Stimulus programs designed to keep the economy afloat during the coronavirus pandemic have failed to provide relief to Americans workers and companies who need it most, Nobel Prize-winning economist Joseph Stiglitz told CNBC.
and New Zealand, which have paid companies to keep workers on their payrolls, serve as better models for how to tackle unemployment.
"We just haven't thought enough about how we get money to the businesses in ways that make sure they really keep the attachment to the workers with those businesses," he said. Stiglitz, a professor at Columbia University and author of a new book "People, Power and Profits," said lawmakers should prioritize policies that assist. Otherwise, he said, the U.S. risks facing a "lost generation" of workers.
The U.S. unemployment rate for workers with only a high school degree surged from 4.4% in March to 17.3% in April. Economists expect government data on Friday will show"Every young person should be either in school, on a job or in training in some way," Stiglitz said. "These are valuable years, you shouldn't be wasting those years feeling disconnected, resentful. So I would put a really high priority on that kind of program.
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