The Socialist Program with Brian Becker Trump’s War Is a Disaster for the Economy and Humanity, w/ Prof. Wolff
Mar 11, 2026
Richard Wolff, economist and co-founder of Democracy at Work, offers sharp analysis of war, markets, and working-class fallout. He explains why conflict with Iran is different and more dangerous. He connects oil price shocks to everyday costs and outlines geopolitical winners and losers. He also explores domestic political motives and the broader risks to global stability.
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U.S. Overreach Meets A Different Iran
- The U.S. can no longer treat foreign wars as peripheral because its economy is in structural decline and cannot absorb repeated military overreach.
- Richard Wolff contrasts past U.S. wars (Korea, Vietnam, Afghanistan, Iraq) with Iran: Iran's 92 million people, industrialization, ancient civilization, and external alliances make it a far tougher, longer conflict.
Oil Price Shock Works Like A Hidden Tax
- Spiking oil and gas from war functions like a regressive tax, lowering real household living standards and driving broad inflation.
- Wolff details mechanics: higher gasoline raises transport costs, which flow into prices of almost every good and service within weeks.
High Oil Prices Subsidize Rival Wars
- High oil prices directly subsidize geopolitical rivals like Russia by boosting their export revenues and funding conflicts such as the war in Ukraine.
- Wolff explains Russia needs not borrow or tax more when oil revenues surge, enabling them to finance military campaigns.