Vox News calls it “Hillarynomics” because Nobel Prize winner Joseph Stiglitz is one of Hillary’s prominent economic advisors. Therefore, we had all better pay attention. Here is what he advised in 2011.
“Joseph Stiglitz’s 4-Point Plan For Fixing The Economy
AUG. 10, 2011, 10:48 AM 9,526 25
President Obama has toughened his stance on federal spending aimed at creating jobs, now that the debt ceiling debate has hit the back burner and amidst concerns over a stalling economy.
And Nobel Prize-winning economist Joseph Stiglitz concurs.
In an interview with The Daily Ticker, Stiglitz says “austerity is not only a recipe for pain now, but for more pain in years to come.” Stiglitz doesn’t see a bounce in the economy, and thinks the U.S. has only two real options – more stimulus or a debt restructuring.
Here are some of his suggestions:
- Repeal tax-cuts for rich Americans.
- End wars in Iraq and Afghanistan that cost trillions of dollars.
- Increase stimulus and programs that would get Americans back to work because it will generate massive tax revenues.
- A Medicare D, with a provision that allows the government to negotiate prices instead of going with those set by pharmaceuticals. He believes this move alone could save the U.S. trillions.
A “Homeowners Chapter 11” that would allow homeowners to continue to possess their homes, while they restructure their debt and continue to pay down their mortgages. He says, “It doesn’t do any body any good to force these people out of their homes… An economy in which you have homeless people and empty homes doesn’t make any sense, and that’s where we’re going.
It appears that Barack Obama took the message to heart. What is missing is repealing tax cuts for rich Americans.
Here is the new Stiglitz.
““It’s not just a matter of redistribution,” said Joseph E. Stiglitz, a Nobel laureate in economics who has been an influential adviser to the Clinton campaign and will present his report on Tuesday. “Rewriting the rules of our market economy would reduce inequalities in market incomes.”
The report, published by the Roosevelt Institute, a liberal think tank in Washington where Mr. Stiglitz is chief economist, will likely influence Mrs. Clinton’s agenda.
Several proposals by Mr. Stiglitz, including raising taxes on capital gains and a push to make corporations less focused on short-term quarterly returns, are in line with what Mrs. Clinton is expected to embrace in her campaign.
She has already spoken about other proposals in the report, like reforming the criminal justice system, an immigration overhaul and paid sick and family leave
But the thrust of the report, titled “Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity” and scheduled to be presented at a panel discussion in Washington, is a scathing indictment of 35 years of economic policies. (Besides Mr. Stiglitz, scheduled panel participants include Senator Elizabeth Warren of Massachusetts, Mayor Bill de Blasio of New York and other liberal leaders.)””
He says that it is about rewriting the rules for the American economy and this analyst agrees with that, in part. My book, Sustainable Economics, America’s Path Toward Regeneration © 2015 CGPublisher is still in the review and editing process. When it pops out by the end of the summer, it will propose a comprehensive approach for engineering economic sustainability.