Economic Update: Reparations and Forgiving Student Debts

Economic Update: Reparations and Forgiving Student Debts

Welcome, friends, to another edition of Economic
Update, a weekly program devoted to the economic dimensions of our lives. I’m your host, Richard Wolff. I want to jump right into a remarkable story. I want to talk about people who don’t get
talked about enough. Two million Americans are what we call “home
healthcare workers.” Mostly, these are women and people of color,
and mostly, they serve older people. Ninety percent of Americans, when polled,
say they want to age in their own home. They don’t want to be put in an old-age home
or anything like it. Those are people who’ve given their whole
lives to raising families, doing jobs, serving their communities. We owe them something, don’t we? But these 2 million people who are serving
the elderly in our society are serving them at home, and you know what that does, in addition
to meeting the needs of those old folks? It also saves money since it is vastly cheaper
to care for those people in their homes than to pay for home healthcare in a professional
or commercial home. So they’re saving us all money doing something
valuable. How strange that a society that has that function
performed by 2 million people pays them, on average, less than $12 per hour. And so, of course, slowly, painfully, they
decided to unionize, to have a union in order to be paid better for the important work they
do, the money-saving work they do for this society. But the Supreme Court last year in the Janus
Decision said that these people really can’t charge money to folks that are home healthcare
workers to belong to a union. Why? Because they’re public employees, and the
Supreme Court made the lovely decision that somehow because you’re a public employee,
you can’t do, build, the union the way other people in the private sector can, and now
the Trump Administration wants to go one step further. Since these home healthcare workers are mostly
paid by Medicaid, they are not going to allow them to arrange, when they have formed the
union, to get what’s called the “weekly deduction,” a portion of the pay sent directly
by the employer, in this case Medicaid to the union, so that the union can function. Holding dues back and giving them to union
is a way to get more of the union’s time and effort to serve their members, rather than
raise money from them. The hostility of the Supreme Court, the meanness
of the Trump Administration, is extraordinary in view of the enormous, important, humane,
money-saving service these 2 million people—and again, mostly women, mostly people of color. What a group to choose to penny pinch with! I had to tell you the story. It’s emblematic of what’s going wrong in
this society. Well, here’s another one. The Guardian newspaper, a British newspaper
(you can see why it might happen there) reports on the Los Angeles mansion bought by a co-founder
of the Uber car ride service. Here’s what he paid: 72.5 million dollars
for the house and the land. Why is this interesting? Well, around the world for the last year or
more, Uber drivers have been demonstrating, striking, complaining that they’re taking
home ridiculously small amounts of money—five, ten, fifteen dollars an hour, and they’re
lucky to get at the upper end of that range. We also just read this last couple of weeks
that the police in Los Angeles are again rousting up the homeless from the little tent cities
that they have established under the freeways. Yeah, that’s America these days. Screw the worker, screw the homeless. Why is that relevant? Because not paying Uber drivers so that they
can’t afford a home and have to live in a tent, or they can’t afford a decent living,
even if they have a home. That’s what’s necessary so that the Uber founder,
the head of the company, can live in a seventy-two-and-a-half million-dollar mansion. Here’s the economics to understand: If you
paid those Uber workers a living wage (what is necessary to have a home and a car and
to live a decent life) and if you provided housing for the homeless—you have the money,
it’s all there! It would just mean, and let’s cry for a moment,
that the founder, the co-founder of Uber would have to settle… I don’t know… for a million-dollar house,
so maybe even a two-million-dollar house if we want to reward him, but he couldn’t have
a 72-million-dollar house. That’s the cost to him. And what’s the benefit? Doing something for tens of thousands of Uber
drivers and their families and more thousands of the homeless. You tell me what your ethics, your religion,
and your morality suggest is the way to go here. My next update is a shout-out about Alaska. Well, what is it about Alaska that draws my
attention? On July first, the fiscal year in Alaska set
in, and the great state of Alaska (and I mean that; it’s a great state, remarkable place)
did a very remarkable thing, but it’s not a good one. It cut the university budget of the State
University of Alaska by 41% in one year. This was done by the Republican-controlled
legislature. Here’s what they decided: They weren’t gonna
tax rich people in Alaska. They weren’t gonna tax big, rich oil corporations
like Exxon. You know, remember Exxon? That’s the one who fouled the water off of
Alaska. They weren’t gonna tax corporations or the
rich. Instead, they were gonna cut by 41% the quality
and quantity of education provided to the 26,000 students and another several thousand
employees of the University of Alaska. This is called shooting yourself in the foot. The future of Alaska, like of any economy,
has to do more than anything else with the quality and the quantity of the educated labor
force available there, and who trains the educated labor force? You guessed it, the state university system. They don’t have much in the way of private
universities in Alaska, and in any case, the overwhelming majority of young people trained
at the university and college levels in America are trained in public institutions. Savaging that university is hobbling and crippling
the future of the Alaska economy. What kind of a society does that to its young
people and its own future to save taxes for people already rich and already successful
businesses? Again, I ask you to think what sense this
makes. The next update has to do with ex-governor
of Michigan, Rick Snyder. He turned down an offer of a Harvard University
research fellowship. Why? Seven thousand Harvard graduates of the Kennedy
School there signed the petition organized by another graduate, Tiffany Bell. And the argument of the petition went as follows:
When Rick Snyder was governor of Michigan, he presided not only over one of the worst
water-quality crises in American history, the crisis of the Flint River—but let me
remind you, that bad water, which was a political decision of how to use which water for the
