>American Democracy

Here are two recent articles by economists I respect. First, Sojourners listed this Vanity Fair article by Joseph Stiglitz in their Friday round-up:

Of the 1%, by the 1%, for the 1%

“Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.”


Second, Jeffrey Sachs wrote about the budget debate on his Huffington Post blog:

Restoring American Democracy

“It is hard to exaggerate the disaster that passes for American democracy these days. Have a look at today’s news. A “historic” cut in spending has been achieved, the “largest in history,” $38.5 billion. Yet what is actually in this spending cut? There is no report of that. You can’t find the list of cuts in the New York Times, the Wall Street Journal, or anywhere else. The negotiations are a show, a TV cliffhanger, not a negotiation over actual programs affecting 300 million Americans.”


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