Aftershock

More about the book

A brilliant new reading of the economic crisis—and a plan for dealing with its aftermath—by one of our most informed experts. When the nation’s economy faltered in 2008, blame was largely directed at Wall Street. However, Robert B. Reich argues that the real issue lies in the increasing concentration of income and wealth at the top, forcing the middle class to incur significant debt to maintain a decent standard of living. Reich persuasively reveals how precarious our situation remains, noting that the last time wealth was so concentrated—when the top 1 percent earned 23 percent of the nation’s income—was in 1928, just before the Great Depression. Such disparities lead to greater booms followed by deeper busts. His thoughtful account of our trajectory over the coming decades highlights the essential truth about our economy that drives politics and shapes our future. He illustrates how the middle class lacks purchasing power, adopts detrimental coping mechanisms, and how rising anger emerges as more Americans feel the system benefits only a few. If this trend continues, the Great Recession will recur. Reich outlines necessary actions to reverse this course and ensure prosperity is widely shared, presenting a practical and humane blueprint for restoring America’s economy and rebuilding society.