U.S. Becomes World’s 'Most Unequal' Economy | Richard Wolff

Summary

David Lin interviews economist Richard Wolff about US inequality, tariff uncertainty, Federal Reserve independence, and government equity stakes in private companies. Wolff argues the US economy is increasingly unequal and that Trump's tariff and Fed actions create radical uncertainty and political risk. He also says the global economic center of gravity is shifting toward the East and BRICS. The discussion includes a critical look at the US government's 10% stake in Intel and its implications for state capitalism.

• US income and wage inequality has worsened for decades, with lower-income wage growth lagging.
• Labor-market insecurity is rising due to outsourcing, automation, and AI investment, with younger workers facing precarity.
• Trump's tariff policies create radical uncertainty, deter manufacturing reshoring, and push other countries to reorient away from the US.
• The economic core is shifting from the G7 toward BRICS, which accounts for a larger share of global GDP and population.
• Wolff criticizes Trump's attempt to remove Fed Governor Lisa Cook as politicizing the Fed and risking inflation if the Fed becomes subservient.
• The US government's 10% stake in Intel is framed as state capitalism or fascism, with risks of political control and more bailouts.
• Wolff argues trickle-up policies, such as direct support for workers, would stimulate demand more than bailouts of large corporations.