Nobel Prize-winning economist Joseph Stiglitz calls for second federal stimulus

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Nobel Prize-winning economist Joseph Stiglitz calls for second federal stimulus

By Linda Austin on Oct 01, 2010 in Basics, Economy

NEW YORK — Nobel Prize-winning economist Joseph Stiglitz called for another round of federal stimulus dollars to spur the economy. He spoke Sept. 30 to the Society of American Business Editors and Writers (SABEW) at its Fall Workshop.

“We will see in the next two years the real cost of there not being a second round of stimulus,” he said. “We will see the economy slow down at a very high economic cost.”

The Columbia University professor also said that the “new normal” as far as the unemployment rate is concerned may not be the 4 to 5 percent that existed before the financial crisis in 2008, but more like 7 to 8 percent.


http://businessjournalism.org/2010/10/01/nobel-prize-winning-economist-joseph-stiglitz-calls-for-second-federal-stimulus/

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I'd just add that Sen. Bernie Sanders generally reports much higher figures than Stiglitz is

reciting --

Last I heard from Sanders perhaps 6-8 weeks ago, he was still talking about 17% employment --

22 million unemployed and 25 million when those underemployed are counted!

Again -- haven't heard Sanders recently on alternative figures to these.