In this preview, Joseph E. Stiglitz says corporate abuse of our tax system has helped make America unequal and undemocratic. But the Nobel Prize-winning economist has a plan to change that.
In America right now inequality is too great, unemployment too high, public investments too meager, corporations too greedy and the tax code too biased toward the very rich.
But the Nobel Laureate economist Joseph E. Stiglitz says it doesn’t have to be this way. He has a new plan for overhauling America’s current tax system, which he says contributes to making America the most unequal society of the advanced countries.
A while back I published an article titled “The Rich, the Right, and the Facts,” in which I described politically motivated efforts to deny the obvious — the sharp rise in U.S. inequality, especially at the very top of the income scale. It probably won’t surprise you to hear that I found a lot of statistical malpractice in high places.
Nor will it surprise you to learn that nothing much has changed. Not only do the usual suspects continue to deny the obvious, but they keep rolling out the same discredited arguments: Inequality isn’t really rising; O.K., it’s rising, but it doesn’t matter because we have so much social mobility; anyway, it’s a good thing, and anyone who suggests that it’s a problem is a Marxist.
Curated from www.nytimes.com
The Giles piece, in many ways, is worse than the Reinhardt and Rogoff “error.” There is no error here; only an attempt to tarnish and discredit, all a part of the right’s mission to pull the wool over the world’s eyes. That’s right. I am saying it. The right wing conspiracy is an international one.
It’s really sad that the Financial Times is complicit in the lie. It’s sad that so many of the trusted institutions that make up the media are divided between right and left, truth and lies, facts and fiction – engaging in propaganda.
That Piketty’s book contained errors is normal for such a huge book. US data, the lion’s share of capital, was not in question. The errors change nothing.
To read the rest of my comment, click here.
By any normal standard, economic policy since the onset of the financial crisis has been a dismal failure. It’s true that we avoided a full replay of the Great Depression. But employment has taken more than six years to claw its way back to pre-crisis levels — years when we should have been adding millions of jobs just to keep up with a rising population. Long-term unemployment is still almost three times as high as it was in 2007; young people, often burdened by college debt, face a highly uncertain future.
Now Timothy Geithner, who was Treasury secretary for four of those six years, has published a book, “Stress Test,” about his experiences. And basically, he thinks he did a heckuva job.
He’s not unique in his self-approbation. Policy makers inEurope, where employment has barely recovered at all and a number of countries are in fact experiencing Depression-level distress, have even less to boast about. Yet they too are patting themselves on the back.
Curated from www.nytimes.com
The problem wasn’t so much what Geithner thinks, although that too is a problem, but what a majority of Democrats voters thought about how the Great Recession was handled up until the GOP took the House. That the Obama administration was advised by a bunch of corporate Democrats and there weren’t sufficient progressives in Congress to rein them in is the real problem. The stimulus and healthcare might have looked different.