Nobel Prize Winner Crystal Clear On Inequality
Posted by Bob Lord
Last night, I posted on the gibberish from Nobel Prize winner Robert Shiller on inequality. Essentially, Shiller believes inequality is the most important problem we face, but he thinks we should wait for it to get worse before taking action.
Contrast that to Joe Stiglitz, also a Nobel Prize winner. In a NY Times op-ed, Inequality Is A Choice, Stiglitz is clear on how we arrived at where we are today:
American inequality began its upswing 30 years ago, along with tax decreases for the rich and the easing of regulations on the financial sector. That’s no coincidence. It has worsened as we have under-invested in our infrastructure, education and health care systems, and social safety nets. Rising inequality reinforces itself by corroding our political system and our democratic governance.
He outlines the devastating impact of inequality: