For decades, the U.S. economy dominated the globe, buoyed by the dollar’s supremacy and foreign credit. But that era is ending, warns economist Richard Wolff in a recent analysis. The root of America’s decline isn’t foreign competition—it’s homegrown corporate greed, systemic inequality, and a refusal to confront capitalism’s failures. Trump’s tariff-heavy economic plan, far from reviving American industry, is a desperate gambit that will squeeze workers, provoke global retaliation, and accelerate decline.
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How America’s Golden Age Collapsed
Wolff traces the unraveling to 1971, when Nixon abandoned the gold standard, letting the U.S. print dollars unchecked. Foreign nations—first Japan, then China—financed American consumption by recycling dollars into U.S. debt. But that system is crumbling. Trust in the dollar is fading; gold is back in vogue, and creditors are dumping Treasury bonds. Meanwhile, U.S. corporations offshored jobs for higher profits, hollowing out manufacturing while blaming foreigners. “The real culprits,” Wolff argues, “were CEOs and shareholders who shipped jobs overseas, then pocketed the gains.”
Trump’s Tariffs: A Tax on Workers, Not a Solution
Trump’s plan leans on tariffs, but Wolff dismantles the logic:
– Consumers Pay the Price: Tariffs act as stealth taxes, raising costs for working-class Americans already struggling with stagnant wages.
– Scapegoating Over Substance: Blaming China or Mexico distracts from corporate America’s role in killing jobs. “The jobs didn’t ‘flee’—they were *sent away,” Wolff says.
– Short-Term Greed, Long-Term Pain: Tariffs protect big business, not workers. They invite retaliation, isolate the U.S., and delay real reform.
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The Deeper Disease: A Rigged System
The crisis isn’t just economic—it’s democratic. With 3% of Americans acting as employers, most have no say in workplace decisions. Wealth is grotesquely concentrated: The top 1% owns more than the bottom 90%. Corporations spend billions on stock buybacks while ignoring workers. Both political parties enabled this, Democrats with half-measures and corporate ties, Republicans with union-busting and deregulation.
Is There a Way Out?
Wolff sees hope in growing movements—labor organizing, socialist interest, worker cooperatives—but warns time is short. Without systemic change, the U.S. faces irreversible decline. “Trump’s plan is rearranging deck chairs on the Titanic,” he says. “The question isn’t just how to survive capitalism’s collapse—it’s how to build something better.”
Final Thought: The real divide isn’t left vs. right—it’s the elite vs. everyone else. Until economic power is democratized, no tariff or tax tweak will save us.
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The article is submitted by Nasir Ismail.
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