Joseph Stiglitz: ‘There Is No Instance' Of A Large Economy Growing Through Austerity
The Huffington Post | By Caroline Fairchild
Posted: 04/10/2013 10:05 am EDT
Nobel Prize-winning economist Joseph Stiglitz has some choice words for anyone who thinks the only way to improve the economy is to tighten the country's belt.
Among them: You're wrong.
“There is no instance of a large economy getting to growth through austerity," Stiglitz said in an interview Tuesday on “Bloomberg Surveillance.”
Stiglitz, a left-leaning professor at Columbia University, said, "Austerity leads the economy to perform more poorly. It leads to more unemployment, lower wages, more inequality.”
Instead of austerity, the U.S. needs more fiscal stimulus to grow, Stiglitz said. Without President Barack Obama’s stimulus in 2009, the unemployment rate would have reached a high of at least 12 percent, rather than the 10 percent peak it hit in 2012, he added.
(More here.)
Posted: 04/10/2013 10:05 am EDT
Nobel Prize-winning economist Joseph Stiglitz has some choice words for anyone who thinks the only way to improve the economy is to tighten the country's belt.
Among them: You're wrong.
“There is no instance of a large economy getting to growth through austerity," Stiglitz said in an interview Tuesday on “Bloomberg Surveillance.”
Stiglitz, a left-leaning professor at Columbia University, said, "Austerity leads the economy to perform more poorly. It leads to more unemployment, lower wages, more inequality.”
Instead of austerity, the U.S. needs more fiscal stimulus to grow, Stiglitz said. Without President Barack Obama’s stimulus in 2009, the unemployment rate would have reached a high of at least 12 percent, rather than the 10 percent peak it hit in 2012, he added.
(More here.)
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