Linda Yueh
speaker
38 appearances
3 recordings
1 series
first heard Dec 2011
last heard Dec 2013
Linda Yueh’s voice in public audio — every appearance, attributed to the second.
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Appearances
My number of the year is 95 because it's the eye-catching figure of the economic recovery five years on from the worst crash in a century.
Income inequality has risen sharply during the recovery.
In the US, the top 1% of income earners have captured 95% of the incomes gained since 2009.
A study at the University of California at Berkeley found that the richest 1% saw their incomes rise by 31.4%,
while the bottom 99%, so the rest of us, saw their incomes go up by only 0.4%.
Because so few people have seen their incomes rise, it's really hard to see how the recovery could be broad-based.
This was the gist of the disagreement between two Nobel Prize-winning economists, Paul Krugman and Joseph Stiglitz.
Stiglitz sees this inequality as a main cause of why the recovery is so slow.
Well, Krugman thinks that is too simple an explanation.
I think if you look at how this recovery has been done, in other words, supported by lots of easy money instead of, say, more government spending, and that easy money has fed into stock markets around the world hitting record highs, if that's the main source of growth, as in stock prices going up,
then maybe it's not too surprising that the riches who own more stocks than the poor see their incomes go up, in which case they would see more of the gains, but that's not enough to support the rest of the economy.
And that's one of the reasons why we still don't have economies recovered, for instance, in Britain at pre-crisis levels.
My number of the year is 95 because it's the eye-catching figure of the economic recovery five years on from the worst crash in a century.
Income inequality has risen sharply during the recovery.
In the U.S., the top 1% of income earners have captured 95% of the incomes gained since 2009.
A study at the University of California at Berkeley found that the richest 1% saw their incomes rise by 31.4%,
while the bottom 99%, so the rest of us, saw their incomes go up by only 0.4%.
Because so few people have seen their incomes rise, it's really hard to see how the recovery could be broad-based.
This was the gist of the disagreement between two Nobel Prize-winning economists, Paul Krugman and Joseph Stiglitz.
Stiglitz sees this inequality as a main cause of why the recovery is so slow.
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