Joseph Stiglitz Sees A Significant Risk Of Contraction In 2010
22 December 2009Nobel Prize winner Joseph Stiglitz sees a significant chance the U.S. economy will contract again in the second half of 2010, and urged the government to prepare a second stimulus package:
“The likelihood of this slowdown is very, very high. There is a significant chance that the number will be in the negative range,” said Stiglitz, a professor at Columbia University.
Regarding the jobs picture in the United States, the economist added, “The U.S. economy must grow at least 3 percent to create enough jobs for new entrants into the labor force.”
“If you don’t prepare now, and the economy turns out to be as weak as I think it’s likely to be, then you’ll be in a very difficult position,” he said.
January 7th, 2010 at 10:15 am
As House and Senate lawmakers start to reconcile their health-care bills with an eye to final passage, a little-noticed provision is already prompting celebration from a small group of influential hospitals that stand to gain millions in Medicare dollars.