Top economist: US coronavirus response is like 'third world' country

[CousinIT]

https://www.theguardian.com/business/2020/apr/22/top-economist-us-coronavirus-response-like-third-world-country-joseph-stiglitz-donald-trump

Donald Trump’s botched handling of the Covid-19 crisis has left the US looking like a “third world” country and on course for a second Great Depression, one of the world’s leading economists has warned.

In a withering attack on the president, Joseph Stiglitz said millions of people were turning to food banks, turning up for work due to a lack of sick pay and dying because of health inequalities.

The Nobel prize-winning economist said: “The numbers turning to food banks are just enormous and beyond the capacity of them to supply. It is like a third world country. The public social safety net is not working.”

Stiglitz, a long-term critic of Trump, said 14% of the population was dependent on food stamps and predicted the social infrastructure could not cope with an unemployment rate that could hit 30% in the coming months.

“We have a safety net that is inadequate. The inequality in the US is so large. This disease has targeted those with the poorest health. In the advanced world, the US is one of the countries with the poorest health overall and the greatest health inequality.”

Stiglitz said Republicans had opposed proposals to give those affected by coronavirus 10 days’ sick leave, meaning many employees were going to work even while infected. “The Republicans said no because they said it would set a bad precedent. It is literally unbelievable.”

[Bernardo de La Paz]

1. Meantime hogs and potatoes are rotting. . . . nt

[NonPC]

9. This is Just the Beginning

Things are going to get worse, much worse.

Remember, we are only 5 weeks into the high unemployment figures -- released every Thursday. The only reason they haven't been higher is that it is difficult to get thru and file with the 30 year old state systems. The huge unemployment figures are going to continue for another month or more until everyone who can file can actually do so.

And I wonder how long before the disconnect between the stock market and the real economy resolves itself? Maybe that will shock the Senate Repubs into meaningful action?

[erronis]

12. "the disconnect between the stock market and the real economy" - that's it, totally.

The stock market(s) don't represent anything other than a bunch of kids on a sidewalk playing with marbles.

They're having fun with these glass beads that represent people's savings, companies' investments while not having any real personal risk.

One hopes those people with multiple homes in the Hamptons, the Riviera, ski resort towns - one hopes that they will feel true hunger and fear that their children may not survive.

[Victor_c3]

13. Scary stuff, for sure

I believe you’re right, that the unemployment numbers are still reeling over the initial hit of CV. Unfortunately, I believe in another couple of weeks we’re going to see a second massive - and maybe even larger - wave of unemployment once the current group of yahoos are out not social distancing and infect all of themselves and for e is all into a much longer shutdown.

[LakeArenal]

2. As someone living happily and safely in a third world country...

I say: Take that back!!!

This country has taken care of all of us, including us expats.

The government even has special restrictions to aid people of 65 and those with existing health conditions.

[malaise]

4. True but don't forget that Don the Criminally negligent Con described us as

shithole countries - so I get Stiglitz' point.

[CousinIT]

3. Heading for a Depression. . . .

“If you leave it to Donald Trump and Mitch McConnell [the Republican Senate majority leader] we will have a Great Depression. If we had the right policy structure in place we could avoid it easily.” - Top Economist, Joseph Stiglitz

[area51]

5. Well, if we were 1st world, we'd have the right to healthcare. n/t

[Hekate]

6. Nice to know a Nobelist economist agrees with what I've been thinking all along. Not comforting...

...though.

The other thing I've been thinking in recent weeks is that we are heading into Great Depression 2. Not just a recession. The reason I think this is that the inadequate safety net we had is now history, and there are those who gleefully look forward to destroying what tatters remain.

Apparently Stieglitz said that part aloud, too.

[yaesu]

7. well duh, thanks to decades of Reaganomics we are a third world country. nt

[SWBTATTReg]

8. Because we have a 3rd world type of so called leader Trump, but I don't want to slander any ...

legitimately good 3rd World leaders. I'm sure tons of them (and even 5th graders) all are better than Trump as a president.

But the gentleman (Mr. Stiglitz) makes a hell of a point, that the wealth inequality in this Country is despicable and deplorable. Should have never, ever, gotten this bad. If you can't have a healthy population, or a relatively prosperous population, the US will no longer be the economic engine envied by the World. The 1%ers forgot a saying that well paid workers must exist to buy your goods (by Ford, the car maker).

One of the biggest mistakes the republicans committed (intended or not) was forgetting to spread the wealth, but instead, they hoarded it to only a few. This is a sickness that's been around for far too long, since the 1980s, and it's high time to change the dynamics. With the CV, I think the dynamics on the ground have now changed totally and the republicans are screwed royally (deservingly so).

[Victor_c3]

14. It's funny that you said "5th graders"

Last edited Sun May 3, 2020, 11:49 AM - Edit history (1)

I just told my fifth-grade daughter that I believe without a doubt that she would be a much better president.

She knows and admits that she doesn’t know everything and would listen to advisers and subject matter experts and base decisions on that.

She also Is much more eloquent at 11 than trump is, without a doubt.

[SWBTATTReg]

15. Your daughter is a lucky person to have a parent like you. Even though she is too young to ...

be president today, perhaps one day? After all, the children of today will be our leaders of tomorrow. Perhaps I'll be around long enough to see your daughter run for president (w/ you at her side)!

[Victor_c3]

17. Unfortunately, her dream is to be a scientist and work for NASA

Yeah, unfortunately she wants to grow up and be a scientists - I realize what I just wrote

I used to work as a chemist for the federal government and I’ve been corrupting her since she was born and telling her she should be a scientist too.

Actually, imagine what a president who is a scientist would be like. It’d be great! They would make decisions based in n facts and analysis.

This picture is a little dated, but this was taken during the women’s march during trump’s inauguration in 2016.

[uponit7771]

10. We have a 4th rate presidential leader

[eppur_se_muova]

11. "Might"?? I *wish* it rose to that level. nt

[hunter]

16. We've always been a fucked up "developing" nation and corrupt Christian theocracy.

Ask anyone who isn't a straight white self-identifying Christian male.

We have no universal health care. An appalling number of our people are homeless, in prison, or suffering low wages and abusive working conditions.

[Hugin]

18. To borrow a description coined by...

Shower Cap (AKA TheFerret)

The United States in it's current incarnation has proven to be a very unfunny banana flavored laffy-taffy republic.

We can only aspire to be a third-world-country.