Richard Wolff: Debt Showdown is "Political Theater" Burdening Society’s Most Vulnerable

"Republicans have agreed to a vote today on a budget plan they say will cut the deficit $917 billion over 10 years. The move sets the stage for showdown against unified Democratic opposition in the Senate and threats of a White House veto. To discuss the debt talks and economic austerity worldwide, we’re joined by Richard Wolff, Emeritus Professor of Economics at University of Massachusetts-Amherst, and author of several books including, "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." "Politics in the U.S. have become as dysfunctional as our economic situation," Wolff says. "It seems almost like the Obama administration is seeking this [August 2] deadline to start moving in the more centrist direction economically that it has wanted ... but has been absent the type of crisis that would be able to convince the American public it needs to do [it]."....."