Stiglitz: Deficits, Unemployment & Economic Growth - 27:20

The State of the Union
Deficit Reduction and Common Sense:
Invest in the Economy, Reduce the Military Budget & Tax the Rich
with
Joseph Stiglitz, University Professor Columbia University,
Recipient Nobel Memorial Prize in Economics

The ink was hardly dry on the massive compromise federal tax bill
when Republican leaders restarted their call for spending cuts in
the new Congress to close the deficit. But Nobel Prize winning
economist Joseph Stiglitz sets the record straight in his speech
before the Roosevelt Institute. He says that the main cause of the
deficits is the recession which premature deficit reduction would
cause to deteriorate further. He also offers us a way to rebuild our
economy which would also fight the increasing mal-distribution of
wealth in this country by taxing the rich, reducing the military
budget and investing in our cities, our infrastructure and new
technologies to increase our productive capacities to increase
economic growth.

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