people of that area, Detroit, Flint, and so on, children died because of that water. People got sick because of that water. All kinds of medical problems were worsened
because of that water. Mr. Snyder not only helped cause these problems
and prolong them, but he was remarkable in then just deciding to deny the delivery of
free water to people who didn’t want to use the polluted water. It was really too much for Tiffany Bell, and
as the story percolated, all kinds of folks who had graduated from Harvard signed on. Harvard didn’t withdraw the fellowship. He withdrew himself from consideration, and
even that wouldn’t have merited this story (gross as it is) had he not given his reason. This requires a comment. Here’s his reason: He’s withdrawing, he said,
because of the lack of civility. You see, it’s not civil for people to protest
his behavior in the Flint water crisis that killed people. They should be polite, say nothing, allow
that kind of behavior to go unchallenged, and uncriticized. In his strange mind, the people who signed
the petition were not civil. He has nothing to apologize for. My last update has to do with a little, I
don’t know, breast-beating. I want to say something to celebrate us. Here we are making this program Economic Update. Here we are the organization that produces
this program Democracy at Work, producing all the work we do at our websites and all
the rest that you’re familiar with. So when we get a real recognition, I want
to share it with you. This one comes from the New Forest East constituency. That’s in the area inside Great Britain that
is one of their areas that votes and sends a member to the British Parliament. It’s called the East…excuse me, the New
Forest East constituency, and the Labour Party, the second biggest party in England there,
has produced a document. They sent us a copy, sent it to the British
Parliament, everybody there, proposing that the British use what we do on Democracy at
Work, what we do on Economic Update as the basis for British policy. You know, what they propose? That the British government fund the development
of a worker co-op sector, a major part of the British economy that will be helped to
make a transition from top-down corporate capitalist enterprises (you know, a small
group of people run the business, the owners, the board of directors) and instead make a
transition, the businesses run democratically, where all the workers together, one-person,
one-vote, decide what to produce, how to produce, and all the rest; we talk about it on this
program often. It’s now being proposed officially to the
British government. Thank you, New Forest East Constituency. Thank you, for all of you, for making it possible
for us to do this work, which is now getting the kind of recognition I wanted to boast
about. We’ve come to the end of the first half of
Economic Update. I want to remind you, please, to subscribe
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to the Patreon community for its ongoing and much appreciated support. Stay with us. We’ll be right back. Welcome back, friends, to the second half
of today’s Economic Update. In this second half, I want to give a little
extra time to two important topics that are circulating these days, where I thought I
might have something to offer, as you think about and decide what you feel about these
subjects. The first one is reparations, and the second
one is the forgiveness of student debt. Big questions, big ideas, lots of debate. Let’s start with reparations. The pressure here comes mostly from the African
American community, and the argument runs roughly as follows: Unspeakable damage, including
death, was visited upon the African American people, who were forced, often against their
will, to leave their native Africa and come to the United States to serve their entire
lives as slaves, where they were badly treated, badly fed, separated family members from one
another—you know the story of American slavery. And so the argument is they are owed reparations. They suffered, they lost, and they demand
(many of those folks) a reparations. And I want to talk to you about that, particularly
the economics of it. First, where the injury suffered real? No question. Is there a need for some sort of restitution? In my mind, no question, yes. Are there examples in history? In other words, is this a new idea, or have
there been reparations in the past that we might learn something from in assessing reparations
now? And I think the answer there again is yes,
and I want to briefly go over them with you so we’re all on the same page. One of the greatest examples of reparations
occurred after World War One, that’s about a hundred years ago. Germany was accused of having initiated that
war. Germany also lost that war, and in the aftermath
of Germany’s defeat, the allied countries (mainly, Britain, France, and the United States)
assessed a reparations debt. In other words, the tremendous loss of life,
tens of millions of people died in and because of World War One, the loss of life, the loss
of property, the injury, the suffering, the misery… all of it seemed outrageous, and
the Germans were blamed, and they had to pay reparations. So for quite a few years after the end of
World War One in 1918, the German government taxed the German people for a huge amount
of money that was not used to serve the German people but was used instead to pay reparations
debts, chiefly to France and Britain (the victors in that war). But they, in turn, having borrowed so much
money to fight the war (mostly from the United States), basically turned around and used
the reparations Germany paid to them to repay their debts to the United States. So here’s the key question: Was restitution
made by that money being paid by the Germans to the British and French and ultimately to
the Americans? I don’t think so. The people who suffered so little or no money
out of any of this. Lots of banks did real well. Lots of government budgets were a little eased. Mostly, the Americans, as it happens, because
of the money and the interest earned on their loans. But for the mass of people who suffered, not
so much. Did this reparations serve to prevent another
war? On the contrary, the Germans went right back
to war a very few years later in World War Two, which was as horrific in its way as World
War One had been. So did reparations solve the problems of Europe? Not at all. Here’s another example of reparations. After World War Two, the Holocaust that was
visited on Jewish people, on gypsies, on homosexual people, on all kinds of folks, led to a reparations
imposition again on Germany, which was blamed, and in this case quite rightly for many of
these horrors. The money went to what well it went to many
