Marxist Economist Richard Wolff on How the Debt Ceiling Benefits the Rich & Powerful

As House Speaker Kevin McCarthy and President Biden prepare for their first face-to-face meeting this week to discuss raising the debt ceiling, we speak with Marxist economist Richard Wolff about why the limit on the federal government’s borrowing lets politicians avoid making hard choices about taxing the wealthy. House Republicans are pushing for major spending cuts as part of any deal to raise the federal government’s $31.4 trillion borrowing limit. “It’s 99% theatrics,” says Wolff, professor emeritus at the University of Massachusetts Amherst and a visiting professor in the Graduate Program in International Affairs of The New School. Wolff also discusses the economic impact of the Ukraine war.