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Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives. Jobs, incomes, debts, our own, our children's. And I'm your host, Richard Wolff. I want to begin today with a recent article from Time magazine. It was prepared by two doctors and tells us in a very precise and concise way what we're dealing with with the coronavirus. Now that we've had several months of it, the two authors deserve to have their credentials read out. The first one is Gavin Yemi. He's a physician and a professor of global health and public policy at Duke University. The second is Dean Jamieson. He is likewise a professor, but he's at the Institute of Global Health Sciences at the University of California in San Francisco. Jamie and Jamison together wrote the article for Time magazine. It begins with a statistic so sharp that in a way it takes your breath away. And let me share it with you. The COVID 19 death rate in the United States has now passed 340 persons per million residents in the United States. That is 100 times the rate of infection in the People's Republic of China. Hundred times more per person, per member of your society in one country than than the other. It goes together with another statistic that the United States has 5% of the world's people and 30% of the world's deaths from the coronavirus. But Jamie and Jamison go on and point out it's not just China, it's not even particularly China. Here are the other countries that have kept their death rates very low. Austria, Germany and Greece. Much lower than the US in the East Asia and Pacific area, the countries with much, much lower include Australia, Hong Kong, Mongolia, New Zealand, Singapore, South Korea, Taiwan and Thailand. They have been able to keep all of those countries, their death rates below 7 per million versus in the US 340 per million. And let's remember many of these countries have highly packed, densely populated large cities or anything else that the United States has. They have the equivalent or the comparable conditions. Vietnam, a country governed by the Communist Party with a population of 96 million, that's just a little under a third of the United States has suffered no reported deaths at all. It has had the virus, but no deaths from it. Okay, what's going on here? Well, let's remember the United States is one of the richest countries in the world. The United States has a well developed medical care system. Expensive, but well developed. Well then if you're a rich country, you have a lot of resources. And if you have a well developed medical system. How do you account for having 340 per million when so many other countries in the world have done so much better in terms of containing the virus? And the answers offered by the two professors of medicine, the two doctors in Time magazine is that it was a failure of the government in cooperation with the private industries that produce tests and ventilators and gloves and masks. They didn't adequately prepare for this virus as they could and should have, and they have not adequately managed it as they could and should have. The system is the problem. Not the doctor, not the factory, but the combination of private profit driven enterprises and a government that does what those folks say and not much more. There lies the problem and there is the killer, even if it appears that it's a virus. My next update has to do with an example that is so grotesque that, that I couldn't pass it up. Sometimes the buying of government politicians is so blatant, so obvious, that in a way it's refreshing to look at it because it's right there. There's no subtlety, there's no hiding, there's no cosmetics to cover it up. So here's the example. On June 11, in an elegant home in Dallas, Texas, President Trump was on hand for a dinner. The dinner was hosted there in Dallas in his home by Kelsey Warren. He is the CEO of something called Energy Transfer Partners. They're one of the largest oil and gas pipeline companies in the United States. And they are famous, or infamous, depending on your perspective, because they're the company that built the Dakota Access pipeline. And in order to get the Dakota Access pipeline built, lots of hurdles had to be overcome. Environmental rules, rules about Native American tribes. All kinds of things had to be fixed and the Trump administration fixed them all. And that's why he's a billionaire and that's why he's hosting the dinner. And that's why Mr. Trump was there. To date, Mr. Warren has contributed to Mr. Trump over the last at least five or six years in excess of $700,000. Just Mr. Warren by his lonesome, has helped out. But this dinner, that's a much bigger event. There were 25 couples that came to the dinner, at least that's the report. So roughly 50 people. The price that each of them paid, which was an official price charged per couple. If you want to attend, here's the price for a couple for dinner. Ready? $580,000 and 600. $580,600 per couple. Don't ask me why it's such a particular number. I have no Idea I'm suggesting their accountants probably could explain why that particular number. Therefore, the dinner, which according to press reports lasted one hour, netted the Trump administration just a little under $15 million. Okay, let me be clear. For one hour, 50 people having dinner