Bernie Sanders
Related: About this forumNobel Laureate Joseph Stiglitz: Which candidate (or potential candidate) do you think is best
Which candidate (or potential candidate) do you think is best for the economy in 2016?
JS: As far as I know, all three of the announced Democratic candidates Bernie Sanders, Hilary Clinton and
has [Martin] OMalley announced? Theyve all actually announced that theyre very concerned about the issue. And they have begun to roll out agendas. Bernie Sanders is the most progressive and has been most articulate over a longer period of time, laying out a pro-equality agenda.
joseph stiglitzNobel prize winning economist and professor Joseph Stiglitz sat down with us last week to talk about the alarming state of income inequality in the US, prior to a scheduled talk for the Commonwealth Club in Palo Alto.
Stiglitz talked about the troubling trend of income inequality in the US and offered his thoughts on topics central to the economy:
BUSINESS INSIDER: To start, how bad is income inequality in the US today?
JOSEPH STIGLITZ: Well
pretty bad. The fact that its so much worse than other vast countries says something. And, it has some dimensions that are very particular to the United States that have been exemplified by the riots in Ferguson, the riots in Baltimore. Theres a racial element to it. And that racial element illustrates that the inequality cant just be described as market forces. That the oppression that one saw and has seen repeatedly with African Americans is a reflection of brute force of one kind. In a more subtle way, the kind of force power is exemplified in the market. So, our inequality isnt just the outcome of the natural workings of markets. Its monopoly power, its the weakening of unions, its an amalgam of the way we structure our society, structure our economy, high CEO pay. Its a lot of exploitation, which you saw so vividly during the years before the crisis predatory lending one group taking advantage over another. Unfortunately, people at the top taking advantage in way of the people at the bottom.
BI: How do we stem such a drastic rise in income inequality?
JS: Well, there is no magic bullet. And you dont undo a third of a century or more of mistaken policies overnight. But, you have to first recognize theres a problem. Secondly, you have to try to undo some of the mistakes. Change corporate governance in ways that curtail the top, curb the financial sector, reduce abuses of market power thats one.
A second piece thats important is there needs to be a very clear, symptomatic relief. Were not gonna solve the underlying problems overnight, but we have to address the worst manifestations of a flawed economic system. So, increase the minimum wage, make sure that we have a mortgage market that works for everybody, an education finance system that works for everybody, access to jobs through public transit, family leave policy, childcare there are lots of things that we could do in the short run that would alleviate the problem. And then of course over the long run, we have to do something about the intergenerational transmission of advantage, particularly the education system.
BI: What about the current president? How do you think hes fared with the economy?
JS: I think that there have been moments when he said the right thing, like when he said he was going to devote the last three years of his terms to create a more equal society. Unfortunately, he didnt execute. And if I look over the eight years, hes done one thing that was very important that was ObamaCare extending access to healthcare. Not as much as he wanted and not as much as most progressives wanted but he did. I think the way he structured the recovery the bailouts, for instance led to a recovery where 91 percent of the gains went to the top 1 percent. Thats a failure. The trade agreement that he is pushing now will create more inequality. What worries me is that I dont want to say that he is the architect hes actively been pushing policies that I think are pro-inequality.
Read more: http://uk.businessinsider.com/nobel-laureate-joseph-stiglitz-2015-4?r=US#ixzz3dM4UDcBH
Ichingcarpenter
(36,988 posts)Its an important interview including the trade deal, education, inequality etc.
He's not too happy with Obama either
but notice?............ Sanders is the one he talks about out of the three democrats.
sabrina 1
(62,325 posts)movement, providing his expertise in economics to groups of Occupiers to help them make their case, the inequality that is destroying this country, more professionally.
Bernie is doing more than running in an election, smart man that he is he knows that it will take more than elections to stop the policies that have caused the current disastrous economic inequality we are experiencing. He knows that it will take millions of people to form a movement that is so big it will have enough power to begin the process of deconstructing this rigged system, then rebuilding a system that provides equal opportunities for all Americans.
It WILL take a movement. Which is why Wall St was so frightened of OWS. THAT showed them that the people were uniting against these policies, something they've worked hard to prevent. THEY want the people divided, fighting among themselves, distracted from that which affects all of them.
I believe it was Luntz who said 'OWS scares me to death'. And it should. Now he is continuing the effort to build a movement so strong it cannot be destroyed by the usual brutal tactics they employed against OWS.
appalachiablue
(41,132 posts)is valuable for covering Stiglitz' views on where our economy has been, where it is now and the future. Agree that we must get symptomatic relief now to help with the inequality that's grown for 30 years and that there are uncertainties about employment related to technology advances.
To me it is unfortunate that Pres. Obama did not select awarded economists like Stiglitz, Krugman or Christina Romer (who departed) to handle the financial crisis rather than the team of Wall Street insiders that has been running the US Treasury and working in high level advisory positions for 20 years.
Scuba
(53,475 posts)appalachiablue
(41,132 posts)serving us in govt. Big Labor has already brought up the need for change to Hillary so we'll see. Larry, Who? What would Goldman say, Say who? Golf and yachting are wonderful pastimes.
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