News Summary: Stiglitz on the perils of inequality

WEALTH GAP: Joseph Stiglitz, a Nobel Prize-winning economist, says the growing gap between wealthy Americans and everyone else is at the root of many problems for the U.S. economy.

A HARDER SLOG: Climbing out of poverty is harder in the U.S. versus other countries such as Britain and Canada, Stiglitz says. Stiglitz notes that only 8 percent of students in the most selective colleges in the U.S. come from the bottom half of the income scale.

"RENT-SEEKING": "Some people get an income from working, and some people get an income just because they own a resource," Stiglitz says. "Their income isn't the result of effort. They're getting a larger share of the pie instead of making the pie bigger. In fact, they're making it smaller."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-08-09-QandA-Joseph%20Stiglitz/id-f3018da89054400f8d05df74476ecd27

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