Transcript
A (0:20)
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. Before we get into the substantive parts of today's program, two quick announcements if you want to participate in the plenary session and workshop on October 11th about how we can make the solidarity economy real. It's presented by the Left Forum, the People's Network for Land and Liberation, and the Cooperative Economics alliance of New York City, known as cnic. We are participating, we at Democracy at Work. It will all take place October 11th at Women Building up in Brooklyn, New York. Again, go to our website, click on the banner and all the information, including how to register, will be there for you to use as you see fit. One last item. We are now being besieged, as some of you have noticed, with fake videos, I.e. videos made probably with the help of artificial intelligence that take my words and reassemble them, often take parts of my face and reassemble them so it looks like I'm speaking of about issues I haven't spoken about, taking positions that are not mine, but all with my face. You've been so kind as to build up your numbers. We have over half a million YouTube followers now that I have a reputation that's worth other people making fake videos about. You've reported them? We report them to Google, YouTube and all of that. If you see them, if you suspect them, let us know. We can file away complaints about them, which we do. And at least we can tell you that yes, indeed, you've caught a fake because there are more and more of them out there. I regret to have to say to you. Okay, let's jump right in to the topics I want to begin with the attack by the ICE army of the United States on a battery factory in Georgia. I'm sure you saw the news a few weeks ago. It was the biggest single operation of ICE in its half year history. You might have imagined that if this is your biggest attack arrest, that you would be careful, that you would be cautious, that you would make sure you've gotten it all right before you go in there with your overarmed masked warriors. But you'd be wrong if you thought that. The battery plant is operated by two of the largest corporations in South Korea, Hyundai and lg. They recently made a huge investment in the Georgia battery electric battery for electric vehicle factory. They did that in part because Mr. Trump's tariffs threatened against South Korea are usually offered with the idea we'll reduce them or postpone them or limit them if you promise to make big investments here in the United States. In other words, you may be a South Korean company, you may be expected by the South Korean people who helped you develop your industry to make your investments there, to create the jobs there, to improve the economy there with your investments. But we'll hit you with a tariff if you dare. We want you to take that money and make the investments you here. Your money should help our economy, not your economy. And so they made an investment. And what was their reward for a big investment? 400 employees. High tech, high machinery operation ICE attacked them. Attacked them? For what? Did they violate a law? No, they had working there immigrants, it turns out some of them had the visas that made all of it perfectly legal. Others of them didn't have those, but they didn't hurt anybody. But ICE went swooping in with all the drama of a lousy TV show, throwing all these working people going to work each day, paying their taxes here in the United States, spending their wages in the community where they live. They were shackled, they were photographed, they were herded around, they were abusively treated for what? And they've all gone back home to South Korea. And I watched the footage as they landed their special plane filled with the 350 or so of them that were South Korean. They were welcome home as heroic victims of the United States. And you know what that means. And in case you're wondering, the South Korean leader said it at the airport. He said, you know, we invested because you wanted us to. Anybody who knows how that works knows you start off with your own workers that are used to your. Your system of setting up factories, your system of working the parts of the factory together so it's successful. And then of course, we will train local people to do this work that's part of the investment. Did Mr. Trump not know that? Did he know it, but the ICE people didn't know it? Does one hand not know what the other hand is doing? It sure looks like it. And you know what? This is a good way to understand why there isn't a big movement of people coming here. Oh, yeah, we've had the big promises, but those big promises are now more and more unlikely to be kept when the other countries of the world look at what they risk. Collecting their own workers, shipping them over here to get their business started, only to have the ICE people make a cheap TV show out of arresting and shackling them. This is all theater. It panders to. We're fighting the immigrants, scapegoating the immigrants. Is Mr. Trump's number one calling card. And I guess even sabotaging his own claim to be bringing business here is worth it if he can keep the theatrical of scapegoating immigrants in the forefront of people's TV watching. I want to turn next to the latest inequality numbers and phenomena in this country. Because one thing you should be clear on, whatever else you may think, neither in Mr. Trump's first term as president nor in his current second term has he done anything to stop, let alone reverse, the deepening inequality of the United States. And it is going to be one of the great criticisms when his two terms are done of what the presidency of Mr. Trump meant and failed to achieve. If you think he ought to have made the United States less unequal, well, then he failed in both of his terms to do it. I'll give you just a few of the relevant statistics. Between August of 2024 and August of this year, 2025, average real wages average rose less than 1/2 of 1%. In other words, when you take into account that it's an average and that many people are below average, and you know a little bit about how fuzzy these statistics always are, there's been no change. Effectively less than half a percent means next to nothing. The average CEO pay across 2024, in contrast for the standard and poor, 500 corporations, that's the richest 500 corporations in America, their pay for the CEOs went up 7%. So let's do that again. Average real wage of workers, that's the real wage. Adjusted workers for prices virtually unchanged, less than half of 1%. But for the CEO who tells the average worker what to do, it went up 7%. That means the richest, those CEO types, their wealth went up, their income went up 17 and a half times faster than that of the average worker. And you know what that means? It means inequality in America is getting worse. And then we had several weeks ago a really stunning milestone of inequality. The board of directors of the Tesla Corporation that makes those electric vehicles offered elon Musk a 10 year pay package of $1 trillion. No one, no CEO, has ever gotten that before. And to whom is that being offered? The person who's already the richest person on this planet. Mr. Musk is estimated to have between 350 and 450 billion dollars. The richest person, and to the richest person is given the biggest pay increase ever. That's the kind of system we live on. Of course our inequality's getting worse. We're making the rich richer and everybody not at all. You And I live in a system that works that way. It is really important to understand the failure of this system to treat people equally, to make the rich richer. And the rest of us worried about where our lives are going. I want to tell you also about the statistic I found stunning that the United States military has operated air attacks against the Al Shabaab movement in Somalia 75 times this year, 75 bombing raids from a president, Mr. Trump, who opposed all these endless wars, he told us. Yeah, apparently, except for those that he's operating. We've come to the end of the first half of today's show. I want to bring you back for a remarkable interview with a young man who's organizing architects who have resisted unionization but are now at the forefront of the union movement here in the United States. And that's important for other professionals as well as the working class as a whole to know about. Stay with us. We'll be right back. Before we jump into the second half of today's show, I wanted to thank you for your very generous response to our fundraising efforts this year and in particular in the last couple of months. And in part responding to that, we are extending the availability of our limited edition linen covered hardcover version of Understanding Capitalism, the book I wrote and that we have been making available now for quite a while. If you are interested, I will be signing copies of that hardcover and they will be available to you as they have been over the last few weeks. Just simply send an email to us@infodemocracyatwork.info and put in the subject line limited edition. We will send you all the information you need to order and receive your copy signed copy of Understanding Capitalism in its hardback. And thank you again for your kind attention to the fundraising dimension of what we do. Welcome back, friends, to the second half of today's Economic update. I am very happy to bring to our cameras and our microphone Chris Beck. He's an architect and a union organizer based in Brooklyn, New York. He served on the organizing and bargaining committees for the Bernheimer Architectural Union, a new and a first in a hundred years of an organized union of architects. And he went on from there to continue to organize workers with the American and, excuse me, the Architectural Workers United, which is a campaign of the International association of Machinists. And he also teaches at the New School University here in New York City. So first of all, welcome, Chris, and thank you for your time.