Jewish survivors, ironically in the case of the Jewish people. Those who had died obviously couldn’t get
the restitution, and many of those who survived got cash for a few years in various ways,
but it didn’t fundamentally alter much in the lives of those people. Some. It didn’t change much in the world; anti-Semitism
remains a problem according to many Jewish organizations. It sure didn’t stop war, which has become
literally endless. So there really is a reason to ask the question:
What is reparations for? What does it do? The slaves who suffered are gone. We can’t compensate them, their descendants—well,
if what we do is give them some money, will that solve the problems of discrimination
that’s left since slavery, of unjust treatment of African American citizens? I kind of doubt it, and here’s a serious problem. The reparations in Germany after World War
One led to a bitterness in the Germans that Hitler could exploit. He made the Germans angry, as if their problems
were due to the money that had to be given to others in reparations, which was never
true. Their problems were much more systemic. And here, that’s a problem again. Isn’t the money better used to fundamentally
change a system that works this way? If we just distribute money, we haven’t changed
the system, and that’s gonna come back to haunt us. And if the average American white person pays
an extra tax for reparations, can you imagine what right-wing politicians will be able to
say and do? What kind of damage politically can be done
to African Americans, as well as everybody else? The system needs to be changed that produces
these horrors. It’s like a person who goes to court when
he’s abused or she’s abused on the job and gets a few thousand bucks, but the job situation
is the same and the same horrors are perpetrated on others who didn’t have the courage or the
money to get a lawyer. Reparations opens the questions about a system,
and that should not be brushed under the rug. Then there’s the question of student debt,
and here I want to talk in particular about the plan offered by Senator Bernie Sanders. It is the most ambitious. It has been signed onto by several others,
Representative Ilhan Omar of Minnesota, Pramila Jayapal of Washington, and others are supporting
it. It basically says we’re going to forgive one-and-a-half
trillion dollars of debt owed by students for their education, and it’s going to be
a bill that also helps Pell Grants for other kinds of expenses, particularly helps schools
that have special needs. But fundamentally it erases student debt. The cost of this is estimated roughly at 2.2
trillion dollars; it’s a lot of money. And Mr. Sanders and his cosigners of the proposed
bill proposed that it be paid for by a tax on Wall Street speculation. That is, the money is to come from a specific
part of our economy, the richest people, the richest banks, the richest stock operators,
are going to have to pay a tax based on their revenue from serving the stock market and
the players in it. So my first comment as an economist answers
the question, Is this a feasible way of going about the problem? There, the answer is an unqualified yes, of
course. Is this is doable.? Yes! Would it solve the problem? Absolutely! Let’s take a look. One of the questions raised about it is—oh
my goodness—this is going to impact the economy because money that is now in the hands
of stockbrokers and bankers and all of the people who speculate on Wall Street, they
won’t have this money. Yes, that’s true, they won’t. But on the other hand, fifty to a hundred
million Americans who have no longer a student debt problem will be able to use the money
they used to pay in their regular monthly payments on student debt to buy goods and
services, so the loss to one part of the economy is offset by the gain to another part. This is simple economics and ought not to
be forgotten. Here’s another way of saying the same thing. You’re taking away money from the top, so
it doesn’t trickle down, but you’re giving an economic boost to the average American
who has a student debt, and that money’s gonna be spent by that person no longer on
paying that debt but on buying goods and services. That’s money you might call “trickling up,”
and the trickle-up offsets the trickle-down. So if you want to argue about the student
debt, let’s be honest. It is a program, not surprisingly coming from
a socialist like Bernie Sanders, that’s good for the average American, the vast majority
who either have student debt or face the burden of student debt if they want to help their
kids get a college education. It helps them at the price of the one percent,
or the five percent, at the top. One side benefits, the other side loses some. That just corrects what’s been going in the
last 40 years, where the reverse has gone on. Or to take a more recent example, the tax
cut back in December of 2017 that enormously boosted the top, arguing that it would trickle
down, which it didn’t, rather than help the bottom, which is why Bernie and the others
supporting his bill say we bailed out the people did, Wall Street back in 2008, [200]9,
and [20]10. It’s time for Wall Street to bail out the
American student. So is it economically feasible? Sure it is, but here’s something to think
about, because there are questions. First, what’s the economics here? It’s simple. You don’t pay enough in America to the average
family to pay for their college education for their kids. That’s the problem. At the same time that you don’t give people
enough income, you charge more for education than they can afford. So they end up having to borrow if they’re
going to get the education. The solution to the problem is not to create
these conditions, even if you forgive the existing date, you’re not changing the conditions,
which is why many countries—Germany, France, Italy, Finland, many countries in Europe charge
next to nothing for higher education. I’m talking two or three hundred dollars a
semester covers it. There is a political problem here. There’s also the question of other debts;
we don’t pay people enough to cover, the cost of their home, their car. That’s why they go into debt for those things. You want to really deal with this problem,
you’ve got to change who gets paid what, and what costs what, or else the debt is always
gonna come and you’re gonna have those angry people with home debt and car debt and credit
card debt, asking why help the students and not me? Good for the students, but I want my debts
relieved too, and the same economics would apply. Look, it’s a fundamental system that has to
change. These are systemic problems, those that led
to slavery and those within capitalism that lead to unbearable and unsustainable debt. The system is the problem, and system change
is the answer. Thank you for your attention, and I look forward
to speaking with you again next week.

