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The Servant Economy: Where America's Elite is Sending the Middle
Renowned economist Jeff Faux explains why neither party's leaders have a plan to remedy America's unemployment, inequality, or long economic slide
America's political and economic elite spent so long making such terrible decisions that they caused the collapse of 2008. So how can they continue down the same road? The simple answer, that no in charge one wants to publicly acknowledge: because things are still pretty great for the people who run America. It was an accident of history, Jeff Faux explains, that after World War II the U.S. could afford a prosperous middle class, a dominant military, and a booming economic elite at the same time. For the past three decades, all three have been competing, with the middle class always losing. Soon the military will decline as well.
America's political and economic elite spent so long making such terrible decisions that they caused the collapse of 2008. So how can they continue down the same road? The simple answer, that no in charge one wants to publicly acknowledge: because things are still pretty great for the people who run America. It was an accident of history, Jeff Faux explains, that after World War II the U.S. could afford a prosperous middle class, a dominant military, and a booming economic elite at the same time. For the past three decades, all three have been competing, with the middle class always losing. Soon the military will decline as well.
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First published March 1, 2012
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Displaying 1 - 19 of 19 reviews
August 3, 2012
If you are trying to avoid depressing fare, then don't open this book because it is not an optimistic read. On the other hand, if you want to walk into the future "eyes wide-open", brace yourself and plunge in. The author, founder of the Economic Policy Institute, makes his case relentlessly. He sets the stage by describing the period just after World War II and up to 1980 as an unusual period when a sort of cushion existed for the middle class. Sure, the "Greatest Generation" grew up during the Depression and came of age during a world war, but the period of their young adulthood afforded opportunities unusual in history (see pg. 36). The author denotes the "Age of Reagan", beginning with his election in 1980, as an "Americans Abandoned" age. Mind you, it is clear as you read this book that the author is coming from a left of center perspective, but the events as they have played out vindicate his evaluation. Take this statement from pg. 79-80 about the debate over free trade: "Why is it in the U.S. interest to open up the country to more and more brutal global competition if doing so keeps driving up the trade deficit, our foreign debt, and domestic unemployment? The question was rarely posed in the public debate. But when it was, the governing class's indifference to the fate of American workers was exposed. At a conference at the Brookings Institution in 2006, prominent Wall Street Democrats Robert Rubin and Larry Summers (who succeeded Rubin as Clinton's treasury secretary) assured the audience that they were in favor of more education, training, and other measures to alleviate the economic plan of trade-induced unemployment. All of this would, they agreed, make the United States more competitive in the global marketplace. That being the case, asked Larry Mishel of the Economic Policy Institute, why not do these things first so the American workers would be better prepared to compete? They dodged his question. Steven Pearlstein of the Washington Post asked it again. Rubin and Summers shook their heads. No, they were not in favor of putting anything ahead of the further opening up of the economy. Why weren't they? Rubin and Summers certainly knew enough about economics to realize that American workers could not maintain their wages in competition with China and India--or, indeed, with Germany and Finland--with the meager protections, support, and safety net available to them...."
Mr. Faux references a book, "The March of Folly", by the esteemed historian, Barbara Tuchman, in which he says she notes that , " ...folly among the elite is rarely ignorance or stupidity. The country's economic managers knew they were presiding over a giant unsustainable bubble. They did not know exactly how big and complicated it was. But they knew they didn't know, and they knew the rating agencies and the accountants didn't know. That alone should have been a signal to responsible people that something had to be done. Doing something about it would have required heroics, however, and you don't become a member of the governing class by challenging the status quo." (pg. 110)
I heard this author interviewed on The Diane Riehm Show (http://thedianerehmshow.org/shows/201... )
and, during the broadcast, a young woman called to ask the author if perhaps she should consider emigration. He avowed that it isn't feasible for all former middle-class Americans to emigrate, but he didn't discourage that option. The ironic thing is that most countries in which you may want to live are rather stringent in their requirements for immigrants. However, with statements such as this one from pg. 223: "By the mid-2020s we can expect about a 20 percent drop in real wages for the average American who has to work for a low or moderate standard of living. Should future economic trends prove more negative, the drop will be steeper.", more people may see emigration as their only option. He noted early in the book that ,"...Virtually every credible recent study comparing economic mobility among advanced nations shows that the incidence of children moving out of the income class of their parents is greater in western Europe and Canada than it is in the United States. ...The United States and Britain were the countries where moving out of one's class was least likely. Mobility, as it turns out, is correlated with more equality and less poverty." (pg. 12)
As I said at the start of this review, this is not a 'beach read'. Don't pick it up unless you are willing to face some serious, unpleasant issues head on.
