U.S. economist Joseph Stiglitz believes now is a good time to rewire the U.S. economy, arguing that “we shouldn’t let a crisis go to waste.”
The former senior vice president and chief economist of the World Bank said on Thursday that the coronavirus pandemic has highlighted how the economic system isn’t working, referencing inequality, the climate crisis and the lack of resilience of the market economy.
Stiglitz said he’s optimistic that many existing problems can be tackled simultaneously, since they’re related.
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“You can get a two-for-one,” he told CNBC’s Steve Sedgwick at the annual Ambrosetti Forum on the shores of Lake Como in Italy.
The U.S. should, for example, invest in building “green” infrastructure that creates jobs and helps bring down inequality, Stiglitz said. “Once you put your mind to it, you realize that we can attack two or three of these problems simultaneously,” the 78-year-old said, adding that the U.S. has the labor and the capital.
Stiglitz said it would be “healthy” for the U.S. economy to raise taxes “a