<p>“The likelihood of this slowdown is very, very high,” Stiglitz told reporters. “There is a significant chance that the number will be in the negative range.”<br /><br />Stiglitz, a professor at Columbia University, called on Washington to make more funds available to state governments who face a drop in tax revenue. The US economy, the world’s largest, must grow at least 3 per cent to create enough jobs for new entrants into the labour force, he said.<br /><br />The unemployment rate fell to 10 per cent in November from 10.2 per cent in October.<br />“If you don’t prepare now, and the economy turns out to be as weak as I think it’s likely to be, then you’ll be in a very difficult position,” he said.<br />The economy grew at a 2.8 per cent rate in July through September, after a record four straight quarters of contraction.</p>
<p>“The likelihood of this slowdown is very, very high,” Stiglitz told reporters. “There is a significant chance that the number will be in the negative range.”<br /><br />Stiglitz, a professor at Columbia University, called on Washington to make more funds available to state governments who face a drop in tax revenue. The US economy, the world’s largest, must grow at least 3 per cent to create enough jobs for new entrants into the labour force, he said.<br /><br />The unemployment rate fell to 10 per cent in November from 10.2 per cent in October.<br />“If you don’t prepare now, and the economy turns out to be as weak as I think it’s likely to be, then you’ll be in a very difficult position,” he said.<br />The economy grew at a 2.8 per cent rate in July through September, after a record four straight quarters of contraction.</p>
