**BACK UP ACCOUNT TO @ProfWolff** Host of #EconomicUpdate, Prof. of Economics Emeritus @UMassAmherst, visiting Prof. @TheNewSchool, founder @democracyatwrk.
#WolffBites: 100 billionaires and their spouses contributed nearly $10 million to Susan Collins. Collins voted for Trump's huge 2017 tax cut that favored billionaires. We get the best gov't money tries to buy.
https://t.co/bc8ynnLqud
#WolffBites: Trump says "I love the inflation." Because it is great for his employer buddies. By prices rising faster than wages, wealth gets redistributed upwards from employees to employers. The MAGA hero.
https://t.co/9vTgINH4TP
#WolffBites: Since Trump's election in 2024, first the working class, now also small business face economic decline. Endless US wars plus tax cuts for big business are costing the rest of us.
https://t.co/0uYUCCi5KX
#WolffBites: US economy not so great now: highest credit card debt in history PLUS highest rate of credit card delinquency ever. Households are desperate: "There's too much month at the end of the money..."
https://t.co/4MCbfjRhnt
#WolffBites: Extremely unequal US distribution of wealth: richest 0.1% own 24.3% of total stocks and mutual funds. Rest of of richest 1 % own 25.9%. Rest of richest 10% own 37.2%. Bottom 90% of Americans own 12.6%, while bottom half of US owns 1.1%
https://t.co/Xp22tHxzFD
#WolffBites: US savings rate now very low 2.6% (what we save out of our disposable personal incomes). Prices up faster than wages cuts savings across Trump's 2nd term. We risk our futures if we cannot save now. Trump's economy is not "great."
https://t.co/kMjLAZKn7f
#WolffBites: Chinese electric vehicles now dominate global markets (as do Chinese batteries, automotive software, etc.). USA similarly outcompeted in many other industries. Historic change in world economy will have many global effects.
https://t.co/uu1Dqlb8aV
Earlier this week I had a great conversation with @yanisvaroufakis entitled "The Crisis of Petrodollar" Please click link via @democracyatwrk Substack
https://t.co/da3yz6eSPH
With crude oil near $97 a barrel and gas prices averaging about $4.46 a gallon nationally, U.S. residents are footing the bill for Trump’s war with Iran.
@profwolff explains why “Economic Fury” may be a warning sign for the whole world economy.
https://t.co/EIYGlQRe4L