The US is still in deep trouble. Banks are sustained by trillions of government dollars, unemployment is approaching 25 million and the long-term future of the economy is in doubt. In Epic Recession, Jack Rasmus shows that we need a new way of understanding the crisis if things are to improve. Rasmus interrogates US economic history to show that the current predicament is what he terms an 'Epic Recession', neither a full-blown depression or a short-lived period of contraction followed by a swift return to growth. He then shows that the only way to prevent the onset of depression is to radically restructure the economy through a massive job creation program, nationalisations, a fundamentally new kind of banking structure and a long-term redistribution of income through better healthcare and benefit systems. Epic Recession provides a rallying point for trade unionists and concerned citizens who want to ensure that any 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 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.
Ch. 1: The Weakest, Most Lopsided Recovery Ch. 2: Obama's 1st Recovery Program (2008) CH. 3: Obama's 2nd Recovery Program (2009) Ch. 4: The 1st Economic Relapse of 2010 CH. 5: Obama's 3rd Recovery Program (2010) Ch. 6: Historical Parallels and Midterm Elections: 2010 vs. 1934/1938 & 1978 Ch. 7: Deficit Cutting on the Way to Double Dip Recession Ch. 8: The 2nd Economic Relapse of 2011 Ch. 9: Obama's 4th Recovery Program (2011) Ch. 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