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Updated on October 4, 2006

How to Fix the Global Economy NYT OP-ED by Joe Stiglitz

Joseph Stiglitz points to a way out of the box the country is in due to the Bush administration's fiscal irresponsibility has put the country and the world economy into.

"There is one way out of this seeming impasse: expenditure cuts combined with an increase in taxes on upper-ioncome Americans and a reduction in taxes on lower-income Americans. The expenditure cuts would, of course, by themselves reduce spending, but because poor individuals consume a larger fraction of their income than the rich, the 'switch' to taxes would, by itself, increase spending. Iff appropriately designed, such a combination could simultaneously sustain the American economy and reduce the deficit."

[Stiglitz's op-ed is linked below.]


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    • profile image

      Paul 9 years ago

      Pile up everythink you have made in COMMUNIST CHINA and lite a bondfire....

    • Ralph Deeds profile image

      Ralph Deeds 11 years ago from Birmingham, Michigan

      Thanks for the comments.

      I wouldn't call Stiglich's prescription "robinhood politics or economics." He's just trying to get the budget and the economy back on the right track after six years of Bushonomics--spending like there's no tomorrow while running a reckless and unnecessary war in Iraq and cutting taxes for the richest Americans. There's a limit to how long this insanity can continue without wrecking the U.S. and the world economy.

    • profile image

      Robin 11 years ago

      Nice to see that you're back Ralph! We missed your posts. Robin

    • jimmythejock profile image

      James Paterson 11 years ago from Scotland

      sounds like robin hood politics take from the rich and give to the poor although i am not American i can see the merit in this argument....jimmy