Joseph Stiglitz
Photographer: Simon Dawson/Bloomberg
"Speaking at the Bloomberg Invest Global virtual conference, Nouriel Roubini predicted the recovery from the pandemic crisis will soon fizzle out and be more anemic than the one that followed the global financial meltdown more than a decade ago. Joseph Stiglitz said politicians must fight that by assuring citizens that public support programs will continue as long as needed.
The pandemic has spurred fears globally that social inequalities will deepen, dampening overall consumption as people put more money aside as they face uncertain future. U.S. savings rates have already soared to an unprecedented one-third of disposable income.
It has also sparked renewed debate over whether this is a moment to fix some of the pre-existing weaknesses of the modern political economy.Stiglitz said countries where there’s bigger trust in government have done better getting out of the pandemic. The U.S. should focus on a green transition, fix its infrastructure, health-care and school systems, and make sure and making sure everyone who “wants a job, has a job.”
Still, he said he’s “hopeful” that this crisis will provoke a changed attitude toward running the economy. "Stiglitz Urges Capitalism Rethink as Roubini Invokes Stagflation - Bloomberg
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