No Wiggle Room Ahead ( Joseph E. Stiglitz ) [View all]

[BeckyDem]

Dec 4, 2021
Joseph E. Stiglitz

As in 2021, when the global economic outlook was periodically buffeted by COVID-19 data and shifting political winds, 2022 will bring a mix of hope and uncertainty. Although the pandemic should finally be tamed, many more challenges await, placing a premium on wise decision-making.

NEW YORK – Last year felt like a roller coaster, as hopes rose and fell with pandemic statistics and shifting political winds. The new year looks much the same, except that there will be midterm elections in the United States in November – the stakes of which could not be higher. Given all the uncertainty, it would be foolhardy to make predictions with any confidence. Still, I will offer my best bets.

Excerpt:
In any case, a concerted global effort to increase vaccine supply and ensure equal access for the poor would do far more to alleviate inflationary pressures than interest-rate hikes would. We should be celebrating the fact that, well over a decade since the onset of the Great Recession that began in 2008, global aggregate demand is once again robust. One hopes that the economic expansion this time will be used to address real societal needs, including retrofitting the economy for the age of climate change, remedying longstanding infrastructure deficiencies, and investing in people and technology.
https://www.project-syndicate.org/onpoint/us-and-global-economy-2022-by-joseph-e-stiglitz-2021-12?utm_source=twitter&utm_medium=organic-social&utm_campaign=page-posts-january22&utm_post-type=link&utm_format=169&utm_creative=link-image&utm_post-date=2021-01-03