Cernobbio, Nobel Stiglitz says yes to the minimum wage: “It’s good for the economy”

“The minimum wage is positive for the economy and society, especially in a period of great inequality, such as the current one”. This was stated by Joseph Stiglitz, one of the world‘s leading economists and Nobel Prize winner in 2001, on the sidelines of the Ambrosetti forum in Cernobbio. “The fears of side effects – added the American economist – are unfounded, often the minimum wage has increased employment, as well as putting more money in the pockets of consumers”.
Stiglitz, who in unsuspecting times had also said he was in favor of the extra profit tax on large companies “to eliminate post-Covid inequalities”, also spoke of the European economic situation, warning the institute led by Christine Lagarde . «The problem for Europe is that the ECB was forced to follow the Fed to avoid weakening the euro, but the United States has more room to help the economy in the face of rate hikes, whereas Europe now it risks more, it risks a real recession: the ECB will now have to be much more cautious”.
A precarious situation which, he added, could also affect our country. «Do I see a risk of recession for Italy? Yes, I see this risk: the rate hike decided by the ECB, China’s difficulties and the weakening of the German economy are all factors that have an impact on Italy. You risk what is called an abrupt, difficult landing.’
Finally, Stiglitz, speaking of the Italian government’s economic policy, also issued a warning to the work of the executive led by Giorgia Meloni, the great absentee on Lake Como: «I think there is a problem of lack of competence. I have already spoken about it: whatever the political philosophy of this government, there is a fear that the people at the helm are not of great experience, that the quality of the choices is not up to par».