Nobel Prize Economist Calls for ‘Medicare for All’ and 5 million New Jobs Stiglitz quoted from the New York Times 11/30/08

 ‘There is an emerging consensus among economists that a big – very big – stimulus is needed, at least $600 billion to $1 trillion over two years. Mr. Obama’s announced goal of 2.5 million new jobs by 2011 is too modest. In the next two years, almost four million workers will enter the labor force – or would if there were jobs. Combined with the loss of employment this year, that means we should be striving to create more than five million jobs.’

‘…Americans are rightly afraid of losing their jobs, and with that, their health insurance and their homes. We need to provide health insurance to the unemployed and to the uninsured, and we need to do it quickly, possibly through an expanded and more efficient Medicare.’

Joseph E. Stiglitz, professor of economics at Columbia, chair of the Council of Economic Advisers from 1995 to 1997, awarded the Nobel prize in economics in 2001 and author, with Linda J. Bilmes, of ‘The Three Trillion Dollar War.’
New York Times
November 30, 2008

One thought on “Nobel Prize Economist Calls for ‘Medicare for All’ and 5 million New Jobs”

  1. Another recent — actually current — Nobel Prize winner in economics, Paul Krugman, has been much the same thing about the economy in the same medium as Stiglitz. We need to do a lot more pump priming, a lot more than many experts think. Otherwise it will not be enough. Krugman has not been pointed toward health insurance in these accounts discussing capital spending on infrastructure instead.

    I wonder if five million jobs is actually enough.

    Peter Deutsch

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