Nobel laureate economist Joseph Stiglitz lambastes President Barack Obama’s response to the financial crisis in a new book.
“(Obama) only slightly rearranged the deck chairs on the Titanic,” he writes in “Freefall: America, Free Markets and the Sinking of the World Economy,” as cited by Bloomberg.
Stiglitz has been critical of the Obama administration for not offering a bigger stimulus package. The one approved last February totaled $787 billion.
“When an economy is weak, attack with overwhelming force,” the Columbia University economist writes in his book.
He favors more stimulus now and says it should be financed by increased taxes for the wealthy.
Stiglitz argues that despite being elected on a promise of change, Obama has been unwilling to shift the economy’s structure.
“In a more fundamental sense, ‘No Drama’ Obama was conservative,” Stiglitz writes. “He didn’t offer an alternative vision of capitalism.”
The president so far has whiffed at the once-in-a-generation chance to create a more efficient and stable economy by increasing government regulation over the economy, Stiglitz says.
Instead, Obama has simply tried to muddle through the crisis by staying the course begun by previous presidents, he writes.
While Stiglitz attacks Obama from the left, others criticize him from the right.
Steve Forbes, publisher of Forbes magazine, writes, “All of the administration's policies – the weak dollar, higher taxes, heavy doses of new regulations – are going to hurt. Thus the expansion will be flimsy and unsustainable.”
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