Nobel-laureate economist Joseph Stiglitz on income equality in America
October 2, 2012
In a recent USA Today opinion piece, Nobel Prize winning economist JOSEPH STIGLITZ took on Mitt Romney’s accusations against the “47%” by saying the real freeloaders are not those who rely on some kind of government support like Social security, Medicare and financial aid.¬† Instead, he says, the freeloaders are more likely the 1% of the wealthiest Americans who pay taxes at a far lower rate than those with less money and whose successes have been built on the services government provides like education, the legal system, infrastructure, etc.¬†¬† The growing income inequality in America is one of Stiglitz’s greatest concerns and the subject of his new book The Price of Inequality:¬† How Today’s Divided Society Endangers Our Future.¬† In it he warns that if¬† the divide between rich and poor continues to grow, even the richest Americans will pay a price and offers a plan for a more just and prosperous future.¬† Stiglitz currently is a professor of at Columbia University.¬† He served in the Clinton Administration as chairman of the Council of Economic Advisors as senior vice president for development policy and chief economist at the World Bank.¬† In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.
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Photo Credit: AP Images / Alessandro Della Bella