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Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives and, and those of our children. I'm your host, Richard Wolff. Today's program will have a remarkable interview in the second half with Sabrina Salvati, who's just finished a film on gentrification in Boston that will be very important for everyone to understand as it is a phenomena, she calls it, black erasure, that is happening in many cities across the country. We're also going to be talking about the election of Zorans. Excuse me, I almost mentioned his father, Zoran Mamdani, as the new mayor of New York City. He was sworn in to his job at the beginning of January of 2026, and it is therefore an appropriate moment to sort of understand how he got elected, what it means and where it points. And that's what we're going to do in the first half of today's show. But before we begin, I hope you all had a wonderful holiday season, that you are happy, or at least as happy as is reasonable to be at the beginning of a new year. I want to start also to thank you for, for those who contributed to our end of the year fundraising effort. I want to especially thank Erica I. Hardy S, Stephen B, Jerry A and Gina A for their very generous donations. We won't close the books until the end of the week, which means there's still time to help us meet our budgetary goals for the year ahead. And you can do that by going to our website, www.democracyatwork.info donate. And for those of you who have not yet signed up for our Membership Only or Members Only Patreon account, you can support our work by doing so and you can gain access to members Only material that we put on our Patreon account. So just go to patreon.com democracyatwork and follow the link in the description below. So let me turn then in our first half to this remarkable event, the election of a new young Muslim socialist to be the mayor of the city of New York. This is an uncommon event, to say the least. This sort of thing has not happened in the United States for most of the last 75 years. A socialist mayor in New York City. So I want to begin by talking about the significance of Mr. Mamdani's election. First and very important, this is not a new event in American history. It's new in the last 75 years, but not new in the much longer history of the United States. You might be interested to know that before World War II over 100American cities had elected socialist mayors. New York wasn't among them, but other cities were. Bridgeport, Connecticut, for example, Milwaukee, Wisconsin. I could go on, but electing socialists was very common in the United States as it was electing state representatives, state senators, congresspersons in Washington who were socialists didn't run away from the label. It was after World War II, and in particular the Cold War with the Soviet Union, that it became impossible to be a socialist and to have a political career. To allow yourself to be called a socialist would have been and was a commitment of political suicide. And no one dared do it for 75 years. You might think that socialism, like a bear, went into hibernation during the Cold War. And now that the Cold War is over, the Soviet Union isn't there. The hysteria around it is a little bit less. Ha ha. Surprise. Socialism reemerges shouldn't surprise you. It was always there, and you know why? Socialism is always there. And even if you repress it for a while, it comes back. The answer is that socialism is the product of capitalism. You might call it capitalism's self criticism. As long as there's been capitalism, its problems, its injustices, its inequalities have provoked people to say we can and we should do better. Those people took the name socialist. And as long as there's capitalism, it creates and sustains the socialist critique. Here's another. Mayors like Michael Bloomberg, himself a billionaire, tried to stop Zoran Mamdani from winning. Bloomberg is reported to have spent $9.5 million of his own money trying to defeat Mamdani. He failed in that effort, and that's important. President Trump threatened to block him from ever becoming mayor. That failed to do the job. People used his Islamic faith against him and that failed to defeat him. His immigrant status failed to defeat him. His sympathy for the Palestinians in Gaza failed to defeat him. He got little support from the Democratic Party officials like Hakeem Jeffries and Senator Schumer, and that failed to defeat him. Wow. He not only won, let me remind you, he won by a lot. It was not a close race. His defeat of Andrew Cuomo, his major opponent, was pretty total, to say the least. Wow. That's an important way to understand how and why this is a historic event. But to be honest, I don't think Mr. Mamdani was elected because he was a socialist. I think he was elected because the people of New York City who voted for him, myself included, were motivated by something else. And I want to talk about that which doesn't take away from the achievement of Mr. Mamdani and the enormity of the volunteer force that swept him into office. Well run campaign moving in its commitment to democracy and transparency. And yet the beneficiary of the following. The people of New York voted against what so much of New York has come to mean. And that's, in the end, why Mr. Mandani was elected. New York City is the home of the largest number of billionaires in this country. It's the biggest concentration of billionaires. They come here, they live here, they want to party here, they want to be rich here. And they bring with them all that that implies. New York City has been and is more than ever a playground of the rich. And for the majority of people who cannot afford to do that, this city is a constant, a constant reminder of the gap between those rich people partying left and right, wallowing in their wealth versus all the rest of us. The city suffers from inadequate schooling, housing that huge numbers of people can barely afford, transportation. Our subway system is an embarrassment when you compare it to subway systems in the rest of the world.
