Radical economist Jack Rasmus shows how the Obama administration failed to deliver on its promises of economic recovery and social justice and puts forward alternative proposals for how the administration could have realised these goals.
In the period of Obama's presidency, corporate profits were up, and economic hardship was the bitter reality for millions of US citizens. Rasmus argues that the weakest economic recovery since 1947 was the direct result of the Obama administration's failure to take decisive action. Analysing deficit cutting, the fear of a global depression, tactical populism and austerity, this book is a clear and cutting antidote to current liberal narratives.
From Obama's presidential election to the passage of his 2012 budget, this book explains how the US economy failed and why the risk of a 'double dip' recession was on the cards.
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.
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