by the Real News Network
Barack Obama and the bipartisan quacks of Wall Street and corporate media keep telling us that lower taxes on the wealthy create jobs, the exact opposite of what real economists have known for ages. For a dose of economic sanity, Paul Jay of The Real News Network interviews Michael Hudson, a real economist, who explains how the U.S. was more prosperous and created more high wage jobs when it taxed 90% of the highest individual and corporate "earners".
VIDEO
Dr. Michael Hudson is, unlike the mopes you see on TV, an economist who actually predicted the real estate, subprime and general financial meltdowns of the last few years. Dr. Hudson is a financial economist and historian. He is president of the Institute for the Study of Long Term Economic Trends, a Wall Street financial analyst, and distinguished Research Professor of Economics at the University of Missouri, Kansas City. His 1972 book, Super imperialism, the Economic Strategy of American Empire is a critique of how the United States exploited foreign economies through the IMF and World Bank. He is also author of The Myth of Aid, and Global Fracture, the New International Economic Order. On today's program we discuss his newest book, in progress, the Fictitious Economy; How Finance is Destroying Industrial Capitalism, and Paving the New Road to Serfdom.
And the Real News Network is exactly what its name says. It's one of the places we at Black Agenda Report go to get OUR news. Thanks to Paul Jay.
Shani Robinson taught in the Atlanta, Georgia public school system.
Dr. Nicole Price is the Forbes Books author of Spark The Heart: Engineering Empathy In Your Organization.
Nick Encalada-Malinowski is Director of the Civil Rights Union campaign at Vocal-NY.
The climate emergency won't end because of heartfelt pleas to the people and the interests who created the crisis. Ecocide will stop when capitalism ends.
To mark the last days of Black August, we reprint below Freedomways’ 1975 editorial about Joanne Little, a Black woman indicted for killing her white prison guard and would-be rapist.
