Thursday, July 25, 2013

Richard Wolff | The Failure of Detroit

Detroit's bankruptcy "is an example of a failed economic system," says economist Richard Wolff, professor emeritus of economics at University of Massachusetts. "There are so many other cities in Detroit's situation, that if the courts decide that it is legal to take away the pension that has been promised to and paid for by these workers, you have [legalized] theft. It is class war, redistributing income from the bottom to the top."

Source: Democracy Now! - Richard Wolff: Detroit a "Spectacular Failure" of System that Redistributes Pay From Bottom to Top"

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