In this video, Nobel Prize-winning economist Joseph Stiglitz lays out a damning indictment of Ronald Reagan’s deregulation and sweeping tax cuts that have resulted in the worst income inequality in the developed world and have been holding America back for the past thirty years. He definitively debunks the delusional “trickle-down” theory of income transfer and bemoans the fact that social mobility in America has been crippled by the concentration of wealth in the top 1%, preventing hard-working Americans from moving upwards in society or improving their lots in life.”The same market forces, the same forces of technological globalization are at work in the same way in advanced countries. It’s not the economic forces. It’s our policies.”
The solution, accord to Stiglitz, is to look to the European countries- particularly the Scandinavian countries. “The choices we made got us here and we must now choose a new path…Maybe we should be calling the American Dream the Scandinavian Dream.” Stiglitz mandates the gelding of Wall Street’s excesses, institute a transaction text to encourage long-term investment instead of always chasing a quick buck, raise taxes on capital gains and dividends, and tax multinational corporations on their global income.
Watch it here:
Colin Taylor is the editor-in-chief of Occupy Democrats. He graduated from Bennington College with a Bachelor's degree in history and political science. He now focuses on advancing the cause of social justice and equality in America.