European Economic Crisis, Austerity Measures, Resistance Portend Future of U.S. Economic Climate

Interview with Richard Wolff, economics professor emeritus at the University of Massachusetts-Amherst, now visiting professor at the New School University's graduate program in international affairs, conducted by Scott Harris



The Democratic and Republican chairmen of the congressional super committee's announcement that they had failed to reach agreement on cutting the nation’s deficit by $1.2 trillion over the next decade was greeted by some with disappointment. But many others were relieved that proposed severe austerity measures were off the table, at least for now. President Obama and congressional legislators from both parties have consistently discussed their desire to reach a so-called “grand bargain” that would reach deficit reduction targets largely by invoking draconian cuts in benefits for recipients of Social Security, Medicare and Medicaid in exchange for some modest tax increases.

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http://www.btlonline.org/2011/seg/111202bf-btl-wolff.html