Prof. Wolff: The US Debt Crisis Is Coming for You

Diesel is approaching $9 a gallon in California, the Federal Reserve just raised interest rates for the first time since 2023, and Americans have lost roughly 30% of their purchasing power in just six years. That’s not the economy malfunctioning – it’s proof of the American empire in decline, says Dr. Richard Wolff, economics professor and founder of Democracy at Work. He tells Zoe Alexandra and Rania Khalek the Strait of Hormuz is where Washington’s unchecked economic conquest finally hit a wall, and the costs are being offloaded onto working families.

From Washington’s “lucky” inheritance of a global empire after World War II, to Trump’s war on Iran choking the world’s oil supply, to a $40 trillion national debt now costing more in interest than the entire Pentagon defense budget, Wolff argues the capitalist system is doing just what it was designed to do: protect the interests of the ulta-rich. But history is instructive: Wolff points to Europe, where the end of empire and “decolonization” paved the way for extreme far-right (and left) politics in countries like France and Germany – a pattern he says is already unfolding stateside in real time.

More war, more debt, higher interest rates, and a shrinking standard of living.

@profwolff explains how it’s all connected, and why he says “we are living through the decline of the empire.”