US Economy facing long-term economic growth (Prof. Stiglitz)

 

Stiglitz: Odds of robust US rebound ‘very very weak’

NEW YORK – Nobel laureate economist Joseph Stiglitz on Thursday (Sep 3) gave a gloomy assessment of a rebound in the U.S. economy, saying he does not see a resurgence in the strong consumer spending that has been a key driver of growth.

“The prospects of a robust recovery are very, very weak,” Stiglitz, a Columbia University professor and winner of the Nobel Prize for Economics in 2001, told reporters at a roundtable held at Columbia.

Some of the more recent U.S. economic data has been surprisingly upbeat, especially on the housing, services and jobs front.

But Stiglitz said the U.S. economy faces the possibility of low economic growth over a long-term period or the possibility of a “double-dip” recession whereby a recovery is not sustained… Read more by Daniel Bases, Reuters

Supplementary: The consolidation isn’t yet over

haplif – Frank Kalder (Global Haplifnet)

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