Richard D. Wolff & Michael Hudson: Is Trump Killing American Capitalism? The 2026 Economic Breakdown

Trump's second-term economic policies backfire: dollar decline fails to boost exports (US mainly ships raw materials), manufacturing jobs drop 70,000 despite tariffs, and foreign investment flees to more stable economies like China. Tariffs on steel/aluminum ironically raise production costs, making US factories uncompetitive. As Western empires decline amid rising BRICS competition, elites respond not by taxing themselves but by cutting social welfare, escalating military spending, and using divisive rhetoric to fragment the working class—while preparing repressive capacity for coming social unrest over austerity. The interview exposes how "populist" rhetoric masks policies enriching the 1% amid capitalism's deepening crisis of inequality.

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