Failure by Design: The Story behind America's Broken Economy
Failure by Design: The Story behind America's Broken Economy
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Abstract
This book relays a compelling narrative of the U.S. economy's struggle to emerge from the Great Recession of 2008. It explains the causes and impact on working Americans of the most catastrophic economic policy failure since the 1920s. Economic growth since the late 1970s has been slow and inequitably distributed, largely as a result of poor policy choices. These choices only got worse in the 2000s, leading to an anemic economic expansion. What growth we did see in the economy was fueled by staggering increases in private-sector debt and a housing bubble that artificially inflated wealth by trillions of dollars. As had been predicted, the bursting of the housing bubble had disastrous consequences for the broader economy, spurring a financial crisis and a rise in joblessness that dwarfed those resulting from any recession since the Great Depression. The fallout from the Great Recession makes it near certain that there will be yet another lost decade of income growth for typical families, whose incomes had not been boosted by the previous decade's sluggish and localized economic expansion. In its broad narrative of how the economy has failed to deliver for most Americans over much of the past three decades, the book also offers compelling graphic evidence on jobs, incomes, wages, and other measures of economic well-being most relevant to low-and middle-income workers. It tracks these trends carefully, giving a lesson in economic history that is readable yet rigorous in its analysis.
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Front Matter
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The Great Recession: The damage done and the rot revealed
Josh Bivens andLawrence Mishel
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The Great Recession’s Trigger: Housing bubble leads to jobs crisis
Josh Bivens andLawrence Mishel
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The Policy Response to the Great Recession: What was done and did it work?
Josh Bivens andLawrence Mishel
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The Great Recession Ended More Than a Year Ago—so, “Mission Accomplished”?
Josh Bivens andLawrence Mishel
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The Cracked Foundation Revealed by the Great Recession
Josh Bivens andLawrence Mishel
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Where to from Here?
Josh Bivens andLawrence Mishel
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End Matter
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