Mr. Faux references a book, "The March of Folly", by the esteemed historian, Barbara Tuchman, in which he says she notes that , " ...folly among the elite is rarely ignorance or stupidity. The country's economic managers knew they were presiding over a giant unsustainable bubble. They did not know exactly how big and complicated it was. But they knew they didn't know, and they knew the rating agencies and the accountants didn't know. That alone should have been a signal to responsible people that something had to be done. Doing something about it would have required heroics, however, and you don't become a member of the governing class by challenging the status quo." (pg. 110)
I heard this author interviewed on The Diane Riehm Show (http://thedianerehmshow.org/shows/201... )
and, during the broadcast, a young woman called to ask the author if perhaps she should consider emigration. He avowed that it isn't feasible for all former middle-class Americans to emigrate, but he didn't discourage that option. The ironic thing is that most countries in which you may want to live are rather stringent in their requirements for immigrants. However, with statements such as this one from pg. 223: "By the mid-2020s we can expect about a 20 percent drop in real wages for the average American who has to work for a low or moderate standard of living. Should future economic trends prove more negative, the drop will be steeper.", more people may see emigration as their only option. He noted early in the book that ,"...Virtually every credible recent study comparing economic mobility among advanced nations shows that the incidence of children moving out of the income class of their parents is greater in western Europe and Canada than it is in the United States. ...The United States and Britain were the countries where moving out of one's class was least likely. Mobility, as it turns out, is correlated with more equality and less poverty." (pg. 12)
As I said at the start of this review, this is not a 'beach read'. Don't pick it up unless you are willing to face some serious, unpleasant issues head on.
April 6, 2013
Very thought provoking. Tells it true and like it is. The US is well on the way to 2nd world country status. With third world status waiting just around the corner. Life is already cheap. The vast majority of our population is sliding to poverty and servant status. We are back to dog-eat-dog competition and the devil can have the losers.
August 13, 2020
I wish that I'd read earlier.
October 4, 2020
Two takeaways in Jeff Faux's excellent book on the economy. First, it covers the history of governmental policy making since FDR and its impact on the middle class and how it created a governing class of wealthy individuals and institutions. This governing class is now firmly in control of our lives and there's virtually no hope for the American middle class as the game is solidly rigged to maintain the political power and increase the wealth disparity that exists in our country. No chance. We're in a death spiral which will result in third world status for most U.S. citizens by the year 2050. The trends and statistics are widely reported but too wonky for most Americans to understand. Second, our only hope, the only way we can change the inevitable final crash of the American dream is to somehow get the money out of politics. A near impossible lift since the governing class controls both political parties.
July 19, 2016
A very revealing summary of Reganomics and the current political and economic situation in the US. It further exposes the true goals of the Republican party, but not without throwing dirt in the faces of Democrats either -- something I've always wanted to see in a book on the subject. Quite pessimistic, overall, as it should be. We, as a country, are in a downward spiral, and the oligarchy is the driving turbine behind it.
There are some things that would have been great, if included in this book. First, talking heads on the "liberal" side of things always refer to Republicans as crazy, or clinically insane, or stupid, or clueless, or detached with the common voter, and the list goes on ad-infinitum. Stop. Just stop it. They are not lunatics, they are not deluded -- they know EXACTLY what it is that they are doing, and they are brilliant. They are bought and paid for by corporate interests, and once you understand that, their 'crazy' actions suddenly start making sense; when you realize that their final goal is NOT a stronger country, but a stronger ruling class.
