I can't believe Stiglitz lives on the same planet I do. He and his friends are responsible for the policies that have created low levels of productivity growth in the U.S. and Europe. Real sustained wage growth is only possible with an increased level of long lived investment in machinery, education, infrastructure and r&d.



If low corporate tax rates were not one part of the puzzle why is the corporate tax rate 17% in Singapore. Singapore had a GDP per capita in 1960 of $427. In 2016 it was $52,000 versus the U.S. at $52,000. They must not understand economics. Or, maybe it is us.



The corporate tax rate in China is 25%. Oh I forgot, it is 15% in an industry that is being promoted by the government.



Income taxes are paid by the wealthy. When there is a surge in income tax receipts it is because of increased capital gains tax payments. Thus, states that rely on state income taxes see a surge of revenue during the peak boom years of an economic cycle and treat this as ongoing income. The crash comes and they are in debt up to their ears. Sounds like California, Illinois and New York.



Even if you raise total output (GDP) it does little good to wages if you are not raising per capita GDP. This is dependent on border control. An increase in low skilled immigration would soak up all of that GDP gain with no increase in per capita GDP.