{"id":13416,"date":"2019-03-20T19:13:19","date_gmt":"2019-03-20T18:13:19","guid":{"rendered":"http:\/\/grupobcc.com\/?p=13416"},"modified":"2019-03-20T19:14:58","modified_gmt":"2019-03-20T18:14:58","slug":"joseph-stiglitz","status":"publish","type":"post","link":"https:\/\/grupobcc.com\/en\/news\/joseph-stiglitz\/","title":{"rendered":"Joseph Stiglitz: “Market Concentration Is Threatening the US Economy”"},"content":{"rendered":"

\"Joseph<\/h4>\n

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We share with you an extract of this article published by\u00a0Joseph Stiglitz <\/a>in Project Syndicate.<\/span><\/h4>\n

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“Rising inequality and slow growth are widely recognized as key factors behind the spread of public discontent in advanced economies, particularly in the United States. But these problems are themselves symptoms of an underlying malady that th\/?p=5475e US political system may be unable to address.<\/h4>\n

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NEW YORK<\/span><\/strong> \u2013 The world\u2019s advanced economies are suffering from a number of deep-seated problems. In the United States, in particular, inequality is at its highest\u00a0since 1928, and GDP growth remains woefully tepid compared to the decades after World War II.<\/h4>\n

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After\u00a0promising\u00a0annual growth of \u201c4, 5, and even 6%,\u201d US President Donald Trump and his congressional Republican enablers have delivered only unprecedented deficits. According to the Congressional Budget Office\u2019s\u00a0latest projections, the federal budget deficit will reach $900 billion this year, and will surpass the $1 trillion mark every year after 2021. And yet, the sugar high induced by the latest deficit increase is already fading, with the International Monetary Fund\u00a0forecasting\u00a0US growth of 2.5% in 2019 and 1.8% in 2020, down from\u00a02.9%\u00a0in 2018.<\/h4>\n

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Many factors are contributing to the US economy\u2019s low-growth\/high-inequality problem. Trump and the Republicans\u2019 poorly designed tax \u201creform\u201d has exacerbated existing deficiencies in the tax code, funneling even more income to the highest earners. At the same time, globalization continues to be poorly managed, and financial markets continue to be geared toward extracting profits (rent-seeking, in economists\u2019 parlance), rather than providing useful services.<\/h4>\n

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But an even deeper and more fundamental problem is the growing\u00a0concentration of market power, which allows dominant firms to exploit their customers and squeeze their employees, whose own bargaining power and legal protections\u00a0are being weakened. CEOs and senior executives are increasingly extracting higher pay for themselves at the expense of workers and investment. (…)”<\/h4>\n

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Read more:<\/strong>\u00a0https:\/\/www.project-syndicate.org\/commentary\/united-states-economy-rising-market-power-by-joseph-e-stiglitz-2019-03<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"

We share with you an extract of this article published by\u00a0Joseph Stiglitz in Project Syndicate. “Rising inequality and slow growth are widely recognized as key factors behind the spread of public discontent in advanced economies, particularly in the United States. But these problems are themselves symptoms of an underlying malady that th\/?p=5475e US political system… Read more »<\/a><\/p>\n","protected":false},"author":6,"featured_media":13418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[48],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\n\n\t\n