By Rachel Goldfarb, originally published on Next New Deal
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The Age of Vulnerability (Project Syndicate)
Roosevelt Institute Chief Economist Joseph Stiglitz points out that inequality isn’t just about lack of upward mobility, but also risk of downward mobility, and the U.S. economy has made people particularly vulnerable. When a single event can push people into bankruptcy, inequality will continue to grow.
Regardless of how fast GDP grows, an economic system that fails to deliver gains for most of its citizens, and in which a rising share of the population faces increasing insecurity, is, in a fundamental sense, a failed economic system.
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