Obama's Economy : Recovery for the Few
Three years after his election, Barack Obama presides over a deep economic malaise. Radical economist Jack Rasmus shows how the Obama administration has failed to deliver economic recovery and social justice and puts forward alternative proposals which could realise these goals. Whilst corporate profits are up, economic hardship is the bitter reality for millions of US citizens. Rasmus argues that the weakest economic recovery since 1947 is the direct result of the Obama administration's failure to take decisive action. From Obama's presidential election to the passage of his 2012 budget, this book explains how the US economy got where it is today and why the risk of a 'double dip' recession is rising. In a crucial election year, Obama's Economy will be vital reading for students of US politics and economics, and all those looking for a way out of the current crisis of capitalism.
- Hardback | 216 pages
- 150 x 230 x 20.32mm | 498.95g
- 20 Apr 2012
- PLUTO PRESS
- London, United Kingdom
- black & white line drawings, black & white tables, figures
Table of contents
Introduction 1. The Weakest, Most Lopsided Recovery 2. From Tax Cuts To Tactical Populism 3. Obama's Jobless-Homeless Stimulus 4. A Record Short, Faltering Recovery 5. How More Is Less Of The Same 6. Historical Parallels And The 2010 Midterm Elections 7. Deficit Cutting On The Road To Double Dip 8. Sliding Toward Global Depression? 9. From Failed Recovery To Austerity Recession 10. An Alternative Program For Economic Recovery Notes Index
Everybody else talked of the Lehman crisis as a blip, but Rasmus got it right: his concept of 'epic recession' describes what happened, in America and in the Western world. In this trenchant critique of Obama's stimulus measures, he asks searching questions about the scale of the actions taken and the suitability of their design. With orthodox economics coming under strain, Rasmus' unorthodox economics is a refreshing counter-argument to the mainstream. -- Paul Mason, BBC Newsnight Economics Editor, author of Meltdown: The End of the Age of Greed and Live Working or Die Fighting: How the Working Class Went Global Obama was elected because he represented hope and the expectation of change. But as Rasmus shows, little changed for tens of millions of unemployed, homeowners, and those dependant on government services. Rasmus describes in detail how Obama was the most conservative and business-oriented of the Democratic candidates in 2008, and how his first-term economic policies reflected that orientation. -- Chuck Mack, International Vice-President, International Brotherhood of Teamsters Union Jack Rasmus gives new meaning to common sense economics. While working people reel in the downward spiralling economy, Rasmus analyses how we got where we are and makes recommendations for sustained economic growth and recovery. -- Donna DeWitt, President, South Carolina AFL-CIO A revealing expose... Rasmus proposes a detailed "alternative program" that is strongly pro-labor and progressive. It is time to begin public debate of economic and political alternatives -- something which Rasmus's book has begun. -- Nancy Wohlforth, Co-Covenor, US Labor Against War
About Jack Rasmus
Jack Rasmus is a Professor of Economics at St Marys College and Santa Clara University, both in California. He is a freelance economics journalist and author of Epic Recession: Prelude to Global Depression (Pluto, 2010). He has been a business economist, market analyst and vice-president of the National Writers Union.