Nobel Laureate Stiglitz: ‘The only true and sustainable prosperity is shared prosperity’

From Raw Story:  http://www.rawstory.com/rs/2013/09/13/nobel-laureate-stiglitz-the-only-true-and-sustainable-prosperity-is-shared-prosperity/

By Scott Kaufman
Friday, September 13, 2013

Nobel Memorial Prize-winning economist Joseph Stiglitz gave a powerful speech at the annual AFL-CIO convention in Los Angeles.

“It’s been clear to me that our economy has been sick for a long time,” he began, introducing a theme he would hammer home throughout the speech. “For too long, the hardworking and rule-abiding had seen their paychecks shrink or stay the same, while the rule-breakers raked in huge profits and wealth,” he said. “It made our economy sick, and our politics sick, too.”

He attacked those who oppose living wages in the name of the abstraction of “cutting spending,” saying that “[w]e won’t achieve [true and sustainable prosperity] through mindless cutbacks in public spending, whether in schools, hospitals, police, or firemen. These are ways to keep our economy sick. And an economy in which 95% of the growth goes to the top 1% can only be called that: sick.”

Complete article at:  http://www.rawstory.com/rs/2013/09/13/nobel-laureate-stiglitz-the-only-true-and-sustainable-prosperity-is-shared-prosperity/

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