100 thoughts on “Economic Update: Reparations and Forgiving Student Debts

  1. Wow, RW just revealed himself to be just another fake white "progressive"! #ADOS don't have to imagine the political damage that can be done to us!!! Reparations ARE OWED to ADOS! Hundreds of years of Forced Stolen Unpaid Labor is just part of the damage caused by domestic white capitalist terrorists in the USA and Their Apologists!!!

  2. I'd be weary of saying "forced to leave" referring to American black slaves. It sounds like they left voluntarily which was most definitely not the case. We have even leftists saying "forced migration/immagration" which completely obscures the situation.

  3. We're not worried about ending racism. That can still exist even in your new world vision. We're more concerned with being made normal and whole. Idc how racists feel about it. You can pay your debts and change the fundamental system that oppressed the people in the first place.

  4. No Dr Wolff … I agree with your assessment of capitalism but your examples are inconsistent w/ the research I’ve done; even some of yours (French Train Company for example) … we only ask that you be consistent with your arguments; I don’t think you had the same assessment of the recipients of that settlement 🤔 … I could say more but you should know better; more complicated than your example

  5. The Labour Party is the biggest party in the UK: 500,000 + members. This huge increase in its membership is thanks to Corbyn’s leadership and movement to the left since 2015. 🙏🏻👍🏻

  6. Reparations, a guaranteed livable universal basic income of $2800 and above a month, and total student loan debt forgiveness all across the board. America’s the richest on the planet. Let’s behave like we are. And let’s make all that happen for We The People

  7. Reality: All the jobs will eventually be performed by advanced problem solving, self learning, multi tasking robots, AI, computers, technology, and machines

  8. The democrat and republican national committees are both creations and creatures of Wall Street, the military industrial war profiteering machine, big business, and the corporate state

  9. I don't see how those things have to do with each other. Settle your discretions first before you have a thought about being ohhh so generous. Thank you.

  10. He "forgot" to mention the Japanese survivors of the US internment during WWII recieved $25,000 each in reparations. I don't hear any Republicans complaining about that. Richard Wolff is just another liberal white supremacist.

  11. I am a retired teacher with $91,000 in student loans. I paid easily for my B.A. degree back in 1986. However, by the time I was working on my masters and doctorate during the 2000s education costs had skyrocketed. I will die before this student debt is paid off. In fact, I moved out of the country to be able to live off my pension and still pay the student loan payments. Let me add, even though I do not live in the U.S., I still have to pay state and federal income tax.

  12. About reparations, I feel that any reparations should be paid to the indigenous people who our government killed with impunity and whose land we stole. This is the large elephant in the room.

  13. Why don't you ask the founders of #ADOS what they want instead of patronizing them with your rhetorical questions?! You don't have an answer you just want to use your white privilege to undermine and devaluate their work. White saviorism: I want to help by crippling you so you can't help yourself.
    If your questions are sincere ask them and advice them instead of talking about them so they can't defend themselves.
    I am not ADOS and still find the hours and hours Yvette Carnell and Antonio Moore spend on explaining their agenda.
    And then there is this white man with his white privilege and white savior complex dismissing their work as pie in the sky.
    Using the same excuse neo liberals use for education and health care.
    Isn't that ironic…

  14. what uber CEO needs to realize that paying their workers decent living wage more people would be driving uber in this gig economy that would translate to more money for the CEO

  15. Every single social problem is rooted in this system that was designed by, for and on inequity. We can't fix the social problems until we REDESIGN. Science methodology is the most updated tool we have and we need to apply it in addition to a few hundred years of 'updated' knowledge from a 'macro' assessment, which is REQUIRED. Because authentic science, after all, considers ALL variables, and either we do that or remain in our outcomes of ignorance and constant in destroying the biopsychosocial health of people and the eco-habitat of our only home, the highly interconnected (huge clue) planet, period. Somebody has to say it. You're welcome. #WEALLknowit

  16. Black taxes paid Native American, Eskimo and "jewish" reparations and Black soldiers fought Nazis. Its funny how WE can PAY reparations but as the 1st group to be promised reparations we cannot RECEIVE reparations

  17. Reparations isnt for slavery, its for 400 years of Government racism and oppression. The KKK was created by the US govt.. Judges, Cops, Politicians were Klan members.. Life Insurance policies that were paid for were not paid out to blacks.. Blacks were run out of Sundown Towns and not paid for lost property. Sharecroping was serfdom as is modern day prison where blacks are 7 times as likely to go for the same crime

  18. Right-wing media are usually the first to initiate arguable race-related topics, such as the contribution discussed in this issue. It's done to separate us or distract from some important events happening underhand. For example, the last big discussion of police shooting I remember happened when the TPP Agreement was being fast-tracked, so nobody paid due attention to what was going on in policies. Statistically, at least one person a day is being shot by the police in the USA, most of them not being black, and nobody seems to care about it until some media-owning rich white guy decides to throw a "race bomb."

