Economic Update with Richard D. Wolff

Episode: The Fight Against Money Corrupting Politics

Date: September 16, 2025
Guest: Trent Lang, Executive Director, California Clean Money Campaign

Episode Overview

This episode, hosted by economist Richard D. Wolff, centers on the corrosive impact of money in U.S. politics and grassroots efforts to combat it, particularly in California. In the first half, Wolff provides a critical analysis of emerging left-wing political alliances, the state of union support, and labor organizing efforts. In the second half, he interviews Trent Lang, an activist leading a movement for public campaign financing, about the prospects for real reform to get money out of politics and empower ordinary voters.

Key Discussion Points & Insights

1. The Rise of a New Left-Wing Movement (00:20–08:30)

• Emergence of New Political Forces:
  • Wolff details the candidacy of Graham Platner, an independent oyster fisherman in Maine, challenging entrenched party structures, with endorsements from Bernie Sanders and other progressive figures.
  • He observes, “What we're watching here is the slow but steady emergence of a new left wing political formation here in the United States... a kind of slow but steady, inch by inch coming together of left wing independence with left wing members of the Democratic Party.” (04:39)
• The 'Peace Issue' as a Political Differentiator:
  • Wolff critiques both major parties for ongoing wars, suggesting that an authentic “peace candidate” would resonate with the public:

    “We need a peace candidate who won't make war over Taiwan and won't make war to support genocide in Gaza. Come on, that would be a popular candidate, wouldn't it?” (07:05)

2. Union Support & Workers’ Mobilization (08:30–14:55)

• Gallup Polls & Popular Sentiment:
  • Recent Gallup data shows 68% of Americans support labor unions, a level reminiscent of the 1930s:

    “The support is almost the same. But we don't have a unionization movement sweeping the country. Not yet. But with these kinds of numbers, we could.” (12:30)

• Organizing vs. Public Support:
  • Wolff highlights the gap between strong public support and lack of organizing activity:

    “The organization of that point of view is what's lacking.” (13:20)

• National Park Service Workers Unionize:
  • After years of failed efforts, Yosemite and other park workers win union representation, with 97% support.
  • Wolff criticizes federal “efficiency” cuts and the broader trend of pushing workers into lower-paid private sector jobs.
• ICE Deportations and Government Cost-cutting:
  • Despite anti-immigrant rhetoric, more Americans lost jobs through federal layoffs than through deportations:

    “If you're thinking that deportation by getting rid of those low paid immigrant workers is opening up jobs for Americans, wrong.” (15:20)

3. The Fight to Get Money Out of Politics: Interview with Trent Lang (17:04–31:15)

The Scope of the Problem (17:47–18:56)

• Why Focus on Money in Politics:
  • Lang:

    “Everything in our political system comes down to the problem of money in politics. Who gets elected, who can even run... are all about having enough money.” (17:47)

  • He emphasizes the outsized influence of billionaires and the rise of secretive “dark money” organizations.

Three Mechanisms of Influence (18:56–20:18)

• Wolff:
  • Outlines three methods: direct donations, lobbying, and think tanks shaping public opinion:

    “If you have the money... that's another way of shaping politics.” (19:25)

• Scope of the Bill (SB 42):
  • Lang explains that SB 42 primarily targets the first—campaign finance—by enabling public financing systems, and helps set the groundwork for tackling others.

How Public Campaign Financing Would Work (22:06–24:05)

• Mechanics and Models:
  • SB 42 would repeal California’s ban on public campaign financing, empowering local governments to adopt systems such as:
    • Small-donor matching (e.g., LA, NY, Berkeley)
    • Democracy vouchers (Seattle)
    • Full public financing (Connecticut, Maine, Arizona)
  • Lang:

    “All three empower voters, as we've seen in each of those different places.” (23:47)

National Picture & Impact (24:05–25:40)

• U.S. State Variation:
  • Over 14 states and many localities use some form of public financing; outcomes have been promising in terms of who can run and win office.

The Deeper Question—Inequality, Democracy, and Capitalism (25:40–30:11)

• Wolff invokes Brandeis:
  • “Unequally distributed wealth is incompatible with democracy...one of the ways unequal wealth destroys democracy or prevents democracy is by...corrupting money, corrupting politics with money.” (27:00)
  • He challenges Lang to address whether campaign finance reform merely treats a symptom of capitalism.
• Lang’s Perspective:

  “[Obscene inequality is] a tremendous problem for our democracy, especially after Citizens United, which unleashed billionaires... to spend unlimited amounts on campaigns. That’s why we need public financing of campaigns and other controls and clear disclosure...” (28:53)

  • He argues public financing could enable policies to tax the wealthy more fairly and reduce their outsized political power.

Call to Action (30:11–30:47)

• How to Get Involved:
  • Lang urges listeners to sign the SB 42 petition at yesfareelections.org and engage in grassroots advocacy.

Notable Quotes & Memorable Moments

• Wolff on U.S. Political Trends:

  “We're watching...an inch by inch coming together of left wing independence with left wing members of the Democratic Party.” (04:39)

• Lang on Money’s Political Influence:

  “Big money, wealthy interests, billionaires...spending as much as they can to get their candidates elected, force them and keep them in line, [and] ensure that good candidates that the public would really support...don't have a chance to compete.” (18:07)

• Lang Calls for Public Financing:

  “With public financing like SB42...we can ensure that regular voters, candidates that will stand up for regular voters, will have a chance to run and win and put in policies that correct those issues.” (30:11)

• Wolff’s Historical Reflection:

  “I was in Paris...when Sarkozy, had collected an enormous amount of money in his suitcase delivered to him by the CEO of one of France's largest corporations, and they got caught in the process...” (31:00)

Timestamps for Key Segments

• 00:20 – 04:39: Announcements & overview of political trends
• 04:39 – 08:30: Analysis of emerging left coalition and the ‘peace issue’
• 08:30 – 14:55: Union and labor updates, analysis of polls and organizing
• 14:55 – 17:04: Context-setting for money in politics interview
• 17:04 – 18:56: Trent Lang introduces the problem of money in politics
• 18:56 – 20:18: Wolff & Lang discuss lobbying, think tanks, and campaign donations
• 22:06 – 24:05: Mechanics of public financing and SB 42 explained
• 24:05 – 25:40: Public financing across the United States
• 25:40 – 30:11: Structural inequality, Citizens United, and deeper system questions
• 30:11 – 30:47: How listeners can act
• 31:00 – End: Closing thoughts and historical anecdote

Summary & Takeaway

This episode offers a rigorous critique on the corrupting influence of money in American politics, backed by data, history, and real-time reform efforts. Wolff’s analysis foregrounds the need for new political coalitions and renewed organizing, while Trent Lang’s campaign for public financing envisions real, practical steps toward reclaiming democratic control from billionaires and corporate donors. The ongoing struggle—and the bill in California—reflect both the possibilities and limits of reform within a capitalist system, leaving listeners with both concrete action steps and profound questions about power and democracy in America.