In an interview with CNN, Joseph Stiglitz, a Nobel-prize winning economist stated: “It has become increasingly difficult for Americans to climb the economic ladder“.
The U.S. has one of the highest levels of income inequality among its peers and is among the worst in offering equal opportunities for advancement, said Stiglitz, who spoke Tuesday April 21st in New York City. “Whether an American gets ahead is also more dependent on the income and education of their parents“, he said.
“The American Dream is a myth,” said Stiglitz.
A left-leaning authority on income inequality who teaches at Columbia University, Stiglitz is on a publicity tour for his new book, The Great Divide, which is a compilation of his articles on unequal societies for the New York Times, Vanity Fair and other publications.
His timing couldn’t be better. Income inequality and economic mobility have already emerged as hot topics for the 2016 presidential election, with candidates on both sides of the aisle offering their prescriptions for solving the growing income gap. Stiglitz is one of several economists who has spoken with Democratic presidential hopeful Hillary Clinton on these issues.
Stiglitz argued that income inequality in America is not just the result of market forces, but alsopolitics and policies put in place by lawmakers and companies, particularly after Ronald Reagan’s election in 1980.
He noted that the post-World War II era was prosperous for both the American economy and its workers. But since then wages have stagnated, with median income falling to where it was 40 years ago. Meanwhile, CEO pay has risen to 300 times the average worker’s income, up from 30 times. He also said that minimum wage jobs are increasingly held by a family’s primary breadwinner, instead of a teen looking for part-time work.
According to Stiglitz, there’s no magic bullet to solving income inequality. One way to combat it, he said, is to lessen the monopolist power of companies, which leads to lower wages.
more recommended stories
Teacher Leaders Present an Innovative Blueprint for Relevant Learning in the Age of AI
What does the fourth industrial revolution.
New technology used in Yucatán to find people lost at sea
As part of a third aspect.
“Pet uh” Civil Association aims to promote Peto, Yucatán
PETO.- In the coming weeks the.
Mexico overtakes Brazil as the largest automobile producer in Latin America
Mexico registered a new record in.
CICY Biofactory strengthens plant-multiplication technologies
With the aim of transferring the.
IYEM looking for entrepreneurs willing to form serious companies in Yucatan
Government and businessmen seek to continue.
Yucatán; the state with the lowest number of high-impact crimes in Mexico
The National Public Security System released.
Merida Big Band Rocks the House
On Sunday March 11, I caught.
Miami pedestrian bridge collapses, killing at least six people
A recently built, 950-ton pedestrian bridge.
Oil workers are being recruited to work in Campeche
The National Employment Service (SNE) in.