The rest is just lies; it will make them look bad, but they also understand lying is a necessary tool as no sane average Joe would ever vote for them if he knew their real goals. Lying, deception, and being labeled haters is just collateral damage to them. If you're pro gay, you'll get about 11% of the population on your side, maybe some of the sympathizers thrown in too, but if you are anti gay you'll get half of the rural south. Who cares if you offend a few hippies in San Francisco -- this is their way of thinking, but fortunately, their run-to group of old fashioned crazies is dying out of old age and bitterness. They could care less about religion and ethics themselves, but need to convince the WASPy conservatives they do, so they vote for them. Most conservatives will vote only on one issue, not caring what the rest is. This is what the Republicans count on, and what they take advantage of. Evenutally, the lies will not be enough -- the Republicans are running an unsustainable model that will fail them soon, their only goal is to erode as much of our democracy as possible, so that they no longer need the racist, conservatives to run their corporate money machine; it would be powerful enough to run itself by then. Or so they hope. Democrats are only about a step behind -- when people ask me what I vote, I generally say I vote against the Republicans, not really 'for' the Democrats.
Finally, everyone talks about unemployment, but almost nobody talks about underemployment. No-one specifically addresses it as the huge problem that it is. This book mentions it towards the end, but I think this is a much bigger problem than many think. Politicians, talking heads and show hosts say "we've created 25,000 jobs through this public effort," "Jobs, jobs, jobs, jobs" -- OK, sure, but what kind of jobs? Are they jobs that pay at least a living wage, are dignified, and afford for healthcare and paid vacation and sick days? Or are they Walmart style jokes-of-a-job which actually is worse than unemployment -- it enslaves you in a vicious cycle of poverty and dependence on the government, while taking up all the time you would otherwise use to improve yourself or find a better job. Remember, looking for a job is a full time job!
The book is very knowledgeably and professionally written, and was a pleasurable voyage into the depressing sea of our politics. I just wish some of these folks would dare to touch on the taboo subjects of really calling out the ruling class, modern slavery, and overpopulation.
There are some things that would have been great, if included in this book. First, talking heads on the "liberal" side of things always refer to Republicans as crazy, or clinically insane, or stupid, or clueless, or detached with the common voter, and the list goes on ad-infinitum. Stop. Just stop it. They are not lunatics, they are not deluded -- they know EXACTLY what it is that they are doing, and they are brilliant. They are bought and paid for by corporate interests, and once you understand that, their 'crazy' actions suddenly start making sense; when you realize that their final goal is NOT a stronger country, but a stronger ruling class.
The rest is just lies; it will make them look bad, but they also understand lying is a necessary tool as no sane average Joe would ever vote for them if he knew their real goals. Lying, deception, and being labeled haters is just collateral damage to them. If you're pro gay, you'll get about 11% of the population on your side, maybe some of the sympathizers thrown in too, but if you are anti gay you'll get half of the rural south. Who cares if you offend a few hippies in San Francisco -- this is their way of thinking, but fortunately, their run-to group of old fashioned crazies is dying out of old age and bitterness. They could care less about religion and ethics themselves, but need to convince the WASPy conservatives they do, so they vote for them. Most conservatives will vote only on one issue, not caring what the rest is. This is what the Republicans count on, and what they take advantage of. Evenutally, the lies will not be enough -- the Republicans are running an unsustainable model that will fail them soon, their only goal is to erode as much of our democracy as possible, so that they no longer need the racist, conservatives to run their corporate money machine; it would be powerful enough to run itself by then. Or so they hope. Democrats are only about a step behind -- when people ask me what I vote, I generally say I vote against the Republicans, not really 'for' the Democrats.
