Economist Richard Wolff on the Economy03/12/12 Robert Lorei
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Friday, the federal Labor Department reported that in February the nationâ€™s unemployment rate remained flat---at 8.3 percentâ€”it was the first time since last August that the jobless rate did not drop.
The economy added 227,000 jobs. With manufacturing adding 31,000 jobs and temporary employment rising with 45,000 jobs. The report also showed that December and January added 61,000 more jobs than originally estimated.
The report was positive news for the Obama administration,. However, not all aspects of the report were good. The economy lost jobs in government and construction, and unemployment remains disproportionately high among blacks, Hispanics, and young people, key blocs of Obama's 2008 support.
His GOP 2012 rivals continue their attacks on his performance the White House, now focusing on rising gas prices--slated to exceed a national average of $4 per gallon in the coming months--that may cripple the already sluggish recovery.
. Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst.
He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York.
Wolff has also taught economics at Yale University, City University of New York, University of Paris I (Sorbonne), and The Brecht Forum in New York City. In 2010, Wolff published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released as a DVD. He will release three new books in 2012: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick (Cambridge, MA, and London: MIT University Press), and Democracy at Work (Chicago: Haymarket Books). FMI Richard Wolff