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Nobel Prize in Economics: «politicians undermine the global economy»

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Nobel Prize in Economics: «politicians undermine the global economy»

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RT Actualidad / Economía

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Etnopaisaje.com + dibujos

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The direst predictions about the perpetual stagnation of the world economy can be realized because of the errors and the cowardice of politicians, warns the nobel prize winner Joseph Stiglitz

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The renowned economist Joseph Stiglitz (who won the Nobel Prize in economics in 2001) points out in his column in Project Syndicate that authorities imposed an austerity program, refuse to carry out reforms and reduce expenditures on education and health. These measures are not dangerous for politicians, since the elite income grow at the expense of the stock exchange. But ordinary people suffering, their low living standards and there are no prospects for improvement.

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«The political response to the crisis did not address these issues; worse still, he aggravated some of them and created new ones, and not just in the United States.UU. The result has been an increase of indebtedness in many countries, since the collapse of GDP has undermined the Government revenue», Stiglitz said.

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«Is likely on both sides of the Atlantic to the GDP grows much faster this year than in 2013.» «But until the leaders who adopted policies of austerity descorchen champagne and provide for themselves, should examine where we are and consider the almost irreparable damage that these policies have caused», added.

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«Much more relevant is what is happening with family incomes. The average real incomes in the United States.UU. «below its 1989 level, makes a quarter of a century, and the average income of men who work full time are lower than they were for more than 40 years», explained.

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