In the September issue of Harper’s, renowned left-wing economist Joseph Stiglitz dresses down million-selling sensation Thomas Piketty for his false diagnosis of America’s yawning income disparity gap. According to Stiglitz, the problem is not a natural outgrowth of the capitalist system, as Piketty contends, but more a part of our “modern deviant” form of capitalism where big corporations privatize profits at the expense of the little guy, example, the post-crisis bailouts. To rectify this, Stiglitz says, we don’t need a “global wealth tax," which Piketty calls for, but merely a “sensible reform of our domestic tax code.” Tinkering with the tax structure, says Stiglitz, would “improve not just inequality” but “joblessness” as well.
Ian Smith | All Articles
7:38 PM 08/28/2014
Although the case of Hernandez v. Stephens was one of thousands denied review by the Supreme Court this past term, that it received next to no attention by media outlets is still deeply puzzling.