Introduction of Professor Rob Larsson

- The podcast welcomes Professor Rob Larsson, who is an Economics professor at Tacoma Community College.
- Larsson is also the author of several notable books, including "Bit Tyrants" and "Mastering the Universe," which explores the wealth of the ruling class and its implications.
- The discussion begins with an inquiry into the motivations behind Larsson's decision to write "Mastering the Universe."

Context of Wealth Inequality

- The conversation references the wealth gap highlighted during the Occupy Wall Street movement and the subsequent political campaigns of Bernie Sanders in 2016 and 2020.
- Larsson emphasizes the growing concern regarding wealth concentration, particularly in light of recent statements made by Sanders addressing the oligarchic structures within the U.S.
- He articulates that the issues of climate change, wars, and social injustices can largely be traced back to a small elite class that holds significant power and wealth.

Wealth Distribution Statistics

- Larsson provides statistics on wealth distribution, noting that the wealthiest 1% of U.S. households owned approximately 35% of the national wealth as of 2022.
- He discusses the historical context of wealth concentration, comparing current figures to those from the Gilded Age, highlighting that wealth inequality has reached alarming levels.
- The professor explains that wealth, rather than income, is a more critical measure for understanding who holds power in decision-making processes within the economy.

Stock Ownership and Economic Influence

- Larsson elaborates on the concentration of stock ownership, revealing that the top 1% owns about 40% of all traded stocks in the United States.
- The discussion highlights how corporate profits and stock market successes primarily benefit this wealthy elite, while the broader population sees minimal gains.
- He points out that most working-class wealth is tied to home ownership rather than stock investments, which further alienates them from the perceived economic prosperity.

Political Discourse and Economic Reality

- The podcast addresses the disconnect between economic statistics that suggest prosperity and the lived experiences of working-class individuals who face ongoing struggles.
- Larsson critiques the narrative promoted by some economists that suggests the economy is thriving, despite the reality of working-class suffering from inflation and wage stagnation.
- He argues that the political elite often misinterpret or ignore the economic hardships faced by the average voter, leading to misguided electoral strategies.

Impact of COVID-19 on the Economy

- Larsson discusses the economic impact of the COVID-19 pandemic, noting that welfare measures during this time significantly boosted working-class incomes.
- He explains that the reopening of the economy before supply chains were stabilized contributed to inflation, exacerbating existing economic disparities.
- The conversation also touches on how sanctions against Russian oil following its invasion of Ukraine have affected global energy prices, further complicating the economic landscape.

Critique of Corporate Media and Political Strategies

- Larsson critiques corporate media's portrayal of economic issues and how it influences public perception and political discourse.
- He emphasizes the need for a genuine populist approach that addresses the concerns of the working class rather than relying on superficial economic data.
- The discussion also highlights the failures of the Democratic Party to effectively communicate economic policies that resonate with the average voter.

The Role of Labor Movements

- Larsson advocates for a revitalization of labor movements as a means to challenge the existing power structures and push for economic reforms.
- He points out that a strong labor movement can provide a counterbalance to the influence of wealthy corporations and political elites.
- The professor argues that building solidarity among workers is essential for achieving meaningful change in economic policy.

Call for Expropriation and Economic Transformation

- Larsson concludes with a provocative call for expropriation, suggesting that the wealth of the ruling class must be redistributed to create a more equitable society.
- He draws parallels between historical expropriations and the current need to address the systemic inequalities perpetuated by the wealthy elite.
- The discussion emphasizes that without addressing the root causes of wealth inequality, any attempts at reform will be insufficient.

Conclusion and Reflections on the Future

- Larsson reflects on the challenges facing progressive movements in the current political climate, particularly the need for bold action in the face of entrenched interests.
- He expresses hope for a future where labor movements can regain strength and effectively advocate for the working class.
- The podcast wraps up with a discussion on the importance of informed activism and the role of individuals in pushing for systemic change.

Economics professor Rob Larson joins Bad Faith to discuss how the ruling class have turned an ostensible Democracy into an oligarchy, and what to do about it. How unequal is America/the world really, and will anything short of expropriation cure a system so broken and unequal, that at least one American has taken to vigilante justice?