Nobel Prize-winning Economist Joseph Stiglitz says the U.S. economy is currently operating in “trickle-up” fashion, with increases in wealth going to the wealthiest Americans and middle- and lower-income people struggling, which he says needs to change. Stiglitz also tells Bloomberg that austerity is no way to grow an economy. He says leaders in the U.S. and Europe need to use well-designed fiscal policies to stimulate the economy. He also says the idea that passing the 90% debt/GDP ratio threshold will lead to big trouble is “nonsense”.