Webinar: Joseph Stiglitz
The U.S. Response to COVID-19
The U.S. Response to COVID-19
With introductions by
Markus Brunnermeier, Director of the Princeton Bendheim Center for Finance
Stiglitz is a Professor at Columbia University and a 2001 recipient of
the Nobel Prize in Economics.
In this presentation, Stiglitz talked about US response to
COVID-19. There is a high level of uncertainty on economic implications.
Crisis revealed multiple market failures. However, in that type of term,
government must give response to crisis fast, unfortunately US has inability to
respond quickly.
First of all, Joseph mentioned on the health system
situation for US such as Low life expectancy, high incidence of health
problems, low level of health insurance coverage, few hospital beds (relative
to population). From my opinion, Mr. Stiglitz must touch upon healty sector
expenditure in US before COVID-19 because response to crisis may not start in
crisis time, whatever do previous for healty sector, can respond to virus term
with them.
Secondly, I agree with Mr. Stiglitz about failure of
government programme mostly. As far as I’m concerned, that type of term is a
chance for to do undocumented workers to documented workers. From my opinion, government
can supply healty facility for them only a condition to after virus term their
company will do their document on the system. Employers should be guaranteed by
the law that there will be no retrospective reviews provided that they declare
unregistered employees. Penalties for those who do not report their
unregistered employees and then employ unregistered workers must be aggravated
immediately. Besides, Stiglitz must have mentioned on that type of issue for
response of US to COVID-19. I think, it can be important respond for today and
future.
Finally, Mr. Stiglitz think on debt spiral hard to resolve;
bankruptcy paralysis and strategic behavior worsens downturn then said what is
required is a super-Chapter 11. He is not clearly explain on that issue. It’s
arouse curiosity on the who share mission within context of super-Chapter 11. In
my opinion he can emphasize what is model estimated time of exit from crisis,
unfortunately slide over on that topic.
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