  19. Marianne Williamson, candidate for U.S. President, has studied Reparations and is supporting it. I'd recommend consulting her and I'm one who used to be skeptical of it. But Marianne has given my mind a new speculation.

  20. Reparations should be paid and the African American diaspora should return to Africa to go invest those resources in their motherlands. They will then also be free of "whiteness".

  21. Black people will NEVER see any kind of "reparations" in the U.S. We are the single most hated humans earth has ever produced. The excuses to NOT pay a debt owed are endless. As is so clearly spelled out in this video.

  22. How can this man seriously claim that reparation didn't help the Jews? this is pure nonsense for everyone who knows the History of Israel and Jews around the world.

  23. Correct me if I am wrong but wasn’t Haiti forced to pay reparations to France because Haiti fought for their independence from France?

  24. 8:24 killed me 😂 I mean the story sucks for sure but I just love how this dude talks, and these stories and his coverage great too of course!

  25. @24:26 Closing the wealth gap is only the start. ADOS is also focusing on wealth independence, such as getting access to resources, controlling supply changes, and getting a significant share of industries. This video is disappointing b/c he is not acknowledging that white supremacy is a separate entity whether the system is capitalism or socialism.

  26. Congratulations on the recognition from the UK, Professor Wolff and co.
    Please keep doing your humane work.
    It's great to see your good works getting known.
    The more the merrier!

  27. You must stop spending before you can pay off your debt and close your account. The systemic racism that was born to serve capitalist labor needs will likely only resolve by eliminating the practice of and mentality associated with capitalism. The value of equality and unity must become recognized as greater than that of inequity and division.

  28. Greatly disappointed by Dr. Wolf's dismissive argument on the history of slavery and black labor in America. Not only is it disrespectful to slavery's descendants (ADOS), but it is also a misrepresentation of the facts. For those interested, recommend reading The Color of Law.

  29. I think that forgiveness is not the answer to student loans unless we also provide free tuition. I have always thought that getting the interest under control would help. Idea #1: Forgive all interest back to the initial loan date and re-apply it at a reasonable rate. i.e., Charge interest on student loans at the same rate that banks give for savings accounts. Idea #2: Change interest on student loans to simple interest instead of compound interest. This could also be applied to idea #1. Why do we assume that every loan must be calculated with compound interest? Simple interest is easier to calculate, easier to understand and also provides a profit to the person or institution extending the loan.

  30. Sir you kinda missed the mark or secided to leave it out lol. There are Jews today who were survivors of the Holocaust and "their heirs" who are collecting reparations in form of cash payments. And Germany is "currently" going on its "60th year" of consistent reparations payments to the Jewish State of Israel! So many of your points are off target and easily defendable from the opposing view. You used repartions examples from the WWI But NOT the results of WW2, which is the example that would eviscerate your WWI example as it was poor. Cash Payments for Reparations is only one factor, though a major factor none the least, and a neccesity. To use Wolffs Some what distorted point on School loan debt forgiveness, functioning as a trickle up vs trickle down effect is true. IN ORHER WORDS, WE ARE REFERRING TO A (WEALTH- TRANSFER)! THIS is the effect of paying a Multi-Trillion dollar DEBT over the course of a 20 year period, That is owed to The ADOS! It is NOT just for Slavery BUT Also Jim Crow, which Millions are STILL ALIVE TODAY who were subjected to The American Apartheid System that lasted for 100 years AFTER SLAVERY. ON THROUGH WW2, Where OUR Family Members LEFT Their Own Country to FIGHT Against HILTER AND LIBERATE THE JEWISH PEOPLE SUBJECTED TO GENOCIDE VIA DEATH CAMPS!
    Sir, YOU ARE NOT A QUALIFIED OPPONENT to discuss, converse or debate The American Descendants Of Slavery (ADOS) on the topic of Reparations. Honestly, No One is, which is why you start off early by naming absolute atrocities that are Non debatable regarding Chattel Slavery history as the history of ADOS in The U.S.

