Joseph Stiglitz: One Economic Principle You Should Know
The latest jobs report released on Friday was not as strong as many had hoped but there was one sign of encouragement: “The so-called underemployment rate, which counts jobless people looking for work, part-time workers who need full-time jobs and discouraged job seekers, fell to a three-year low of 14.5%.”
On this jobs issue, let’s turn to Nobel Prize-winning economist Joseph Stiglitz who was asked on the 92Y stage what one economic principle would you most want to explain to a 10-year-old. He imparts: you’re not going to restore the economy to full employment by cutting taxes or cutting spending. Investment in America is what we need to stimulate the economy.
If not a message for the children, at least their parents.