My mother's family were New Deal Democrats - they worshipped FDR; my father, on the other hand, was probably described as a Jeffersonian democrat; he repeatedly spoke of the virtues of self-employment, of being one's own boss, of self-reliance" (Joseph E. Stiglitz-Biographical "). .
Stiglitz had a passion for learning as much as he could and took several classes, not just to get a degree, but to learn as much as he could because of curiosity. He loved all of the courses he took at Amherst College, but had a particular attraction to economics, because economics blends many subjects, such as, history, math, physics, English and philosophy. After his hard work ethic and drive in school, Stiglitz has become a Nobel Prize winner in economics and another bestselling author for the books Making Globalization Work, Globalization and Its Discontents, and The Three Trillion Dollar War. Stiglitz also is a professor at Colombia University located in New York City. Stiglitz love for economics allows his book The Price of Inequality to be trustworthy and reliable as he talks about the inequalities in America.
Since the crisis, America has been trying to bounce back and recover this economy as quick as possible. However, life in the middle class is getting harder each day because the growth is mostly affecting the top 1 percent. Stiglitz writes "By 2007 the average after tax income of the top 1 percent had reached $1.3 million, but that of the bottom 20 percent amounted to only $17,800. The top 1 percent get in one week 40 percent more than the bottom fifth receive in a year; the top 0.1 percent received in a day in a half about what the bottom 90 percent received in a year; and the richest 20 percent of income earners earn in total after tax more than the bottom 80 percent combined"" (Stiglitz 5).
Does the middle class and poor have a fighting chance to be successful? This fact shows that recent income growth is primarily going to the top 1 percent and the middle class and poor are losing hope.