  31. Reparations isn't about whether or Not Whites will be mad or retaliate. It is about Paying a debt that is owed to The ADOS that can create infrastructure to take The ADOS from a consumer Bottom Caste Group of American Society to a Middle Class Productionist Group. To do that, A dignificant sum of the $17 Trillion that The U.S. Government owes The ADOS which includes accrued interest and a timeline that extends back into slavery, through convict leasong, share cropping, Jim Crow, Segregation, Redlining The Civil Rights Era, Crack Epidemic, The Prison Industrial Complex, Mass Incarceration (1994 Crime Bill). The latter of which is PRESENTLY going on now! Referr to Repartions would address water in Flint, MI. hookworms in Lowndes, AL. The Mass Incarceration issues that have more Black men in the U.S. incarcersted then ALL the Women incarcerated collectivley in the World! Reparations or We go broke as a collective group in the U.S. by 2053. You're an economist l, surely you know that lol! IF We were in person discussing this…I would "Crush" your pitiful argument based on the "flimsy" rational you provieded in this Video!
    WE Are on the the right side of this! And We will succeed, as more American Descendants of U.S. Chattel Slavery begin to understand. We ARE NOT Seeking Anything That Isnt ALREADY OURS!
    #ADOS 🇺🇸

  32. I saw Wolff on a video yesterday with Dr Glaude and a women named Dialla on a panel talking about race and democracy. He seemed to chime in on how AA's lost the most during last reception. He also seemed to have some knowledge on Dr MLK.
    That Said, Im assuming Mr Wolff knows by now The American Descendants Of Slavery are "Coming To Get Our Check"!
    Just like MLK SAID

  33. Reading the comments is irritating. A lot of fake progressive folks if you ask me… Substantial socio-economic changes or quick easy cash?
    Quick easy cash… We are better than this

  34. On reparations: what you have to realize, Dr. Wolf, is that debt is debt. Unlike others' indentured servitude, American chattel slavery was generational theft. So what happens after restitution does not un-justify the cause. You also have to realize that Black descendants of American enslavement are not Germans or any other group that classifies as White precisely because of that: being White, i.e., assimilated, both here and in Europe. Native Black Americans' unique predicament has one historical constant that is subjugation. Not so for others. It is not a color but an assignment of privIlege. At the very least, it is the absence of extreme injustice, like CURRENT summary executions by the state. Again, it is a constant.

  35. #ADOS = “those folks” ok wtf!
    so because previous #REPARATIONS cases for other groups weren’t implemented right we shouldn’t do it here? the argument that Reparations for the Jews didn’t help them build wealth is straight bs. Reparations is more than just a check but it is a check. it puts in place laws that will allow systemic change. its a specific harm on a specific people and needs a specific redress. why don’t you get involved so that the previous mistakes regarding reparations for other groups wont happen here? how you can make a case against reparations for #ADOS but then advocate for student loan debt forgiveness which is a massive white wealth transfer is beyond me. only 26% of ADOS go to college so that will not solve the #ADOS /WHITE WEALTH GAP. do better richard wolff. HAVE SANDY DARITY ON YOUR SHOW TO TALK ABOUT THE CASE AND THE OBSTACLES LIKE SHEILA JACKSON LEE WHO WANTS TO GIVE ADOS REPARATIONS TO BLACK IMMIGRANTS

  36. which democratic candidate says his words on reparations. they would shoot to first place, the way its explained so well means even the idiots who watch will still understand

  37. He COMPLETELY mischaracterized and made false points about reparations. He needs to read Or watch Marianne Williamson discuss this topic.

  38. Reparations seems to be more along the lines of a liberal-bourgeois kind of populist philanthropy that under the pretext of Capitalist Society would only see more taxes levied against the already over-taxed and under remunerated working class while not solving any of the deeper ills of Capitalist Culture. I would posit that, only with the creation of a fully functioning Socialist mode of production would bring any meaningful Cultural change with the elimination of Poverty. In essence, it would be a massive, generalized "reparation" of the working poor World wide.

  39. Shame on you for making a biased argument against reparations for #ADOS. Your Jewish ancestors received their reparations, regardless if the Germans had anything to do with the Holocaust, well the sentiment should be the same. #CUTTHECHECK. Reparations are long overdue!

  40. Reparations for descendants of U.S. slaves isn't the same as what was done for the Jewish people of post-WWII Germany/Europe. And we've have gone far beyond the point to make it resemble what was done for the Native American populace. Financial reparations at this point in American history is moot. Land stolen from freed slaves during the post-Civil War reconstruction and Jim Crow era is also moot.  We still live in a society where the Black Americans are harassed and criminal justice system is weighted against their communities.

  41. I’m for reparations for people that can prove their ancestors were slaves, they suffered from theft (1898 Wilmington) terrorism or some other systemic discrimination. If you just moved here from Ethiopia, you are probably rich and don’t need reparations. Reparations should be based on lost wealth not just skin color.

  42. White nationalists will love this segment on Reparations as much as they love Nietzsche.

    Bizzare how you speak so strongly for the suffering of the working class and somehow can't include descendants of slaves.

    Is it your academic salary that makes it hard for you to see the power a small amount of money can have in life of lower income person? on the current and future generations in a class?

    byzies forever Mr Wolff,
    you just don't get it on women, and you definitely don't get it with African Americans SMH

  43. The system of white supremacy is tied to historical economic oppression though. There would be no historical economic oppression without a historical system of white supremacy and vice versa. Reparations must be economic and socio-political. African-American people should be given the money they are owed, but also sweeping changes to the laws and culture of the United States must take place. It's more probable that these changes will happen through a militant revolution rather than peaceful legal means.