Finally, everyone talks about unemployment, but almost nobody talks about underemployment. No-one specifically addresses it as the huge problem that it is. This book mentions it towards the end, but I think this is a much bigger problem than many think. Politicians, talking heads and show hosts say "we've created 25,000 jobs through this public effort," "Jobs, jobs, jobs, jobs" -- OK, sure, but what kind of jobs? Are they jobs that pay at least a living wage, are dignified, and afford for healthcare and paid vacation and sick days? Or are they Walmart style jokes-of-a-job which actually is worse than unemployment -- it enslaves you in a vicious cycle of poverty and dependence on the government, while taking up all the time you would otherwise use to improve yourself or find a better job. Remember, looking for a job is a full time job!
The book is very knowledgeably and professionally written, and was a pleasurable voyage into the depressing sea of our politics. I just wish some of these folks would dare to touch on the taboo subjects of really calling out the ruling class, modern slavery, and overpopulation.
May 4, 2021
This is the worst book I’ve read in ten years. I stopped about 30 pages from the end after being browbeaten by moaning and complaining for hours on end. I’m actually considering throwing this book away, which is an incredible statement coming from me considering I’ve got literally hundreds of well read hardcovers in my library. The best thing about this book is that the shiny gold dustpan on the cover looks nice under a glossy Brodart Mylar over-jacket. Maybe I’ll use a dustpan like that to sweep up the ashes after I burn this damn thing in a backyard bonfire one night.
October 2, 2019
Really 4.5 stars. This is brilliant book in many, many ways. I would love to buy the author a beer, or in his case a nice Pinot and argue/ discuss this book with him. The work is somewhat marred by its Leftish, unions-are-awesome bias. Discounting that filter though and ignoring the snappy “all Capitalists/Republicans are evil", one- liners, leaves a wonderful book. As a work written before the election of 2016, it is truly remarkable. Herein one can clearly discern the rise of both Sanders and Trump and how the wealthier, NPR-oriented elites dismissed both candidates-and why. This book discusses how socio-economic elites in the USA discern and control economic/political/fiscal policies and for examples, manipulate the Democratic party, mass media and the Republican party towards their self-serving mindsets. It mirrors the famous Atlantic article on Global Elites in 2011 and the Economist Reports.
Also, this is all not a secret, closed, elitist conspiracy- it is open, democratically debated policies that favor some groups of people over many, many others. This is why tax-exempt, government loan subsidized liberal arts colleges cost $65,000 a year . Some voices are louder than others- especially when they employ lobbyists.
This sentence alone is a good summary:
“ While people on Main Street look for jobs, people on Wall Street, they’re collecting billions and billions in your bailout bonuses. Among the top 17 companies that received your bailout money, 92% of the senior officers and directors, they still have their good jobs and every day Americans are wondering, where are the consequences for them- helping to get us into this worst economic situation since the Great Depression? Where are their consequences? “ ( Sanders or Palin, guess who said this ?)
In short, the US economy has been rigged (“structured”) so as to promote and underwrite free trade that has simultaneously gutted the manufacturing and the industrial base that paid for most the US governments programs. In a world of expanding populations and easy Kapital flows, combined with advances in technology ( computers), this has resulted in the hollowing out of the tax base and the communities that created that original tax base. The result is a middle class living off of taxes ( government employees) and government borrowing and tax exemptions ( non-profits) ...and a very few technocratic wealthy folks and millions of overseas jobs exported by US companies (that lower wage costs and raise stock values), but leave places like Detroit or Rhode Island as economic wastelands. The result is a demographic wave of reduced incomes and poverty-and all the social ills poverty brings with it.
Bottom line is that Faux uses economic analysis- incentives, opportunity costs, trade offs, monitary policy to describe how the US got to where it is- and where it is going. It’s depressing, but very, very accurate.
