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.
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.
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