The 2008 recession left the United States in deep trouble. With unemployment levels approaching 25 million and banks sustained by trillions of government dollars, are governments and economists understanding the crisis correctly?
Examining US economic history, Jack Rasmus reveals how the 2008 global financial crisis is an 'epic recession'. This 'epic recession' is neither a full-blown depression nor a short-lived period of economic contraction, followed by a swift return to growth, instead it demands the radical restructuring of the economy through a massive job creation program, nationalisation, a fundamentally different banking structure and a long-term redistribution of income, through better healthcare and benefit systems.
This is a rallying call for trade unionists and radicals who want to ensure that any recession recovery is felt further than Wall Street.
Jack Rasmus is a Professor of Economics at St Marys College and Santa Clara University, both in California. He is author of Obama's Economy: Recovery for the Few (Pluto, 2012) and Epic Recession: Prelude to Global Depression (Pluto, 2010). He has been a business economist, market analyst and vice-president of the National Writers Union.
1. The Weakest, Most Lopsided Recovery 2. Obama's 1st Recovery Program (2008) 3. Obama's 2nd Recovery Program (2009) 4. The 1st Economic Relapse of 2010 5. Obama's 3rd Recovery Program (2010) 6. Historical Parallels and Midterm Elections: 2010 vs. 1934/1938 & 1978 7. Deficit Cutting on the Way to Double Dip Recession 8. The 2nd Economic Relapse of 2011 9. Obama's 4th Recovery Program (2011) 10. Alternative Program for Economic Recovery (A concise summary of immediate, intermediate and long term proposals) Appendix A: A Short Note on History and Theory