A couple minor points though. Faux is dead wrong about some his 19th Century economic history. That’s because he relies upon Zinn too much and the neo-Marxist Zinn focused upon the urban proletariat in his studies of economics. For example, while it is true it sucked to work in a US steel mill in 1900 and workers therein got paid very little, about 50-60% of the rest of the US lived on rural farms- a hard life also, but also one that did not record incomes the same way. Average Americans in 1900 were better fed, healthier, had far more leisure time and earned more than 95% of the rest of the worlds’ population. Even steel workers earned literally 4 times more than their European counterparts ( except in Germany).
Secondly, it wasn’t the CIA coup in Iran that mobilized the Arab world against the US. The Arab world loved Eisenhower for his role in Suez and frankly, couldn’t have cared less about the populist Shia-secular Iranians overthrown and replaced by the Shah. It was the US lockstep support of Israel, especially in 1948, 1967 and 1973 that really ticked off both the Sunnis and the Shias. Faux just can’t quite bring himself to say it, but it is true.
.
Also, this is all not a secret, closed, elitist conspiracy- it is open, democratically debated policies that favor some groups of people over many, many others. This is why tax-exempt, government loan subsidized liberal arts colleges cost $65,000 a year . Some voices are louder than others- especially when they employ lobbyists.
This sentence alone is a good summary:
“ While people on Main Street look for jobs, people on Wall Street, they’re collecting billions and billions in your bailout bonuses. Among the top 17 companies that received your bailout money, 92% of the senior officers and directors, they still have their good jobs and every day Americans are wondering, where are the consequences for them- helping to get us into this worst economic situation since the Great Depression? Where are their consequences? “ ( Sanders or Palin, guess who said this ?)
In short, the US economy has been rigged (“structured”) so as to promote and underwrite free trade that has simultaneously gutted the manufacturing and the industrial base that paid for most the US governments programs. In a world of expanding populations and easy Kapital flows, combined with advances in technology ( computers), this has resulted in the hollowing out of the tax base and the communities that created that original tax base. The result is a middle class living off of taxes ( government employees) and government borrowing and tax exemptions ( non-profits) ...and a very few technocratic wealthy folks and millions of overseas jobs exported by US companies (that lower wage costs and raise stock values), but leave places like Detroit or Rhode Island as economic wastelands. The result is a demographic wave of reduced incomes and poverty-and all the social ills poverty brings with it.
Bottom line is that Faux uses economic analysis- incentives, opportunity costs, trade offs, monitary policy to describe how the US got to where it is- and where it is going. It’s depressing, but very, very accurate.
A couple minor points though. Faux is dead wrong about some his 19th Century economic history. That’s because he relies upon Zinn too much and the neo-Marxist Zinn focused upon the urban proletariat in his studies of economics. For example, while it is true it sucked to work in a US steel mill in 1900 and workers therein got paid very little, about 50-60% of the rest of the US lived on rural farms- a hard life also, but also one that did not record incomes the same way. Average Americans in 1900 were better fed, healthier, had far more leisure time and earned more than 95% of the rest of the worlds’ population. Even steel workers earned literally 4 times more than their European counterparts ( except in Germany).
Secondly, it wasn’t the CIA coup in Iran that mobilized the Arab world against the US. The Arab world loved Eisenhower for his role in Suez and frankly, couldn’t have cared less about the populist Shia-secular Iranians overthrown and replaced by the Shah. It was the US lockstep support of Israel, especially in 1948, 1967 and 1973 that really ticked off both the Sunnis and the Shias. Faux just can’t quite bring himself to say it, but it is true.
.
November 20, 2012
Although the author paints a depressing and seemingly hopeless case for a renewed economic future for the U.S., this was still an eye opening book. "The Servant Economy" is written by a global economist who in 2006 predicted the recent economic crisis. As such, he has studied all the factors that relate to America's economic position in the world both past and present.
