Thursday, April 7, 2011
Nobel Economist Joseph Stiglitz: Assault on Social Spending, Pro-Rich Tax Cuts Turning U.S. Into Nation "Of the 1 Percent, by the 1 Percent, for the 1
"This week Republicans unveiled a budget proposal for 2012 that cuts more than $5.8 trillion in government spending over the next decade. The plan calls for sweeping changes to Medicaid and Medicare, while reducing the top corporate and individual tax rates to 25 percent. We speak to Nobel Prize-winning economist Joseph Stiglitz, who addresses the growing class divide taking place in the United States and inequality in a new Vanity Fair article titled, "Of the 1 percent, by the 1 percent, for the 1 percent." Stiglitz is a professor at Columbia University and author of numerous books, most recently Freefall: America, Free Markets, and the Sinking of the World Economy. "It is not just that the people at the top are getting richer, Stiglitz says. "Actually, they are gaining and everyone else is decreasing... Right now, we are worse than old Europe."...."