A proficient analysis of what ails the American economy - which,
according to economist Peterson, has been in a "silent depression"
since 1973. Peterson describes how, for many Americans, this
20-year slump has meant the unraveling of the American Dream, as
the high expectations created by the post-WW II boom have given way
to disappointment and discontent. Using both anecdotal evidence and
plenty of statistics, he paints a grim picture of a shrinking
middle class, increasing downward mobility, a growing black urban
underclass, and greater polarization between haves and have-nots.
How did this happen? Peterson argues that a nation's real wealth
and power depend on its ability to produce the goods that people
need, and he sees the decline since 1973 in the rate of
productivity growth as key to our economic woes. According to the
author, the main causes of this decline are excessive military
spending and too little investment in the nation's infrastructure,
in the tools and equipment workers need to do their jobs, and -
last but not least - in the nation's human capital. In addition to
cutting military spending, Peterson would establish a National
Development Bank to oversee and implement investment policy, and he
prescribes a system of universal health insurance plus a one- or
two-year national-service program for 18-year-olds - similar to the
Civilian Conservation Corps of the Great Depression - that would
provide cash credits toward college or vocational training. He also
offers a tax-reform plan: a flat-rate system for all but the top
three percent of taxpayers, who would be taxed at a sharply
graduated rate. Peterson's solutions aren't as revolutionary as he
claims, but he presents them - and his telling analysis - with
clarity and force. (Kirkus Reviews)
The year 1973 marked a turning point, as Peterson makes clear in
this carefully documented book. When several key economic
indicators changed course, the "silent depression set in, resulting
in problems for the shrinking middle class, the poor, and the
American family." Peterson calls for strong medicine and closes
with proposals for health care, education, and the tax system that
will help speed the economy's recovery.
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