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brooklynite

(94,363 posts)
Wed Apr 22, 2020, 09:57 AM Apr 2020

Nobel-winner Stiglitz: Poor coronavirus response leaves US on course toward another Great Depression

Source: The Hill

Nobel Prize-winning economist Joseph Stiglitz is ripping the Trump administration's response to the coronavirus pandemic, cautioning that the U.S. could be headed towards a second Great Depression as a result.

“The numbers turning to food banks are just enormous and beyond the capacity of them to supply," Stiglitz told The Guardian in an interview. "It is like a third world country. The public social safety net is not working.”

He added: "The inequality in the U.S. is so large. This disease has targeted those with the poorest health. In the advanced world, the US is one of the countries with the poorest health overall and the greatest health inequality

Stiglitz, a long-time critic of the president, said that 14 percent of Americans relied on food stamps and that due to the country's mediocre social infrastructure, the unemployment rate, which has already ballooned during the pandemic, could hit 30 percent.

Read more: https://thehill.com/homenews/administration/494058-top-economist-poor-coronavirus-response-leaves-us-on-course-toward

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Nobel-winner Stiglitz: Poor coronavirus response leaves US on course toward another Great Depression (Original Post) brooklynite Apr 2020 OP
We are fucked. zonkers Apr 2020 #1
Unenthusiastic K&R theaocp Apr 2020 #2
We'd Like To Thank You, Herbert Hoover (Donald Trump) no_hypocrisy Apr 2020 #3
tRump made a crisis into the Trump Catastrophe. . . . nt Bernardo de La Paz Apr 2020 #4
Oh, yes, he did because he functions with greed, exploitation, and neglect...truthfully, though, Backseat Driver Apr 2020 #10
I love Stiglitz but he's sort of the descendant bucolic_frolic Apr 2020 #5
Trumps response caused this duforsure Apr 2020 #6
The official unemployment rate was 25% DeminPennswoods Apr 2020 #7
Economists have such a great track record Steelrolled Apr 2020 #8
Kick and recommend. bronxiteforever Apr 2020 #9

Backseat Driver

(4,381 posts)
10. Oh, yes, he did because he functions with greed, exploitation, and neglect...truthfully, though,
Wed Apr 22, 2020, 02:31 PM
Apr 2020

Nature would have found a way to succeed at infecting us with stealth and speed, even if we were prepared with those PPEs. Americans have only just begun to protest necessarily strict public policies and/or recommendations in this horror show; what's worse, some consider the whole thing a hoax.

Even prepared, humans are social beings and require contact and expression of our feelings with each other. To suppress or humiliate the unfit or gentle ones, only leads to issues of more widespread mental health issues.

Politically, we are polarized because over decades, GOP policies have stripped away economic social safety nets and programs that ruin health in our world - environmental, food production, herbicides/pesticides, decaying infrastructure, housing, commerce, fiat monies just for the printing or digitizing and an economy feeding the elite with American debt and guided exploitation of competition, dumbing down education. Need I go on with the lack of oversight on theft and greed/corruption with "the marketplace" of profits over people's well-being.

The tipping point has now been reached. It will be hard to reshape a feeling of unselfish contentment in using our collective talents for the good of others rather than for a 7th bigger yet unnecessary residence, a larger boat, a private jet of convenience, the convenience of a fine meal. Just look at CEOs preference for cheaper foreign labor and high-cost American advanced education that recognized only tokens of our youth skilled at low levels of book-learning instead of high levels of conscience or embedded among those that suffer from transgenerational trauma and/or current abuse and neglect by people with a very narrow worldview. Oh yes, a change is goin' come; it must. It saps our economic immunity, our flexibility in facing challenges. Let's not screw this up now with a return to too early "normal."

Now, unprepared, because of a pandemic that invades humanity's cells all over the globe with uncertain immunity, that federal drowned-in-the-bathtub ideology that well served malignant racist, misogynist xenophobic, selfish, gaslighting narcissists who want it all threaten our original ideals of democracy, community, and economy as well as point out the failings of a broken system of paying for medical expertise that even kills those with that expertise, the crisis of a pathogen that doesn't really play favorites and lays waste to our energy and dreams of better, less aggressive yet still passionate, more peaceful full lives of contentment.



bucolic_frolic

(43,062 posts)
5. I love Stiglitz but he's sort of the descendant
Wed Apr 22, 2020, 10:26 AM
Apr 2020

of liberal NY Depression era economists who are still waiting for the return to power of the era. There were many economists in that camp - Robert Lekachman as I recall who wrote the momentary screed "Greed is Not Enough: Reaganomics!".

duforsure

(11,885 posts)
6. Trumps response caused this
Wed Apr 22, 2020, 10:54 AM
Apr 2020

And now trump and the Republicans are insuring a depression by short changing direct payments to the American people, which will make it much worse.

DeminPennswoods

(15,265 posts)
7. The official unemployment rate was 25%
Wed Apr 22, 2020, 10:57 AM
Apr 2020

during the Depression, but I'm sure there were many more unemployed than the official statistic. I'm not sure if the unemployment rate counted people who had stopped looking for work or not.

There also was no FDIC to ensure banks remained solvent, no social security, no disability, no medicare, no medicaid, no nothing for anyone to rely on except themselves and the generosity of others.

Right now, people are working and those not working are getting income, even if limited.

 

Steelrolled

(2,022 posts)
8. Economists have such a great track record
Wed Apr 22, 2020, 11:22 AM
Apr 2020

predicting the future /s

There is a chance he is right. There is a chance he is wrong. If he is right, he will be viewed as a genius. If he is wrong, his prediction will go into the dustbin of history of economic predictions (which is really, really full).

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