  44. They should forgive the first $50K of ever student loan, 100% for teachers and nurses, and African Americans get an extra $5k forgiveness. Just my two cents.

  45. Who are you Mr Wolff to speak on this subject matter, your narrative is full of lies and half truths. The Holocaust rail act to this day pays reparations to the descendents of the Holocaust, ever heard of Japanese internment camps or native Americans reparations. I'm very disappointed in you therory on reparatioms, I knew there was something about you, I think you are a true white man of priveledge in America. Reparations is not just for 250 or horrific cruelty that you have reduced to miss treatment but nearly 100 years of Jim crow laws, redlining, mass incarceration. You are not educated enough on the Foundational black American experience . Shame on you for giving a very biast opinion.

  46. When Obama went to Flint he did a small disgracefull show pretending to drink a glass of tap water. With this lack of grace, he gave enormous support to those criminals that allowed the poisoning of the public water, a wealth that belongs to all of the citizens of Flint.

  47. As Marianne Williamson states it reparations are an atonement for sins committed. She proposes a committee of black people to recommend how the money should be spent for education and job training and such things to help them have a better life.

  48. I lost all respect for you, Wolff, after hearing this empty, hypocritical argument basically against long-overdue reparations for ADOS, American Descendants of Slavery. If in fact you are jewish, like Bernie "Reparations, what is that?" Sanders, how in God's name could you agree with denial of ADOS' rightful claim?

    Jews should unequivocally be ADOS' most ardent supporters/allies of ADOS reparations both because jews were paid $89 billion by Germany alone (not to mention Austria and France) in holocaust reparations after WWII, according to presidential candidate Marianne Williamson (herself a jew), and because research reveals that there are jews who owned black American slaves and fought for the Confederacy (jewish comedian Larry David's great-grandfather was a Confederate Alabama slaveowner…and turns out David and Bernie Sanders are blood related).

    Not to mention Israel receives $3 billion per year from the U.S. and the fact the jewish holocaust occurred NOT on American soil. The system will be just fine after reparations are paid to ADOS. Tensions with whites have and continue to exist while ADOS are the bottom caste. We couldn't care less about non-ADOS' feelings after reparations are paid to a people whose 200+ years of free labor is the very genesis and economic framework of today's American total economic net worth of $234+ trillion. You, like so many other so-called white liberals, ultimately are no different from conservatives, libertarians or even staunch/extreme anti-ADOS whites. Anti-reparations for ADOS is simply anti-ADOS, plain and simple. This benign neglect has gone on far too long. The debt is owed. The sleeping giant is now forever awakened.

    You, Mr. Wolff, are on the wrong side of history . . . even if you agree with ADOS reparations in theory yet fail to full-throatedly advocate for our justice claim in practice.

  49. Sorry prof Wolff, I generally like your videos and I really enjoyed your appearances on TMBS, but your take on reparations in this video is pretty lackluster. No mention of slavery/sharecropping's effect on intergenerational wealth and no materialist analysis of more recent issues like redlining, hiring discrimination, wage disparity, denial of access to higher ed, predatory lending, deindustrialization and economic displacement, etc, etc, etc (Not to mention targeted state violence against black owned businesses and property, a notable occurrence being the Tulsa "race riots"). Further, the "reparations is just giving people cash and that won't help" point is a total strawman, as reparations are economic development programs addressing the effects of systematic discrimination and not just nebulous wire transfers. I found the whole white aggrievement argument to be particularly baffling considering the fact that right wingers have already used racism to attack universal welfare programs, and will continue to use racism as a political tool regardless of what we do. I'm honestly not even sure how a Marxist could arrive at the conclusion that we shouldn't pursue reparations…

  50. Reparations for descendants of American slavery is more than just a check. It's rewriting policy to make the descendants whole which would dismantle white supremacy.

  51. Who cares if white people are upset if descendants of American slaveryreceive reparations? America needs to pay its debt to them. It's overdue

  52. The segment about reparations is trash🚮. You intentional did that to make it seem like it would be a failure. Shame on you white man! The Jews are STILL getting paid reparations.

  53. Such a clown! If paying off more than a trillion dollars of student debts is feasible than so is reparations which is over a trillion as well.

  54. Just give back what was stolen? Nothing will change with hate white people are the most hateful people. You have to be black to understand what this country has done to blacks, and still killing us!

  55. The government has put so much stress on our lives? Because of hate for the black people. And every institution was in on it, to keep us at the bottom?

  56. Im halfway through the video now and I’m grateful for the information but at the same time depressed about it to be honest but let me keep watching

  57. So you think paying off the student debt for the majority of college educated people who are WHITE but you disagree with paying a reparations debt to BLACK Americans?!!! Why I’m I NOT SURPRISED!!! Why not just give Blacks their TAX money back because they get NOTHING FOR IT???!!!!

