Joseph Stiglitz: Slow Growth and Inequality are Political Choices. We Can Choose Otherwise.

[kpete]

November/December 2014
Conclusion: Slow Growth and Inequality are Political Choices. We Can Choose Otherwise.
By Joseph E. Stiglitz

The growing debate about inequality in America today is, above all, about the nature of our society, our vision of who we are, and others’ vision of us. We used to think of ourselves as a middle-class society, where each generation was better off than the last. At the foundation of our democracy was the middle class—the modern-day version of the small, property-owning American farmer whom Thomas Jefferson saw as the backbone of the country. It was understood that the best way to grow was to build out from the middle—rather than trickle down from the top. This commonsense perspective has been verified by studies at the International Monetary Fund, which demonstrate that countries with greater equality perform better—higher growth, more stability. It was one of the main messages of my book The Price of Inequality. Because of our tolerance for inequality, even the quintessential American Dream has been shown to be a myth: America is less of a land of opportunity than even most countries of “old Europe.”

really good:
http://www.washingtonmonthly.com/magazine/novemberdecember_2014/features/conclusion_slow_growth_and_ine052716.php?page=all

[Octafish]

1. Stiglitz speaks the Truth.

Can you say "Keynesian"? Not with this media, thank you.

[kpete]

2. yet

so few listen


thanks for your reply Octafish,,
Stiglitz deserves more than crickets!


peace,
kp

[Octafish]

4. ''What would Goldman think about that?''

Larry Summers: Goldman Sacked

Monday, September 16, 2013
By Greg Palast for Reader Supported News

Joseph Stiglitz couldn't believe his ears. Here they were in the White House, with President Bill Clinton asking the chiefs of the US Treasury for guidance on the life and death of America's economy, when the Deputy Secretary of the Treasury Larry Summers turns to his boss, Secretary Robert Rubin, and says, "What would Goldman think of that?"

Huh?

Then, at another meeting, Summers said it again: What would Goldman think?A shocked Stiglitz, then Chairman of the President's Council of Economic Advisors, told me he'd turned to Summers, and asked if Summers thought it appropriate to decide US economic policy based on "what Goldman thought." As opposed to say, the facts, or say, the needs of the American public, you know, all that stuff that we heard in Cabinet meetings on The West Wing.

Summers looked at Stiglitz like Stiglitz was some kind of naive fool who'd read too many civics books.

CONTINUED...

http://www.gregpalast.com/larry-summers-goldman-sacked/

[Enthusiast]

9. +1 an entire shit load.

[Octafish]

10. Six years ago it was why I voted for Change...

...from Trickle Down Supply Side Market Driven Voodoo Economics as practiced by Witch Doktor Ronnie Reagan and his shaman wannabe accomplices in fraud.

Imagine my surprise when I discovered it was a false Hope -- not just on my part.

[eppur_se_muova]

11. "What's good for General Motors is good for the country"

Different bunch of oligarchs, same attitude.

[daleanime]

3. K&R....

Missed this yesterday, glad to catch it now.

[hfojvt]

5. some of that seems wishful

More education and more labor force participation, for example, are NOT going to create more jobs, much less more "good" jobs.

And when he says "the growing debate about inequality". Well, that seems to have been settled in the last election, as the voters, once again, voted for MORE inequality. Not that voters really had much choice, in that regard.

[The2ndWheel]

13. Yeah, it's easy to make numbers say whatever you want

The reason the US doesn't get healthcare is because Europe does. US taxpayers pay for a global military, so nobody can say no to the US government if something needs to be done militarily. Countries in Europe obviously used to be expanding empires, but they lost the 20th century, which they're ok with now, because they have a bunch of social programs they can pay for instead.

Nothing happens in a vacuum. Europe doesn't get all their "free" stuff just because they're smart.

[hifiguy]

6. Stiglitz, Reich and Krugman

are always, and I mean always, right. Yet no one ever seems to pay any attention to them. Prophets without honor.

[redruddyred]

7. but there is not the politcal will to do otherwise.

[Enthusiast]

8. Kicked and recommended a whole bunch!

Just brilliant!

It's a damned shame we cannot adopt some of Joseph's common sense solutions.

[lonestarnot]

12. I need his book for twismas.