Careless handling of the US in the COVID-19 crisis has left the US to look like a “third world” country, warned one of the world’s leading economists. He also said that if the US is under Trump’s rule then it will fall into a great depression.
Joseph Stiglitz said to the president that due to lack of food in this crisis millions of people are turning to food banks, they are turning up for work as their sick pays are not sufficient, and people are dying due to health inequalities.
The economist who had won the Nobel prize said, “The numbers turning to food banks are just enormous and beyond the capacity of them to supply. It is like a third world country. The public social safety net is not working.”
A Trump’s long term critic, Stiglitz, said that of all the population of the US 14 per-cent depends on food stamps. He further predicted that the social infrastructure could not cope with an unemployment rate that could be 30 per-cent in the coming months.
He said that the people with the poorest health are the target of this disease, and in this modern world, the US is one of the countries with the poorest health and the greatest health inequality overall.
As a consequence of Trump’s mismanagement, the White House office which is responsible for pandemics had been closed, funding for the Centers for Disease Control and Prevention had been cut, and the US had not enough test kits, mask, protective gears, thus falling into a crisis. As said by Trump, the US has reopened some parts of its country thus leading the further transmission of this disease and for a new outbreak, said by Stiglitz.
He said that in these circumstances, the government would not be the one to enforce the lockdown but it would be the fear. This is a worrying situation as people would not spend on anything except on food and this is what the Great Depression is.
The ongoing crisis would push countries to make themselves less exposed, and this would lead to smaller supply chains and greater stress on self-sufficiency in food and energy, Stiglitz said.
He added that he hopes that after this crisis we have a perspective that multilateralism is even more important than we thought. Globalization can not be just corporate-driven, and we have to make it more resilient.