Monthly Archives: May 2011

Reflections on Stiglitz article: “Of the 1%, by the 1%, for the 1%”

by Thomas (MAS)

A family member of mine recently sent me an article from Vanity Fair by economist Joseph Stiglitz about the problem of elite control within the united states.  While it’s refreshing that the article is talking about the problem to a mainstream audience, it stops short of delving deep enough the problem at a systemic level, and perhaps more importantly: doesn’t address the need for complete systemic change.  The broader points that Stiglitz brings up are also supported by the Economic Policy Institute- an economics resource that has some great research reports on the topic of how government policy has favored the elite- including: a report showing how the budget cuts proposed in comparison to the tax cuts given  and another showing how recently all economic gains have gone to the top 10% (with over 75% of those gains going to the top 1%)Continue reading