WASHINGTON - February 27 - In The Real News' second segment with economist Richard Wolff we discuss declining union rates and the role they play in the current U.S. financial crisis.

According to Wolff  the decline of unions ability to actually aid workers and the hostility that workers had towards their government is ultimately the cause for union's being in such a weakened state.  He says "what workers quickly experienced starting in the 60's and in to the 70's and 80's was a situation in which wages were no longer going up, work was becoming harder and the unions were unable to change that.....there was a disconnect between the actual experience of people and what their unions could do for them."

When asked what he felt the nature of the crisis was Wolff responded, "we have a economic system that has tried to keep building without taking in to account the end of the rising wages, most of our economy depends on the mass of people consuming things."

Without rising wages the American public was faced with a difficult choice whether to decrease their spending or maintain the quality of life they had become used to through debt, Wolff says,  "basically what Americans did with the aid of the business community was substitute borrowing for wages in order to keep the consumption going"

For complete coverage of this interview visit our website:

http://therealnews.com/t/index.php?option=com_content&task=view&id=33&Itemid=74&jumival=333