I found the first part of the book which dealt with the history of economics in the U.S. to be fascinating. Not only is it interesting to read about, but it provides a picture of the cycles that our economy has gone through and how we dealt with them. One factor he attributes to maintaining the middle class was the rise of unions in promoting worker's rights and earnings. He states that this period of union strength effected not only those belonging to unions, but all workers since it helped raise wages for all earners and introduced basic worker's rights and benefits for all. The decline in union and worker's strength to influence company policies has been a contributor to the decline of the middle class. Perhaps the most interesting corollary he makes is the globalization of business thanks to technological development. Outsourcing of jobs has been a huge loss to the working class in the U.S. as other rising countries and their citizens go after jobs that were previously done at here at home. The ability of companies to increase profit by having fashion and manufacturing jobs done in other countries has expanded to include communications and even high level jobs such as physicians and radiologists who are able to make instant diagnosis through high resolution computer connections. Anything that can be done with a computer can be done outside of the U.S. The potential for new job growth exists primarily with in the service sector where jobs must be done live and face to face. Unfortunately these jobs are often low paying and do not require special education.
The author paints a bleak picture of the future which is what I found the least appealing part of the book. When he shifts from factual history and explanation of the current situation to his predictions, he loses some credibility in my opinion. Although he has been accurate in predicting economic future, he seems to feel that we have practically reached the point of no return. His opinions may be based on strong evidence, but they are still just that-opinions. I think he does make a strong argument for awareness of the problems and even alarm at where we are headed, but I personally feel that we still have options to change the course of future economic patterns and preserve the middle class. This book gives us some idea of the real work and struggle that will be involved in changing that course.
I found the first part of the book which dealt with the history of economics in the U.S. to be fascinating. Not only is it interesting to read about, but it provides a picture of the cycles that our economy has gone through and how we dealt with them. One factor he attributes to maintaining the middle class was the rise of unions in promoting worker's rights and earnings. He states that this period of union strength effected not only those belonging to unions, but all workers since it helped raise wages for all earners and introduced basic worker's rights and benefits for all. The decline in union and worker's strength to influence company policies has been a contributor to the decline of the middle class. Perhaps the most interesting corollary he makes is the globalization of business thanks to technological development. Outsourcing of jobs has been a huge loss to the working class in the U.S. as other rising countries and their citizens go after jobs that were previously done at here at home. The ability of companies to increase profit by having fashion and manufacturing jobs done in other countries has expanded to include communications and even high level jobs such as physicians and radiologists who are able to make instant diagnosis through high resolution computer connections. Anything that can be done with a computer can be done outside of the U.S. The potential for new job growth exists primarily with in the service sector where jobs must be done live and face to face. Unfortunately these jobs are often low paying and do not require special education.
The author paints a bleak picture of the future which is what I found the least appealing part of the book. When he shifts from factual history and explanation of the current situation to his predictions, he loses some credibility in my opinion. Although he has been accurate in predicting economic future, he seems to feel that we have practically reached the point of no return. His opinions may be based on strong evidence, but they are still just that-opinions. I think he does make a strong argument for awareness of the problems and even alarm at where we are headed, but I personally feel that we still have options to change the course of future economic patterns and preserve the middle class. This book gives us some idea of the real work and struggle that will be involved in changing that course.
March 9, 2015
The book that I read is titled The Servant Economy: Where America's Elite is Sending the Middle Class by Geoffrey P. Faux. The author's purpose in writing this book is to explain how some policies that are going through government is helping the wealthy American's but in the process is causing the middle class workers to work more for less. He wants to reveal to everyone that reads his book that the 'haves' in America are hurting the 'have nots' by not having heftier taxes on all the money that they have made and are complaining about how they want more money. He wants to bring to the light that wages for the middle class are staying on the same level or are on the decline.
The theme of this book is in the economy its an every man for himself philosophy. The dog eat dog mentality is putting a lot of strain on everybody except the upper class. If the citizen does not have deep pockets then they have no chance and getting to far in their goal to live a prosperous life of having whatever the person wants when they want it. The author is almost saying it straight out that the upper class are a bunch of stingy citizens that think because they have more money they are automatically better than every middle class and poverty stricken American. He offers several good points about the attitude that the rich take towards certain ideals are not necessarily best for America but is best for their checkbooks.
