Economic Update Extra: Moumita Ahmed (EU Extra, July 27, 2018)

Overview

In this EU Extra episode of the Economic Update podcast, economist Richard D. Wolff hosts Moumita Ahmed of Millennials for Revolution. The discussion centers on the role of cooperation in the economy, millennial attitudes toward traditional life milestones (marriage, homeownership, childrearing), and the burden of student debt. Together, they examine how economic pressures shape millennial politics, culture, and visions for systemic change in the United States.

Key Discussion Points & Insights

1. The Value of Cooperation in the Economy

• Wolff introduces Bernie Sanders’s endorsement of cooperatives and economic cooperation, noting its rarity in mainstream capitalism, which prioritizes competition and “survival of the fittest.”
• Ahmed agrees that millennials are drawn to cooperative economics:
  • Community Examples: Local cooperative gardens in Brooklyn enable residents to collaboratively grow and share food.
  • Millennials are “more open” culturally to co-ops and collective action.
  • Quote:

    “As Millennials, we are definitely more about working with each other and living in a world where it’s not about competition, but about working towards a better goal, where we all live comfortably and, you know, struggle.” (B, 02:20)

  • Cooperative democracy is already manifesting in mutual aid networks and grassroots organizing.

Timestamp: 00:00–02:52

2. Loneliness, Capitalism, and Avenues for Social Change

• Wolff references Dr. Harriet Fraad’s work on “loneliness epidemics” in capitalist societies.
  • Notes severity in the UK (“minister for loneliness”) and its possible universality elsewhere.
• Ahmed concurs, viewing cooperation not just as organization strategy but cultural transformation:
  • Millennials’ exposure to other cultures and travel has fostered alternative values, emphasizing community and mutual support.
  • Online communities (e.g., GoFundMe) exemplify digital-age cooperation.
  • Quote:

    “Currently, capitalism has a cultural hegemony over with in the economy and in our way of life… in my culture, there’s this idea of, like, family and making sure that people are not feeling alienated, not feeling alone, and that we’re all taking care of each other.” (B, 04:06)

  • Millennials want governmental support/investment in cooperative structures.

Timestamp: 02:52–05:24

3. Shifting Life Patterns Among Millennials

• Wolff observes declining rates of marriage and childbearing among younger generations.
• Ahmed explains the economic barriers:
  • Homeownership is increasingly unattainable.
  • Lacking universal healthcare, raising children is prohibitively expensive.
  • Student and credit card debt further restrict these options.
  • Quote:

    “It’s just impossible for most of us to have kids.” (B, 06:56)

• These constraints are reshaping generational aspirations and fueling dissatisfaction.

Timestamp: 05:38–06:57

4. Economics as a Catalyst for Political Critique

• Wolff asks if economic hardship is radicalizing millennial politics.
• Ahmed indicates yes, the pressure from family and society clashes with financial reality, reinforcing the need for systemic change:
  • Quote:

    “The only way to do that is really change the system, both culturally and actually physically… because we have nothing to lose.” (B, 07:38)

• Changing the culture goes hand-in-hand with changing political and economic systems.

Timestamp: 06:57–08:16

5. The Student Debt Crisis

• Ahmed spotlights how nearly all millennials are burdened by student loans:
  • Rising rents and scarce jobs compound the issue.
  • Many haven’t even reduced their principal balances.
  • Interest rates are high (6–8%), with the government profiting from young borrowers’ futures.
  • Quote:

    “Education is supposed to be a fundamental right… if getting an education means being, like, indebted and just broke for the rest of your life, it’s a really tough position to be in.” (B, 09:27)

• The looming “bubble or crash” in the student loan sector is of grave concern.

Timestamp: 08:16–10:16

6. Public Investment in Education: National & Global Comparisons

• Wolff recounts how other countries heavily support higher education (Germany, Japan, Russia, China), paralleling the U.S.'s own historical free public K-12 education system.
  • Quote:

    “A country that wants a future and doesn’t support education for the mass of people is a country that’s destroying itself. It’s shooting itself in the foot, basically.” (A, 11:13)

  • Challenges the rationale behind U.S. resistance to free higher education, given global precedents.

Timestamp: 10:16–12:23

7. Loan Forgiveness: Past and Present

• Ahmed references historical precedents for loan forgiveness (e.g., Rolling Jubilee).
  • Loan forgiveness rejuvenates the economy and encourages public investment and social mobility.
  • Quote:

    “Forgiving loans... it’s a way to sort of, like, renew the economy and give people that opportunity to sort of create a better world for themselves, invest more in... all of the things that help our society become a better educated society.” (B, 11:43)

Timestamp: 11:43–12:23

8. Reimagining Funding for Public Education

• Wolff and Ahmed discuss how taxing the wealthy could fund free college:
  • Ahmed: The “College for All” campaign in California demonstrated that repealing Bush-era tax cuts for the wealthy could fully fund state college tuition.
  • It’s not a new policy—free and affordable college once existed in the U.S. (e.g., CUNY system in New York).
  • Quote:

    “It’s just mind boggling… It’s not like we never had free college here or affordable college here. So in America in the past...” (B, 13:28–13:52)

  • Wolff echoes by recalling his early teaching job at then tuition-free CUNY.

Timestamp: 13:01–13:56

Memorable Quotes & Moments

• Ahmed on generational resolve:

  “We have nothing to lose. So we have to either change it or have to live with this.” (B, 07:53)

• Wolff on the insanity of education policy:

  “Since Americans are not crazy people, why would we be doing something so crazy?” (A, 11:13)

• Ahmed on mutualism in crisis:

  “Some of these, like, GoFundMes, as heartbreaking as they are, it’s all millions of people donating to each other and helping each other out… little pockets of cooperative efforts.” (B, 04:22)

Important Timestamps

• Opening & Cooperative Economics: 00:00–02:52
• Loneliness, Mutual Aid, Cultural Shifts: 02:52–05:24
• Generational Life Choices: 05:38–06:57
• Political Radicalization: 06:57–08:16
• Student Debt Deep Dive: 08:16–10:16
• Global & Historical Perspective on Education: 10:16–12:23
• Loan Forgiveness History: 11:43–12:23
• Funding Free College Discussion: 13:01–13:56

Tone & Closing

The conversation is frank, empathetic, and solution-focused, blending first-hand millennial perspective (Ahmed) with the analytical insights and historical context offered by Wolff. The episode concludes on a note of hopefulness for generational change through political and economic organizing, underscored by recognition of ongoing struggles.

End of Summary