bracing economic update is richard wolffe professor emeritus matters of economics at the university of massachusetts amherstand the author of democracy at work a cure for capitalism and welcome back professor wolf. glad to be here glad to be here the 1st item i want to see up for you is this apparent admission by the congressional author of the trump tax cut former house ways and means committee chair kevin brady of taxes that the tax cuts will not pay for themselves it's a little bit like the in person well i may be a little underdressed what's your reaction to this concession well you know it is pathetic isn't all the game played by corporations and rich people when they want to pay fewer taxes and the game is simple you can't say honestly i don't want to pay push it on somebody else these are already the richest people and the biggest corporations so they hire economists who are sadly for sale to come up with interesting ways to suggest that cutting taxes on big corporations won't shift the burden to the rest of us either and having to make up those taxes or in suffering a loss of public services so they

and the global busy economy is richard wolfe professor emeritus of economics at the university of massachusetts amherst and the author of democracy at work a cure for capitalism. professor wolff welcome back 1st of all we wanted to get your take on the international monetary fund and their downgrade of growth projections for china in 2019 it's a small cut from 6.3 percent to 6.2 but it is a notable reversal from just 2 months ago when they raised it to 6.3 and the reason they cite for the change is the latest from tariffs against china so professor 1st of all is that small adjustment by the i.m.f. fully accounting for the possible effects of these increased trade tensions or course the impact be greater. they could be greater and i would not be surprised if the math increased the reduction of growth projections for china we're now seeing that having had several months even a year or so of the tower of war back and forth between china and the united states we're beginning to see the economic consequences i should stress for your audience not just in china but in the united states too and it's so severe

interesting with professor richard wolfe professor at emeritus of economics at the university of massachusetts amherst thanks as always. my pleasure thank you. and it's now time for a global stock market walk for the week we start off as we do with m o x in russia which is up on the week this comes on x. but this comes on the news that russia's central bank will cut a key interest rate the hope is that this will boost economic activity with cheaper lending then moving down to asia we take a look at the nikkei index which is also up on the week the index was boosted on the week following the jump on oil shares following that tanker attack in the strait of hormuz and sony's stock rallied around 4 percent support the index over the top then jumping over to the shanghai index the market finishes the week up but just barely following the rise midweek next began slipping downwards in trading on friday then over to the hang seng in hong kong that in next is down for the week and there's not much of a surprise there following the massive protests that swept through hong kong streets over a very controversial