Friday, June 27, 2014

Nobel Laureate Joseph Stiglitz: Myth Of America's Golden Age

STIGLITZ: Myth of America's golden age. "The inequalities of the 19th and early 20th centuries seemed to be diminishing. This conclusion appeared to be vindicated during the period from World War II to 1980, when the fortunes of the wealthy and the middle class rose together. But the evidence of the last third of a century suggests this period was an aberration.....Today, inequality is growing dramatically again, and the past three decades or so have proved conclusively that one of the major culprits is trickle-down economics — the idea that the government can just step back and if the rich get richer and use their talents and resources to create jobs, everyone will benefit. It just doesn’t work; the historical data now prove that." Joseph E. Stiglitz in Politico Magazine.

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