Ten Years Ago: Corporate Household Debt 10th Anniversary of Economic Update with Richard Wolff

To mark Economic Update s 10th anniversary year, Professor Wolff is revisiting relevant moments from 10 years ago to explore how capitalism, its defenders, and its critics have all changed. For the month of November, Prof Wolff takes a look at the rise of corporate and household debt in the US. We have a network, a spider s web of debt and obligation. Which means if you lose your job it s not just a catastrophe for you and your family, it s a catastrophe for the whole network, the web of all the people who ve made decisions based on the assumption that you could and that you would make your payment in debt, whether you re an individual, or a corporation, or for that matter a government. I don t have the time here to go into government debt, but that s grown even faster than corporate debt in many many countries, including that of the United States. We have no precedent for Richard Wolff