Friday, October 26, 2012

The Price of American Inequality is a Heavy Burden on the US Economy Says Nobel Prize Winning Economist Joseph E. Stiglitz

For years, we have been posting at LawPundit about the inequality of wealth and income in America, and we see that Joseph E. Stiglitz has a New York Times article titled Some Are More Unequal Than Others, relating to his recent book, The Price of Inequality (2012), which made The New York Times best seller list.

As written at the Wikipedia, Stiglitz, currently a Professor at Columbia University, won the Nobel Prize for Economics in 2001, has served as senior vice president and chief economist of the World Bank, and is "one of the most frequently cited economists in the world".

Via Yahoo Finance, in an interview by Matthew Craft of the Associated Press in Nobel economist: Inequality weighs on US economy, Stiglitz is quoted as follows:
"[Question]: ... you make the case that income inequality is more important than ever. How so?

[Answer]: Because it's getting worse.... For two decades, all the increase in the country's wealth, which was enormous, went to the people at the very top.... Inequality has always been justified on the grounds that those at the top contributed more to the economy — "the job creators."

Then came 2008 and 2009, and you saw these guys who brought the economy to the brink of ruin walking off with hundreds of millions of dollars. And you couldn't justify that in terms of contribution to society.

The myth had been sold to people, and all of a sudden it was apparent to everybody that it was a lie.

Mitt Romney has called concerns about inequality the "politics of envy." Well, that's wrong. Envy would be saying, "He's doing so much better than me. I'm jealous." This is: "Why is he getting so much money, and he brought us to the brink of ruin?" And those who worked hard are the ones ruined....

The story we were told was that inequality was good for our economy. I'm telling a different story, that this level of inequality is bad for our economy."


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