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Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives. Jobs, debts, incomes, our own, those of our children. I'm your host, Richard Wolff, and I present to you these updates in the hopes of that will help offset the kinds of image about our economic system left by the mainstream media. A new study has just been released about that tax cut bill that Mr. Trump boasts about that the Republicans pushed through when they ran the Congress back in December of 2017. And this new study releases data that I want to share with you because it really needs to be exposed. Out of the Fortune 500, that's the 500 biggest corporations that dominate the American economy. 66. 0. 60 out of the 500 paid zero taxes in 2018 thanks to that bill. 0. I want to read to you the names of some of them so you get an idea who paid no taxes. And this is a good time of year since you've just finished paying yours. Amazon. Oh, Amazon, General Motors, Chevron, Delta Air Lines, John Deere, Caterpillar, Molson, Coors Beer and so on. Not only did they pay no taxes, but many of them claimed refunds which they got. How much? $4.3 billion of your taxes that you paid were sent back to these companies who paid no taxes at all during the same year. Total amount of money they earned on which they paid no taxes, 79 billion. Add to that 4.3 billion of refunds. This is a perverse tax code. It gives to the richest while taking from everybody else. It ought to make you angry. These kinds of numbers totally dwarf the small amounts of tax refunds that the vast majority of Americans got, if they even got that. It also worsens our inequality, because think about it, if you give a refund to a rich corporation, somebody has to pay for that. You and I do. The average person. If the government can't tax these 60 companies who have billions they would otherwise have to pay, then either the government doesn't provide us with services because that money isn't there, or else it borrows the money that it can't take from them, which is what happened in 2018. That money has to be paid back and interest on it has to be paid, and we will all be charged our taxes to pay for what is not taken from the rich. So it worsens the inequality in our society and it should be exposed for that. Years ago, we passed a minimum annual tax that everybody has to pay, no matter what games they play with the tax code that applied to individuals, it never applied to corporations. How nice for them. I want to turn next to one of those corporations and talk about it. The General Motors Corporation. The CEO of General Motors, Mary Barra, took home the following salary in 2018. $20.9 million. Profits of GM11 billion. This is the same company that during the same year that it was paying her 20, $21.9 million, announced the closing of four factories here in the United States, firing thousands of salaried workers to focus on the future of self driving automobiles and electric cars, which, by the way, will get rid of many other people's jobs too. As all of this was happening, what went through my mind? This is all profitable for shareholders, and this is all profitable for the company, which can then use that money to pay these kinds of salaries. And if you have a corporation, that's what the priorities. Dividends to shareholders, big fat pay packages to the top salaried officers and the rest. The factory jobs, the salaried office worker jobs, the communities whose taxes are wrecked by these plant closures. It's not their concern. They have no responsibility for that at all. Their responsibility is the profit for their shareholders and the big salaries for their executives. And they take care of their priorities. Just as we are left with the wreckage of that system of priorities. Could there be an alternative? Of course there could. We could pass a law that says a company whose decisions negatively impact a community, causing job loss, causing destitution for families whose breadwinners have been denied a job. We could say that's part of the responsibility of the company. It has to set aside money to compensate these people, to compensate these communities. Maybe a program to retrain workers that are laid off so that they and their communities are not left to suffer. Maybe that's part of the responsibility. Not doing that is a little bit like allowing a car to crash into some people and then drive home with no responsibility for the damage done to those people. We wouldn't think that's reasonable. Why? Why in the world do we find it reasonable for corporations to be given such extraordinary privileges? My third update is about that fire in Paris. The great fire at the Church of Notre Dame. It was actually a few weeks ago that I was at that church in Paris, walked right by it and noticed the scaffolding all around it. This was before it had burned anyway. It had a spectacular fire. I don't need to tell you about that. It was all across the media. What struck me about the fire was the. A desperately unpopular president, Mr. Macron, tried desperately to make some political hay out of it. Oh, he was going to attend to this great monument, this 8 century old church that sits on a little island in the middle of the Seine river, etc. He was going to be committed to rebuilding it. And so, together with some of his very good friends, some of the richest people in France, the Gucci Empire and the others, they got together and miracle of miracles, in a matter of hours, they came up with nearly a billion dollars from a handful of rich families to rebuild the top towers of the Notre Dame fire that the Notre Dame fire had destroyed. Poor President Macron, trying desperately to look like a hero, he's going to restore the church. He quickly finds a billion