Economic Update with Richard D. Wolff

Episode: A Green 3rd Party for the US

Date: April 22, 2021
Guests: Dr. Jill Stein, US Green Party 2016 Presidential Candidate

Episode Overview

This episode of Economic Update revolves around the need for a genuine third political party in the United States, focusing on the Green Party’s vision and strategy for challenging the entrenched two-party system. Host Richard D. Wolff discusses recent economic news, critiques the current economic and political climate, and interviews Dr. Jill Stein on the Green Party’s positions, the obstacles they face, and the necessity of building an alternative to the Democratic and Republican parties.

Key Discussion Points & Insights

Economic Update & Systemic Critique (00:10–15:55)

• Wealth Inequality & Luxury Consumption

  • Wolff highlights Rolls Royce’s record car sales as a reflection of extreme wealth inequality.
    • “As an economist, I just want to remind you these numbers are features of what happens in an economy when the rich get richer and the rest of us don't.” (01:34)
  • Resources are diverted to serve luxury markets for the wealthy rather than public needs.

• Amazon Unionization Defeat

  • Wolff addresses the recent loss in the Bessemer, Alabama Amazon union drive, focusing on cultural shifts and labor movement history.
    • Argues that the lack of a strong partnership between labor and the political left undermines union success in the US, contrasting this with Europe:
      • “In Europe, unions are much more successful... because the general culture... is much more progressive... they have a partner... socialist parties and communist parties and even green parties.” (06:37)

• Prospects of a Government-Induced Economic Boom

  • Wolff is skeptical about claims of an imminent economic boom due to government stimulus packages.
    • Outlines three reasons:
      1. Political opposition will likely water down reforms, especially regarding corporate tax hikes.
      2. The vast bulk of stimulus money will flow to corporations, not the public.
      3. Today’s wealth inequality means stimulus fuels the rich, not broad-based prosperity.
      • “A disproportionate amount of this government spending is going to go into the hands of people not likely to spend it again because they are already the richest amongst us.” (13:45)

• Progressive Changes in New York State

  • Reports optimism on New York’s new budget, highlighting tax increases on the wealthy, higher corporate taxes, and an unemployment fund for undocumented immigrants.

Interview with Dr. Jill Stein: The Green Party’s Vision (16:09–28:05)

The Green Party as an Alternative (16:09–19:20)

• Dr. Stein describes the Green Party as the “only national alternative to the parties of war and Wall Street.”
  • She criticizes both major US parties for advancing militarism and enabling wealth concentration:
    • “Both parties are promoting policies which are extremely favorable to both of those interests... We find ourselves now in an economy which is just brutal to everyday working people... with 1 in every 2 Americans either in or near poverty.” (16:44)
  • Cites broad public support for Green policies and notes “unprecedented demand now for an independent political party.” (18:24)
    • “We, the people, have it [power]. And it's really all about how do we assert that power.” (19:14)

The Two-Party "Monopoly" and Political Exclusion (19:20–23:44)

• Wolff notes a growing perception that the US is governed by a “monopoly of two political parties.”
• Stein strengthens the metaphor:
  • “They're more than a monopoly. They're more like a mafia that's protecting their turf.” (19:58)
  • Highlights how real democracy is undermined by barriers to ballot access, exclusion from debates, media blackouts, and entrenched financial advantages for the main parties:
    • “This is not democracy. We're blocked from participating in debates... People want more voices and more choices. They have a right to those choices and they have a right to know who their choices are.” (21:20)
  • Calls for ranked choice voting and proportional representation as practical reforms, viewing the current “lesser evil” narrative as voter extortion.

Obstacles and Opportunities for the Greens (23:44–28:05)

• On Building Green Party Power (23:44–25:27)

  • Stein points to the large bloc of nonvoters as an untapped base.
    • Stresses removal of procedural obstructions— such as restrictive ballot laws and big money politics.
    • Critically discusses provisions in HR1, which, while expanding some voting rights, would massively increase allowable campaign contributions, reinforcing the dominance of major parties.

• On Working Within (or Outside) the Democratic Party (25:27–27:13)

  • Wolff asks why Greens don’t follow figures like AOC and the Squad by pushing progressive policies within the Democratic Party.
  • Stein explains:
    • Progressive Democrats “are afraid to actually challenge power because they will be viciously punished.”
      • Cites examples like Dennis Kucinich and Tulsi Gabbard as progressives marginalized or eliminated for opposing party leadership.
      • “If you dare to resist the leadership, you will basically be eliminated... So, you know, we have to find a place to put our feet down.” (26:12)
    • Asserts the progressive agenda is popular but blocked by party machinery.

• Green Party and Anti-Capitalism (27:13–28:05)

  • Wolff presses for a statement on the Green Party’s stance on capitalism.
  • Stein responds:
    • “Corporate capitalism as we know it... is incompatible not only with democracy, but with workers' rights and... a sustainable environment... So we are not in the camp of corporate capitalism.” (27:39)

Notable Quotes & Memorable Moments

• “As an economist, I just want to remind you these numbers are features of what happens in an economy when the rich get richer and the rest of us don't.”
  — Richard D. Wolff (01:34)
• “They're more than a monopoly. They're more like a mafia that's protecting their turf, very carefully guarding it.”
  — Dr. Jill Stein (19:58)
• “We need a ranked choice voting system so that fear cannot be used as part of this lesser evil mode of politics, which is really a form of extortion.”
  — Dr. Jill Stein (20:57)
• “The biggest way people give up power is by not knowing we have it to start with.”
  — Dr. Jill Stein, quoting Alice Walker (19:17)
• “Corporate capitalism as we know it... is incompatible not only with democracy, but with workers' rights and, in particular, with a sustainable environment.”
  — Dr. Jill Stein (27:39)

Timestamps of Key Segments

• 00:10 – Wolff’s introduction and commentary on wealth inequality via luxury car sales
• 03:34 – Analysis of the failed Amazon unionization and the need for labor-left alliances
• 07:55 – Critique of Biden-era economic stimulus forecasts
• 14:30 – Report on progressive advances in New York State budget and taxation
• 16:09 – Introduction to Dr. Jill Stein and discussion of the Green Party as an alternative
• 19:55 – Stein expands on political exclusion and ballot access barriers
• 24:17 – What it would take for the Green Party to become a major political force in the US
• 25:27 – Why the Greens don’t work within the Democratic Party
• 27:34 – Stein clarifies the Green Party’s opposition to corporate capitalism

Conclusion

This episode delivers an incisive critique of the US economic and political order and makes a compelling case for a Green, progressive third party. Dr. Jill Stein articulates the Green Party’s vision, its obstacles in the current system, and the steps necessary for genuine democratic reform—emphasizing grassroots empowerment, electoral reforms, and a break from corporate capitalism. The conversation is marked by a sense of urgency and possibility, underlining both the demand for change and the entrenched barriers to it.