with all the attending waiters, waitresses, PR people and everybody else. I'm sure the room must have had 75 to 100 people minimum, had the presence of the President for one hour in one hour, he couldn't have shaken everybody's hand, let alone had a conversation. Nothing happened here in the way of anything other than an exchange. The couples paid the money and the president put in an appearance letting them know that it was money well spent. Which of course the host, Kelsey Warren, already knew because he spent 700,000 and all the hurdles in the way of his becoming a billionaire were fixed. It's how the government works. And it's why proud Americans have long said we have the best government money can buy. While we're on billionaires, let me take it the next step. People have asked me, because there have been some press reports, how have the billionaires been doing while the rest of us go through the COVID pandemic and the worst bout of unemployment literally in a century last count, 42 million people have been thrown out of work, etc. Etc. How did the US billionaires do? Here's the between March 18, these are the dates that I have for March 18 and May 19. So exactly the two key months of this pandemic. So far, the total net worth of the 600 plus billionaires that we have in the United States rose. Ready? From Here we go, 2.948 trillion to 3.382 trillion. I did the difficult math of comparing the two numbers. So I'm here to tell you, and I'm sure you'll be as proud as I am, that the 600 plus billionaires in America saw their wealth in those two months of pandemic plus record breaking unemployment go up by $434 billion. That's right. While you were worrying how to live with your child in two and a half rooms, while you were worried to death about your job, whether it would be there when you went back to it, all of that they sat on an increase in their wealth of $434 billion. In fact, by the end, in May, there were 614 billionaires at the beginning and by the end there were 630. So there were newcomers. And one of them I'm mentioning only because you might be interested, was Kanye west. Who came in at 1.3 billion. He was a billionaire at the end of the pandemic, just not at the beginning. And of course, he was one of the most modest billionaires. There are those who have much, much more than he does. 42 million people unemployed and 630 billionaires becoming much, much richer. If those people had to pay a tax on how they gained during the national emergency we're living through, they would still be the 600 richest people in this country, but we would have half a trillion dollars to use for the testing, for the space, creating the safe, distancing, all the rest that we need as a nation. But we don't have what we need, the vast majority. So 600 billionaires could become even richer than they already were. And then there's Los Angeles, sort of the other side of the pendulum of what is going on in our country. Last Friday, Los Angeles released its annual homeless count. So here are the results. As of last Friday, in Los Angeles county, the total number of people living on the streets, in shelters and in vehicles was, get ready. 66,433. That's up 12.7% from 2019. 600 billionaires became much, much wealthier. 66,000 people live on the streets, in a shelter or in their cars. What kind of a society does this? Makes the already unbelievably rich richer while condemning, in one city alone, 66,000 people without a home in enormous danger. Unable, of course, if you're homeless, to wash your hands many times a day to keep safe, distancing to protect yourself from dying, which homeless people can't do, even though the money increase in wealth of the wealthiest could easily house every one of them. If ever you needed me to summarize a program by saying we can do better than capitalism, this list of statistics should have done it. We've come to the end of today's first part of our program. Please remember to subscribe to our our YouTube channel. Follow us on Facebook, Twitter and Instagram. Check out our website democracyatwork.info to learn more about democracy at work. Shows our union co op store and the two books we've published, Understanding Marxism and Understanding Socialism. And lastly, a special thanks to our Patreon community whose invaluable support makes all these shows possible. Possible. Stay with us. We'll be right back with a guest, Eleanor Goldfield. Welcome back, friends, to the second half of today's economic update. It is with real pleasure that I welcome back for the second time to our microphones and our camera. Eleanor Goldfield. This time she's here to talk about a new film that she has just completed that I think will interest everybody. And that is an important comment, more so now, perhaps, than even when she produced it. Eleanor is a creative activist, an artist and a journalist. Her work has appeared on Free Speech tv, Roar Magazine, Popular Resistance, rt, and many more outlets. She is the host of the podcast act out, and she's the co host of the podcast Common Censored along with Lee Camp, who has also been on our program in the past. Besides touring, performing and media work, Eleanor assists in Frontline action organizing and also in activist trainings. The name of her new film is Hard Road of Hope. Welcome, Eleanor. Glad that you're here with us.
