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National employment statistics released this morning for the month of May, have once more stoked fears that the much-touted economic recovery is slowing down. For the first time in nearly a year, joblessness among Americans has increased, albeit by one tenth of a percentage point. Meanwhile, only 69,000 new jobs were added, compared to the 155,000 predicted by economists. The slowdown comes at the same time that Europe’s economies remain in crisis, and developing nations are seeing slower than expected growth. <\/p>\nOne of a handful of economists clearly explaining today’s situation is the acclaimed Marxian economist Richard Wolff who addressed the Brecht Forum in New York in May, analyzing the global financial recession in the context of the US situation as well as recent European election results. <\/p>\n
Richard Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City. He has also taught at Yale and the University of Paris, and has recently begun hosting a weekly hour-long radio program Economic Update on WBAI, 99.5 FM. <\/p>\n
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