Synopses & Reviews
A brilliant new reading of the economic crisis—and a plan for dealing with the challenge of its aftermath—by one of our most trenchant and informed experts.
When the nations economy foundered in 2008, blame was directed almost universally at Wall Street. But Robert B. Reich suggests a different reason for the meltdown, and for a perilous road ahead. He argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top, and in a middle class that has had to go deeply into debt to maintain a decent standard of living.
Persuasively and straightforwardly, Reich reveals how precarious our situation still is. The last time in American history when wealth was so highly concentrated at the top—indeed, when the top 1 percent of the population was paid 23 percent of the nations income—was in 1928, just before the Great Depression. Such a disparity leads to ever greater booms followed by ever deeper busts.
Reichs thoughtful and detailed account of where we are headed over the next decades reveals the essential truth about our economy that is driving our politics and shaping our future. With keen insight, he shows us how the middle class lacks enough purchasing power to buy what the economy can produce and has adopted coping mechanisms that have a negative impact on their quality of life; how the rich use their increasing wealth to speculate; and how an angrier politics emerges as more Americans conclude that the game is rigged for the benefit of a few. Unless this trend is reversed, the Great Recession will only be repeated.
Reichs assessment of what must be done to reverse course and ensure that prosperity is widely shared represents the path to a necessary and long-overdue transformation. Aftershock is a practical, humane, and much-needed blueprint for both restoring Americas economy and rebuilding our society.
Review
"Former Secretary of Labor Reich...argues that America will not have a sustained economic recovery until the middle class has more buying power.... Lucid and cogent." Kirkus Reviews
Review
"Ensured a current-events hearing by his public prominence, Reich may find his readership defined by those in tune with his short tracts expansionist view of government." Booklist
Synopsis
A brilliant reading of the economic crisis and how we should deal with its aftermath.
When the nation’s economy foundered in 2008, blame was almost universally directed at Wall Street. But celebrated economic policy maker and political theorist Robert B. Reich suggests a different reason for the meltdown, and for a potentially treacherous road ahead. Reich argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top — and a middle class that had to go deeply into debt to maintain a decent standard of living.
His thoughtful and detailed account of where we are headed over the next decades reveals the essential truth about our economy that is driving our politics and shaping our future. His assessment of what must be done to ensure that prosperity is widely shared — a much broader safety net for the middle class to be financed by higher marginal tax rates on the very wealthy — heralds a necessary and long-overdue transformation.
Here is a practical, humane, and much-needed blueprint for lastingly improving America’s economy.
Synopsis
A brilliant new reading of the economic crisis — and a plan for dealing with the challenge of its aftermath — by one of our most trenchant and informed experts.
When the nation's economy foundered in 2008, blame was directed almost universally at Wall Street. But Robert B. Reich suggests a different reason for the meltdown, and for a perilous road ahead. He argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top, and in a middle class that has had to go deeply into debt to maintain a decent standard of living.
Persuasively and straightforwardly, Reich reveals how precarious our situation still is. The last time in American history when wealth was so highly concentrated at the top — indeed, when the top 1 percent of the population was paid 23 percent of the nation's income — was in 1928, just before the Great Depression. Such a disparity leads to ever greater booms followed by ever deeper busts.
Reich's thoughtful and detailed account of where we are headed over the next decades reveals the essential truth about our economy that is driving our politics and shaping our future. With keen insight, he shows us how the middle class lacks enough purchasing power to buy what the economy can produce and has adopted coping mechanisms that have a negative impact on their quality of life; how the rich use their increasing wealth to speculate; and how an angrier politics emerges as more Americans conclude that the game is rigged for the benefit of a few. Unless this trend is reversed, the Great Recession will only be repeated.
Reich's assessment of what must be done to reverse course and ensure that prosperity is widely shared represents the path to a necessary and long-overdue transformation. Aftershock is a practical, humane, and much-needed blueprint for both restoring America's economy and rebuilding our society.
Synopsis
Offering a much-needed blueprint for improving America's economy, political theorist Reich delivers a brilliant reading of the economic crisis and how Americans should deal with its aftermath.
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About the Author
Robert B. Reich is Chancellors Professor of Public Policy at the Richard and Rhoda Goldman School of Public Policy at the University of California, Berkeley. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton. He has written twelve books, including The Work of Nations, which has been translated into twenty-two languages, and the best seller Supercapitalism. His articles have appeared in The New Yorker, The Atlantic, The New York Times, The Washington Post, and The Wall Street Journal. He is also cofounding editor of The American Prospect magazine and provides weekly commentaries on public radios Marketplace. He lives in Berkeley and blogs at www.robertreich.org.