Maverick economist Joseph Stiglitz says there are three steps we need to take to remedy extreme income inequality. He sells his ideas via Yahoo News:
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It’s the hollowing out of the U.S. economy. The haves are getting more, the have nots are getting less. And the middle class is disappearing.
Between 2000 and 2013, every single state in the United States saw its share of middle-class families shrink, according to analysis from the Pew Charitable Trusts. In some states like Wisconsin and Ohio, that number fell by more than 5 percentage points; middle-income families now make up less than half of those states’ populations.
It’s not a new narrative but the modern story of inequality goes much deeper than stagnant wage growth. It’s inequality of opportunity as well. It’s something Nobel-prize winning economist Joseph Stiglitz has studied and written about a great deal. He talks with Yahoo Finance Editor-in-Chief Andy Serwer in the video above.