Hollowed Out

Hollowed Out

Why the Economy Doesn't Work Without A Strong Middle Class

Book - 2015
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"For the past several decades, politicians and economists have thought that high levels of inequality were good for the economy. But an economy that works only for the rich simply doesn't work. Because the middle class is so weak, America's economy now suffers from the kinds of problems that plague less-developed countries. Privileged elites more frequently secure special treatment from a government that wastes money and stifles competition. Children's opportunities are excessively determined by the wealth of their parents. Societal distrust has increased, making business transactions needlessly difficult. Consumer demand has weakened and become unstable, which has helped fuel the Great Recession and has made the recovery painfully slow. As Hollowed Out explains, to have strong and sustainable growth, the economy needs to work for everyone and grow from the middle out. This new middle-out theory aims to supplant trickle-down economics--the theory that was so wrong about inequality and our economy and did so much damage to our nation. This new thinking has the potential to shape economic policymaking for generations."--Provided by publisher.
Publisher: Oakland, California : University of California Press, [2015]
Copyright Date: ©2015
ISBN: 9780520286528
Branch Call Number: 305.55 MADLAND
Characteristics: ix, 257 pages : illustrations ; 21 cm


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Jun 11, 2015

Superficially, there's nothing wrong with this book other than it's a softball and the author is with the Center for American Progress, really a neoliberal outfit [neoliberals are neocons who attempt to project political correctness]. This book does not offer a new theory, growing from the middle-out has been pretty well accepted for some time, hence the dire warnings of greatly increasing inequality. Not sure this book adds anything pertinent to the discussion. When the elites control employment throught jobs offshoring and the importation of foreign visa scab/replacement workers, and pump up housing and rents through the Federal Reserve and foreign buyers, and bulk purchases by PE/LBO firms like the Blackstone Group, this author should address such activities, instead . . .


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