Joseph Stiglitz on "Of the 1%, by the 1%, for the 1%" (Vanity Fair) & Analysis of GOP Budget. 1 of 2

DemocracyNow.org -
This week Republicans unveiled a budget proposal for 2012 that cuts more than $5.8 trillion in government spending over the next decade. Democracy Now! interviews Nobel Prize-winning economist Joseph Stiglitz, who addresses the growing class divide taking place in the United States and inequality in a new Vanity Fair article titled, "Of the 1%, by the 1%, for the 1%."

Watch Part 2: http://youtu.be/v8s1p7NdHm0

Stiglitz is a professor at Columbia University and author of numerous books, most recently, "Freefall: America, Free Markets, and the Sinking of the World Economy."

"It's not just that the people at the top are getting richer," Stiglitz says. "Actually, they're gaining, and everybody else is decreasing... And right now, we are worse than Old Europe."

For the video/audio podcast, transcript, to sign up for the daily news digest, and for today's entire show, visit http://www.democracynow.org/2011/4/7/...

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  News & Politics

[xephyr1000]

This, of course, is because the USA is neither a Democracy nor a Republic, but rather it is clearly a CORPORATOCRACY. A government run by the CORPORATIONS which have also been recently fully given "citizenship" and all the rights of citizenship that entails, such as voting. They ensure that Corporate citizens do not pay taxes, and have the freedom to not pay to export jobs overseas, or pay to import the products that are manufactured overseas.

[mamasuntwinkle]

Cut the trillions in bankers party money STOLEN FROM THE PEOPLE ! Get it back!

[Graham Rique]

Andyvoo...where do you live? Do you have the first idea what the 1% call "money"? Those people are not millionaires....they're multi-billionaires! They play monopoly with real hotels. Unless you live in a Rothschild-style stately home, your house is a joke.

[tony bennett]

I'm British, maybe I should keep my nose out of it, except that what happens in the US spreads like contagion. I am perplexed by your claim that anyone can sell their home to join the 1%. I think the 1% would be sniggering up their sleeves at the illusion that someone could sell their pathetic little house and join the ranks of the super rich. The problem in case you've been asleep, is that the super rich have NOT been investing to create businesses, nor innovations. You're hoodwinking yourself

[Andrew Bourke]

When JFK cut the top marginal rate revenue increased.John Maynard keynes himself was also an advocate for lower marginal tax rates as was most democrats at this time.When Reagan cut the top marginal rate in the 80s according to statistics revenue for the federal government increased from

885 billion in 1981 to

1.3 trillion in 1990 .

[Andrew Bourke]

Stiglitz is right in criticising ''corporate welfare'' and yes thier are a lot of rent seekers in America but thats not so much because of ''free markets'' its because of ''corporatism'' or as some would call ''crony capitalism'' .

On ''tax cuts for the wealthy'' Stiglitz failed to point out that it was Democrats like JFK in the 60s cut the top marginal tax rate from 91 to 70 per cent which was OPPOSED by Republicans at the time.

[Mary Novack]

I look down on people who drive range rovers and look up to people who drive honda's. The middle class are the backbone of this country and the upper 1% are the cancer that are destroying it.

[Juan Alvarez]

Our government pays poor people to stay poor via food stamps and welfare. Therefore people stay poor.

[andyv0001]

Its because Obama is taxing the middle class and giving it to the rabble of Rome. Theres NO 1%, it is an illusion, most homeonwers could sell there house today and join that 1%, Ofcourse you would only be in that 1% in a year. the same is true of that "1%" it is not a specific set of people there all the time. How do you think wealth is created, does goverment create wealth? the rich invest and create businessess, providing jobs. this is an excuse for bigger government, WAKE UP PEOPLE!

[kahlan4182]

I'm french. I think american people shoud what take back what belongs to them.remember you were the first modern democracy(you influenced our french revolution in1789) and why you fought against what was a greedy british behaviour. quote from lincoln:" that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."