This story is wrote as an exposition. The book tells about how the upper class stinginess is affecting all of America whether it be directly or indirectly. Through out the story the author breaks down a few different incidents that happened that worked out in the upper class's favor. He clarifies some things about the government rules that have been troubling for people to understand. He also talks about how some bill effect every American whether they are filthy rich or really poor.
My opinion of the book is that it is really well written and brings out a lot of clarity on different government ideologies. I liked the different things that are discussed in the book. There are many different bills and public situations that are discussed that intrigue me. The thing I disliked was the fact that it was really against the middle class and everyone in America except the wealthy. I understand that the point of the book was to bring out the problems facing middle class however if there would be some suggestions made to fix the problem instead of just complaining about them that would make the book just that much better. This is similar to other books about the UN and their philosophies.
The theme of this book is in the economy its an every man for himself philosophy. The dog eat dog mentality is putting a lot of strain on everybody except the upper class. If the citizen does not have deep pockets then they have no chance and getting to far in their goal to live a prosperous life of having whatever the person wants when they want it. The author is almost saying it straight out that the upper class are a bunch of stingy citizens that think because they have more money they are automatically better than every middle class and poverty stricken American. He offers several good points about the attitude that the rich take towards certain ideals are not necessarily best for America but is best for their checkbooks.
This story is wrote as an exposition. The book tells about how the upper class stinginess is affecting all of America whether it be directly or indirectly. Through out the story the author breaks down a few different incidents that happened that worked out in the upper class's favor. He clarifies some things about the government rules that have been troubling for people to understand. He also talks about how some bill effect every American whether they are filthy rich or really poor.
My opinion of the book is that it is really well written and brings out a lot of clarity on different government ideologies. I liked the different things that are discussed in the book. There are many different bills and public situations that are discussed that intrigue me. The thing I disliked was the fact that it was really against the middle class and everyone in America except the wealthy. I understand that the point of the book was to bring out the problems facing middle class however if there would be some suggestions made to fix the problem instead of just complaining about them that would make the book just that much better. This is similar to other books about the UN and their philosophies.
February 2, 2013
I picked up this book after hearing a segment of Jeff Faux's interview with Diane Rehm on NPR. He made some interesting statements about the state of the labor market and its impact on young career building people, so I thought the book he was promoting would contains some insightful thoughts on the economic problems our nation faces today. This book is actually much the opposite of insightful. It is a long political rant full of despair.
The author gets on the soapbox from page 1 and does not stop for the remainder of the book. The entire first 1/3 of the book is a skewed rewrite of American history bashing the Republicans for downsizing FDR's New Deal and dismantling big labor unions. Faux makes it clear that he abhors Reagan, blames Bill Clinton for weakly supporting liberal ideology, and likes to cite instances where Republican presidents signed off on public works projects. His relentless criticism of various presidents is immature, and I think that a man of his education should know that such policy decisions are determined by Congress and not the president.
The liberal lecture doesn't just stop at socioeconomic ideas. At times he even goes off on tangents criticizing Republicans on everything from gun rights to Fox News. The book does not have a meaningful call to action except at the very end when he recommends we amend the US constitution to reform campaign finance.
I was incredibly disappointed. This is not a work of research. It is a medium for the author to espouse his unsupported opinions. You might enjoy this book only if you are a die-hard Democrat or have a fascination with old-man style political rants.
The author gets on the soapbox from page 1 and does not stop for the remainder of the book. The entire first 1/3 of the book is a skewed rewrite of American history bashing the Republicans for downsizing FDR's New Deal and dismantling big labor unions. Faux makes it clear that he abhors Reagan, blames Bill Clinton for weakly supporting liberal ideology, and likes to cite instances where Republican presidents signed off on public works projects. His relentless criticism of various presidents is immature, and I think that a man of his education should know that such policy decisions are determined by Congress and not the president.
