[Joseph Stiglitz] Democracy & the Failure of Neoliberal Globalization

Neoliberal economics has exposed the dark side of the American dream. It took off with Reagan and Thatcher. For most workers incomes have stagnated except for the very rich, whose incomes have more than quadrupled. Biden correctly points out that millions of people have gotten new jobs. But despite that, the typical family is actually getting paid less taking inflation into account. According to data from the Federal Reserve, real median household income has been falling during the Biden presidency. Last year the poverty rate more than doubled, and the number of people who are hungry jumped to 44 million. The ruling class, the owners of the economy and architects of policy advance and protect their interests, no matter how grievous the effect on others. Can we imagine an equitable economic system?

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