Nobel prize winning economist Joseph Stiglitz says it’s “absolutely wrong” for the U.S. to pass the trade deal known as the Trans-Pacific Partnership.
It will only help big corporations, not American citizens, he says.
“The advocates of trade said it was going to benefit everyone. The evidence is it’s benefited a few and left a lot behind,” Stiglitz told CNN’s Richard Quest on Quest Means Business Tuesday.
Both Donald Trump and Hillary Clinton are against TPP, a free trade agreement that President Obama has been pushing with 11 other Asian nations. China is not a part of the deal.
There’s a chance Obama might try one last time to get Congress to pass TPP. Lawmakers typically come back to Washington for a few days after the presidential election. It’s known as a “lame duck” session.
“I find that outrageous,” says Stiglitz. “To rush it through in a lame-duck session, I think, is absolutely wrong.”