We speak to Richard Wolff, a prominent Marxist economist, about the economic fallout from the war on Iran, which recently reached the six-month mark. “Because it’s only been going on for a few months, the impact on the prices we pay is about to unload itself,” says Wolff.
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The U.S. national debt, which recently topped $40 trillion, is “one of the many signs of an economy and of an empire that is now in decline,” says Wolff. “There is an enormous increase in defense spending, or now war spending, that is scheduled, and no comparable increase in revenue.”
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Wolff also discusses how a global selloff of U.S. government bonds means increasing borrowing costs for everyday consumers.
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