  58. The house just passed REPERATIONS for the middle and upper class LGBT community in the form of BACK TAX relief. Crickets from the American people. I guess its not worth mentioning. But #ADOS reperations might make "folks" mad!

  59. Reparations is not to stop war. It is to compensate for the suffering the victims had. In the case of WWI, France and Britain should have given the money to the people. The question is was that reparation for the French and British government? Or was it meant for the people. If it was for the goverment, then they did what they needed to do with the money and saved themselves from being further in debt. If the reparation was for the people of France & Britain, then yes, the money should have been used towards the people. In the case of African Americans, they don't have a government to take it away. Its for the descendants who were left without property without the advantage that others were given. Reparations is justice.

    Student debt are debts people willingly took. Even at a ridiculous amount, people continued to acquire more and more debt. Student debt forgiving is not just, it's a charity. You are pro-student debt forgiving is because these are the constituents you are serving. The end.

  60. Soooooo unfortunate that your reparations segment doesn't consider any of the scholarship on the current case. This look at historic precedent assumes a parallel with American slavery – comparing a whole economic system with historic events. This is a missed opportunity to dialogue with folk who have thought this through and to advance their ideas. Instead you point the gaze towards the challenges of Europe in the last century. Your followers now have WWII as a point of departure instead of our unique case. Feels like privilege and erasure.

  61. Use all the money we spend on our imperialist wars and instead give it to the descendants of American slavery. (Cash, not programs. I think we all know where the money for programs would really go.) Case solved.

  62. I almost thought you were worth a damn, but you’re no better than the Republicans and their crybaby excuses. Reparations are not owed to cure white ppl of anti-black racism, REPARATIONS are a debt owed to the descendants of the slaves who built this empire at gunpoint. We don’t care about white people’s feelings. You Democrats are the left wing of white supremacy.

  63. The US government owes a whole lot of money to a whole lot of people. However #ADOS has been first in line, with our justice claim in hand for HUNDREDS of years of oppression. First in line, while being skipped over to appease everyone else's justice claim. Now your claiming #ADOS should be skipped over again for student loan forgiveness that will greatly benefit WHITE PEOPLE. You've got to be joking, white people have been getting welfare off the backs of black people for centuries and your advocating for it to happen again🙅🏾

  64. White people know that if #ADOS gets reparations many of us would leave this God forsaken country. We leave America dies, America makes the bulk of its money off us being the bottom cast of this country. They know if they write us that check, we will leave and NEVER look back. No more athletes to make money off, no more black bodies shuffled through the justice system, no more cooks, maids, home health care workers, janitor's, warehouse workers, no more victims to do back breaking work with little pay, no more victims to feed from.

  65. You are out of your lane of expertise when speaking on reparations. Next time bring the expert on your show, Economist Dr. Sandy Darity.

  66. No…no.. no..1860s 99.% whites didnt want to free slaves.

    2020 99% whites dont want to pay for their current psuedo-socio-communist authority gained via slavery. Thus dont want reparations because it would make millions out of those ADOS millionaires billionaires and few would just blow it on street vendors.

    Two checks are necessary one for a nation of black American descendants of slaves it gets $200 billion to build several casinos which pay ADOS annual/monthly dividend so blacks are like the middle eastern oil barons such as Saudis etc..

    2nd check is personal for at least $50,000 to each ADOS adult only not when any ADOS becomes an adult this is one time payment same as the 1st.

  67. You talk talk talk talk talk! Why don’t you just say “Capitalism is slavery, so capitalism is ILLEGAL!” Say the WAGE IS SLAVERY! Because it really is! People have tiny nonfunctional brains! They can’t understand all your words! Just say capitalism is slavery, it’s the cause of world poverty, so it’s ILLEGAL!! KISS! All people should own all things!

  68. Yes, Forgive the debts of the students who were duped into believing that college would lead to getting jobs. Predatory practices of banks on young people. Putting millions of people into a social prison with out bars.

  69. He's full of himself. Why doesn't the trickle down effect of giving reparations in the form of cash to descendents of slavery doesn't apply as it does when paying off the college debts of people who are mostly white Americans. That only once again widen the wealth gap and making whites weathier. The best way to pay reparations is to just give cash and let the individual recipients decide how best to use it. Now if a recipient has student debt, then use part of that person's reparations payout to payoff their college debt. As for me I'd pay off/down my mortgage. If I can't pay it off completely I'd pay it down and refinance the lower balance at a lower payment and shorter term if the cash isn't enough to pay it off in full. Doesn't that also free up money for me to spend on other things that would booste the economy. Why should white students loan be paid off by the wrongs done to blacks throughout the history America. That is the same old racist bootleg stuff this country had been doing since slavery. I am very disappointed in you Richard Wolfe. You have the same old bootleg attitude as those of the past, but you're attempting to make it seem like something new and fresh.

  70. So hes sayin the #wypipo will be mad if reparations will become true. Oh well thats too bad. No ones trying to be scared of black people when they do shit to us. Stop putting the narrative as if we need to tip toe around them because 'We don't wanna upset massa'. Fuck "massa", fuck their feelings, gimme my reparations.

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