Aftershock: The Next Economy and America's Future

Aftershock: The Next Economy and America's Future by Vintage
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Reich (Supercapitalism), secretary of labor under Bill Clinton and former economic adviser to President Obama, argues that Obama's stimulus package will not catalyze real recovery because it fails to address 40 years of increasing income inequality. The lessons are in the roots of and responses to the Great Depression, according to Reich, who compares the speculation frenzies of the 1920s–1930s with present-day ones, while showing how Keynesian forerunners like FDR's Federal Reserve Board chair, Marriner Eccles, diagnosed wealth disparity as the leading stress leading up to the Depression. By contrast, sharing the gains of an expanding economy with the middle class brought unprecedented prosperity in the postwar decades, as the majority of workers earned enough to buy what they produced. Despite occasional muddled analyses (of the offshoring of industrial production in the 1990s, for example), Reich's thesis is well argued and frighteningly plausible: without a return to the "basic bargain" (that workers are also consumers), the "aftershock" of the Great Recession includes long-term high unemployment and a political backlash--a crisis, he notes with a sort of grim optimism, that just might be painful enough to encourage necessary structural reforms. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to the Hardcover edition. Read more Aftershock: The Next Economy and America's Future

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Updated for paperback publication, Aftershock is a brilliant reading of the causes of our current economic crisis, with a plan for dealing with its challenging aftermath.
 
When the nation’s economy foundered in 2008, blame was directed almost universally at Wall Street bankers. But Robert B. Reich, one of our most experienced and trusted voices on public policy, suggests another reason for the meltdown. Our real problem, he argues, lies in the increasing concentration of wealth in the hands of the richest Americans, while stagnant wages and rising costs have forced the middle class to go deep into debt. Reich’s thoughtful and detailed account of where we are headed over the next decades—and how we can fix our economic system—is a practical, humane, and much-needed blueprint for restoring America’s economy and rebuilding our society.