You might have heard that Senator Bernie Sanders (I-VT) is running for President in the Democratic primary. The term "socialist" is thrown around regularly about Senator Sanders, often as an ad hominem, and there are numerous questions to unpack with regard to this topic:
1. What is socialism?
2. Is Bernie Sanders a socialist?
3. Is being a socialist bad?
4. Are socialist ideas popular in the United States?
I was recently joined on The David Pakman Show by economist Richard Wolff, who has made a name or himself recently as an expert and authority on the failings of modern capitalism. Professor Wolff also happened to be my professor in 2002 at the University of Massachusetts in "Introduction to Macroeconomic Theory."
Let's review the reality of Bernie Sanders and socialism, in conversation with Professor Wolff: