Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Friday, 20 March 2020
Joseph Stiglitz: Trump’s “Trickle-Down” Economic Plans Are Not Enough to Meet Coronavirus Challenge
The coronavirus relief package signed by President Trump Wednesday provides unemployment benefits and free coronavirus testing to millions of Americans suddenly out of a job, but guarantees paid sick leave to less than 20% of American workers. Earlier this month, Trump signed into law an $8 billion coronavirus response package and has laid out the first details of a third, $1 trillion economic package and invoked the Korean War-era Defense Production Act to allow the government to direct industrial production. For more on those bailouts and who benefits, we speak with Joseph Stiglitz, Nobel Prize-winning economist, Columbia University professor and chief economist for the Roosevelt Institute. He served as chair of the Council of Economic Advisers under President Bill Clinton and as chief economist of the World Bank. His latest book is “People, Power and Profits: Progressive Capitalism for an Age of Discontent.”
