terms of extremes of wealth inequality and income inequali
As author of the recent books understanding socialism and understanding marxism and in westport we cross to peter schiff he is chief global strategist at europe a civic Asset Management right gentlemen crossed up rules in effect that means you can jump in anytime you want and i always appreciate it ok lets go to new york richard you know looking at the news about the economy looking at a lot of macro numbers and sometimes i think its very quite confusing and where the economy is going particularly when we look at unemployment permanent unemployment and jobs that are permanently lost here but the more i look at it and you gentlemen are preeminent experts here i dont i dont really think its that you are an l. Im really quite taken with this k. A recovery the rich got richer and the poor got or is that an oversimplification richard go ahead not at all i think weve already seen that now quote quite some time that. East to north 3 on 4 decades of growing inequality both of wealth and income
Hello and welcome to cross talk were all things are considered im Peter Lavelle as a culture war consumes american politics during this election cycle the economy remains in a big area state millions of people live on the margins the only constant for them is insecurity economists debate and eventually recovery they speak of a u. Of the end of now but is the reality a k a recovery a permanent underclass. To discuss this and more im joined by my guest Richard Wolffe in new york he is Professor Emeritus of economics at the university of massachusetts amherst as well as author of the recent books understanding socialism and understanding marxism and in westport we cross to peter schiff he is chief global strategist at europe a civic Asset Management right gentlemen crosswalk rules in effect that means you can jump in anytime you want and i always appreciate it ok lets go to new york richard you know looking at the news about the economy looking at a lot of macro numbers and sometimes i th
Understood we see the crash having made it worse the growth of the wealthy at the very top having outstripped everything we could have imagined at the same time that now over 60000000 americans have had to file for one or another kind of state or federal Unemployment Compensation assistance this is a system that is still going out of control in terms of extremes of wealth inequality and income inequality and theres nothing on the horizon that suggests that thats going to change and so i think that is becoming a permanent quality of this economy and is a society that used to in the 20th century pretend that it was a vast middle class that capitalism was a tide that lifted all boats i dont think this is politically already a logically sustainable. Peter the same question to you because if we look at the Consumption Patterns of the top 10 percent during the worst of the pin demick the lock down their consumption went down Something Like 15 percent but the class that serves them their inco
Protests in egypt demonstrators to the president steps down plus. A region of southern chile where a confrontation with indigenous. And install. U. S. Open the shambo securing victory by 6 shots to claim his 1st major talk. About the russian Opposition Leader. Says the e. U. Must impose sanctions on president Alexander Lukashenko shes in brussels for a meeting with Top European Union officials the government in belarus is accusing the e. U. Of interfering in its Domestic Affairs it comes after tens of thousands of people marched through minsk on sunday demanded the president s resignation. This is. Ok so the 4 hour wait a minute. This is a nice job to. Make me. Believe that. The 18 edition was. Made to get the only player who was. In the ok. I cool name we didnt hear all these. Newcomers. We didnt think there was. Sort of awesome is live for us from minsk joins us from band al step how much concern is there in the capital there about the prospects of sanctions. Well its been a delicate