dollars. This is the same president who cut salaries, who damaged the labor laws in order to make it more profitable for corporations, who explained that the government couldn't do the things it used to do for the people of France because there was no money. Suddenly discovered money. What a miracle. He found the money. And where did he find it? In the hands of the rich people. Turns out they had it all along. But it gets worse. The fakery of these kinds of governments, it's worse. Why? Turns out that these super rich families who got together to give a billion dollars are entitled under French law to deduct from their taxes the charitable contribution. And French law is very good. If you're an individual, you can deduct 66% of what you give. If you're a business, it's 60%. Which means the bulk of the money that those rich people contributed isn't their money at all, it's tax money. They're not going to pay taxes the way they would have because they can count that against what they have to pay taxes on. You know what that means? That a good part of the rebuilding of the Notre Dame church will be paid by the French taxpayers who are being screwed yet again. But it didn't work in France because the Yellow Vest movement pinpointed this right away. They made a mockery. First you tell us you can't do things and then you quickly find a billion dollars overnight. You said there was no money, but you found it quickly and you found it for people who don't need it, for people who are already crazy rich. And we're going to rip off this government and our society. And as they give money to get the publicity of being so charitable, it is, to quote the French dgutants, which is their word for disgusting. My last update has to do with strikes. In the United States, we're seeing more strikes than we have since the 1980s. The largest private sector strike in the last three years ended as of this preparation of this report. It was the strike of 31,000 supermarket workers in the Stop and Shop chain in Massachusetts, Connecticut and Rhode Island. 31,000 went out, went on strike. I drove past one of them two days ago and it was really interesting to see a big stop and Shop parking lot empty and out in front about 25 picketers carrying signs in the manner of a good strike. But what was interesting was the empty parking lot. The Boston Globe reported that 75% of the normal shopping done in the week before Easter wasn't done at Stop and Shop, which is of course a big fat reason why they reached a settlement. Workers are getting a raise and workers are not being deprived of the pension and medical coverage that had been threatened by the company that owns the chain. A successful strike whose lesson is militancy and unity is the way forward. A lesson other workers, and indeed the whole social movement community might want to learn even better than they already have. But I want to report on two more strikes. The Chicago Symphony is out on strike and continues to be. The New York State nurses, a very, very militant group, voted 97% to go on strike. And that was enough to get the authorities to give the union what they demanded before they even had to do one day of strike. So it turns out showing that you're unified and showing that you're militant is 3/4 of the battle in a society of capitalists who think that the working class is no longer able to organize, to be militant or unified in what it seeks to do. That these strikes are happening more and more is a sign that yet another part of this capitalist system is loosening, is coming undone. It's like the levels of inequality that we see are not really sustainable anymore. You convinced this population that capitalism is the way to become rich and prosperous, that it will create and sustain and build a vast middle class. And yet the middle class is keenly aware that it is being pecked at from every side, is unable to afford an education for its kids, unable to afford the so called American dream that was promised but is not being delivered. And all the while, what do we see at the other pole, at the other end? A system whose politics is clearly strong, spinning out of control. A system who says that the man who developed a bit faster way to deliver packages has become the richest person on Earth. Mr. Bezos is a glorified delivery boy. Good for him the packages come sooner. Is that why $150 billion are sitting in his account? For for him to decide with what he wants. Whereas we could educate an entire generation of young people in much better equipped schools. Millions for the people rather than billions for a glorified delivery boy. It's extraordinary. We are coming to the end of this first half. I will introduce the second half with an interview I think you will find very interesting. Stay with us. We'll be right back. Welcome back friends, to the second half of Economic Update. Before I introduce you to our very interesting guest for today, I want to remind you please to Support us via YouTube with our websites as well, rdwolff with two Fs.com and democracyatwork.info you can follow us there as always on Facebook, Twitter and so on. And again, our thanks to the Patreon community. My guest today is Rebecca Lurie. She is the director of Community and Worker Ownership Project at the School of Labor and Urban Studies at the City University of New York. I want to stress that as the director of that project, she is already part of the growing interest in and the growing support for economic democracy worker co ops and that's indeed what we're going to be talking about today. So Rebecca, thank you very much for coming. So let's start with one of your early successes. You had a conference in April of this year. Tell us a little bit about what it was about, who came and what it's part of.