The liberal lecture doesn't just stop at socioeconomic ideas. At times he even goes off on tangents criticizing Republicans on everything from gun rights to Fox News. The book does not have a meaningful call to action except at the very end when he recommends we amend the US constitution to reform campaign finance.
I was incredibly disappointed. This is not a work of research. It is a medium for the author to espouse his unsupported opinions. You might enjoy this book only if you are a die-hard Democrat or have a fascination with old-man style political rants.
September 3, 2012
Heard part of Diane Rehm interview:
http://thedianerehmshow.org/shows/201...
Faux paints a very dreary picture of our economic future. As the income and capital gaps continue to widen between the ultra-rich and the lower classes, we must expect more disruption, not less. When we hear economic proposes for our future which have already failed in the past, I have to shudder. Faux reminds us that political "wooden-headedness" will always bring the same result.
His chapter "Flickering Hope: Schools, Trade winds, and the Bubble's Return" was especially insightful. Of course, his credibility increases when he quotes Barbara Tuchman's "The March of Folly" and Howard Zinn's "A People's History of the United States". he is in good company.
http://thedianerehmshow.org/shows/201...
Faux paints a very dreary picture of our economic future. As the income and capital gaps continue to widen between the ultra-rich and the lower classes, we must expect more disruption, not less. When we hear economic proposes for our future which have already failed in the past, I have to shudder. Faux reminds us that political "wooden-headedness" will always bring the same result.
His chapter "Flickering Hope: Schools, Trade winds, and the Bubble's Return" was especially insightful. Of course, his credibility increases when he quotes Barbara Tuchman's "The March of Folly" and Howard Zinn's "A People's History of the United States". he is in good company.
October 11, 2014
Best non-fiction book I ever read. I don't read many books but it was so great you just have to read for yourself. Economics, History and Politics intertwined as Faux takes a look back through the decades of prosperity and lately highlights the reasons why America is on the decline when it comes to the global economy. Favorite chapter was highlighting the events that lead to the market crash and the crash itself. I don't even agree with some of it as he says Democrats will be better off running this country to get economic progress back on track and still rate it the best book ever. Just made so much sense on every level, clicked and phenomenal organization or resources to get a perspective from a first-class economist. This is a must read!!!!
February 19, 2013
Excellent book that covers the history of executive decisionmaking since FDR and its support or impact on the middle class. It exposes the fault in some preconceived notions on several presidents and their decisions and ties them together in a seamless stream of history to show how we got where we are. This should be required reading for those interested in public policy and how it affects, well, the public. There is a big difference between what gets sold and what gets bought. And we have bought a lot of bad decisions, hook, line and sinker. We can do better. We must do better.
January 16, 2013
This was a fascinating book, well-researched. Grim predictions about where our country is headed but not hard to believe. The author is left-leaning but doesn't spare anyone. I saw a few typos which was somewhat annoying; they seemed to be the result of using spell-check. Also someone had made pencil marks in the book-argh!! I do recommend this to everyone. I think it's far less likely that anything will change unless Americans become more aware of what's really going on in our government.
May 1, 2013
Most of the book is a decently-written summary of economic and fiscal policy in the New Deal and after. The actual stuff about the "servant economy" doesn't really come in until the end, as part of a parade of future horribles that actually seemed so hyperbolic as to detract from the points the author was trying to make. It was a decent read, but not something that anyone who has read Krugman or Stiglitz hasn't read before.
November 3, 2012
As another review said, "Amazing and depressing." However, ignoring fundamental truths about what is happening to the United States at the hands of the top 1% and the multinats (abbr. for multi-nationals, a term often used in Kim Stanley Robinson's Mars trilogy) won't make things any better for us or our children.
August 1, 2012
We all know the economy is in a rut. Faux tries to explain not only how we got there but what this will mean for the survivors. The future looks pretty bleak in these pages. At least as the author sees it, we've done this to ourselves.
August 7, 2013
You angry? Read this book!
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