A Nobel Prize-winning economist is lauding President Joe Biden’s proposed $4 trillion infrastructure spending plan as he believes the plan could revitalize the United States economy.
During an exclusive interview with Axios, Columbia University Professor Joseph Stiglitz offered his take on Biden’s plan. Not only is he endorsing the president’s plan but also looking forward to the positive effects and how it could help the country break out of its “bad equilibrium trap.”
“We’ve been for the last two decades in an abnormal environment, we’ve been in a bad equilibrium trap,” he said. “The inequality means people don’t have demand, a lack of demand means we don’t invest, so we’ve been in a very bad, vicious circle and I’m optimistic that this may break us out into a new period of strong growth, which is more egalitarian.” Continue reading.