Economics
Joseph Stiglitz Sees Risk of Persistent Double-Digit U.S. Unemployment
- Nobel laureate economist says more government help is needed
- Joblessness headed toward at least 25% in short term, he says
This article is for subscribers only.
The U.S. will be stuck with double-digit unemployment for an extended period without more and better-targeted government support for the coronavirus-battered economy, Nobel laureate economist Joseph Stiglitz said.
“We are going towards an unemployment rate of at least 25%,” he told Bloomberg Television on Monday. While joblessness may fall a bit as businesses reopen after the lockdown, “we won’t be back anywhere near to what we would normally say is a terrible level of, say, 10% to 12%” unless more government aid is forthcoming.