Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, June 24, 2017 02:47:10 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Trump plans likely to aggravate US inequality: Nobel winner Deaton

photo by

Nobel Laureate in economics Professor Angus Deaton speaks during the 2015 Nobel Banquet at the Stockholm City Hall.

By
15th-May-2017       Readers ( 164 )   0 Comments
Comments
Share your thought
Post a comment »
Read all (0) »

Reuters, Bari :
US President Donald Trump's economic policies risk creating growth that mostly benefits the rich and aggravates income inequality in the United States, Nobel Prize-winning economist Angus Deaton said.
Trump was swept to power on promises of help for poorer Americans but Deaton said his proposals to roll back regulations on finance and industry and cut healthcare benefits would mostly help corporate groups with political influence.
Trump's plans to cut taxes and raise trade barriers, if enacted, might give a short-term income boost to some workers but would not deliver the long-term growth that is essential for mitigating the effects of inequality, he said in an interview.
"I don't think any of it is good" for addressing income inequality, said Deaton, a Princeton University professor, who won the Nobel Prize for economics in 2015 for his work on poverty, welfare and consumption.
He was speaking on Friday after addressing a meeting in Italy of finance ministers and central bankers from rich nations at which inequality topped the official agenda.
The political shocks in 2016 of Trump's U.S. presidential election victory and Britain's Brexit vote have been linked to widespread dissatisfaction with stagnant living standards for many workers, forcing policymakers in many countries to grapple with ways to narrow the gap between the rich and poor.
Income inequality has grown sharply in the United States over recent decades and the World Bank says that at a global level the gap has widened too since the 1990s, despite progress recently in some countries.
The Trump administration says it will lift U.S. economic growth to more than 3 percent a year and bring more manufacturing jobs back to U.S. shores, helping workers.
But many economists say growth like that will be hard to achieve with employment already high and the baby boom generation retiring in large numbers too.
Deaton said restoring stronger economic growth, preferably through encouraging more innovation, would help reduce the anger among many people who feel they have been left behind.
"A rising inequality that probably wouldn't have bothered people before does become really salient and troublesome to them (during periods of low growth). It poisons politics too because when there are no spoils to hand out it becomes a very sharp conflict," he said.
Deaton said he did not think inequality was inherently bad as long as everyone felt some benefit from growth.
"But I do care about people getting rich at public expense," he said, referring to political lobbying by business groups.

0 Comments. Share your thoughts also.
Write a comment
Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Safety on highway must be high on card


AS the Eid-ul-Fitr is knocking the door, home-bound passengers are taking long journey on highways and using Railways and Waterways to reach families overnight. There is acrimonious scene all over and we must say the government must ensure discipline at critical places to avoid mishap. The weather is however good ...

Back Page »

Iftar Mahfil welfare approach


Abdul Muqit Chowdhury :Iftar Mahfil has become a tradition in the Holy Ramzan. Such gathering, if it is a positive approach to contribute to fraternal relation in the society, is surely acceptable. Sharing the joy of fasting irrespective of social status and class is praiseworthy.This reflects allegiance to the Islamic ...

City »

BNP Standing Committee Member Barrister Moudud Ahmed, among others, at a discussion on 'Attack on Mirza Fakhrul Islam Alamgir and Amir Khasru Mahmud Chowdhury and Future of Clean Politics of Bangladesh' organised by Swadhinata Forum at the Jatiya Press Club on Friday.


.

Entertainment »

Alia is Raazi for Meghna Gulzar`s next


Alia Bhatt is all set to feature in Meghna Gulzar’s next, Raazi. The actress would be seen playing a Kashmiri girl marries to a Pakistani army officer in the espionage thriller. Raazi portrays the story of a Kashmiri girl married to a Pakistani army officer who would provide Indian intelligence ...

International »

Senate Republicans unveil Obamacare replacement bill after months of closed-door crafting


Reuters, Washington :U.S. Senate Republicans on Thursday unveiled their version of legislation that would replace Obamacare, proposing to kill a tax on the wealthy that pays for it and reduce aid to the poor to cut costs.With Democrats deeply opposed to Republican attempts to overhaul former President Barack Obama's signature ...

Editorial »

Mayors must do more to contain chikungunya in city


THE outbreak of mosquito borne diseases like a new type of fever called chikungunya, in addition to dengue fever in the city and elsewhere is causing additional concern to city dwellers and public health authorities how to protect people from this danger. People in most families in the city are ...

Back Page »

Zum'atul Wida


Abdul Muqit Chowdhury :The last Friday of the Holy Ramzan is called 'Zum'atul Wida'. It means 'departing Zum'a'. The musallies with due religious fervour join the Zum'a congregation and bid farewell to this month of patience and self-restraint. Al-Quran imposes obligation of the Friday prayer in the followingverses : "O ...

Cricket »

Malinga in hot water over 'monkey' comment


AFP, Colombo :Sri Lanka fast bowler Lasith Malinga faced an investigation Thursday after he compared a government minister to a monkey following criticism that the country's cricketers were too fat.Sports minister Dayasiri Jayasekera said he ordered an inquiry after Malinga lambasted him for questioning the endurance of Sri Lankan players ...

Entertainment »

Harry and Sejal grooving on Radha


Jab Harry met Sejal’s first song Radha is out and it’s as refreshing as it can get. The song features Shah Rukh Khan and Anushka Sharma dancing to the tunes of Sukhwinder Singh and Sunidhi Chauhan on the streets. The peppy number with its foot tapping music and catchy lyrics ...

Entertainment »

Samia Rahman’s Eid reality show Rupantor


Entertainment Report :A reality show will be telecasted in five days of Eid holidays and its result will be announced during this time. This short-term reality show Rupantor is planned by Samia Rahman. She will moderate the show. She will select 30 university females among hundred students. Produced by Samia ...

International »

Macron adds new faces to Cabinet after losing 4 ministers


AP, Paris :French President Emmanuel Macron brought several little-known figures into his government Wednesday as part of a reshuffle after corruption scandals started tarnishing his young Cabinet.Macron had planned to rearrange the government after his centrist party won a majority in parliamentary elections Sunday. He was forced to make more ...

Editorial »

Postponement of new VAT, but much more is needed


THE New VAT Act scheduled to become effective from July 1 is facing new crisis as the Finance Minister has been asked by the highest authority of the government to postpone it for the time being and find out why controversies with business communities and other stakeholders still remained unresolved. ...

Cricket »

Darren Sammy remains in Rajshahi Kings


Sports Reporter :The fifth edition of Bangladesh Premier League (BPL) Cricket will be held in this year. Defending runners-up Rajshahi Kings has started to form their team. West Indian star Darren Sammy led Rajshahi Kings in last year's BPL. Rajshahi Kings have retained Darren Sammy for this year's BPL. The ...

City »

Bangladesh Institute of Planners organised a discussion meeting on landslide at Jatiya Press Club yesterday.


Entertainment »

Afzal Sharif’s Eid TVC


Entertainment Report :Actors of the small screen always believe that they must have worked either play or telefilm in Eid. On the other hand, actors of big screen want their acted movie must be released in Eid. As a result, they pass the Eid festival joyfully. But actor Afzal Sharif ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news