The Obama campaign insists that things are better now than 4 years ago, and the Romney campaign argues that they’re not. They’re both right! The Obama Recovery Program has done quite well for the SuperRich while leaving the middle and working class pretty much where they were. The fact that many of the SuperRich have forsaken Obama and switched to one of their own is suggestive of the verities: (1) they want MORE, (2) the SuperRich aren’t loyal, and (3) the philosophy of “so what have you done for me lately”. Jack Rasmus’ new book on the Obama recovery for the few is an eye-opened.
Obama’s Economy: Recovery for the Few
After a $9 trillion bailout of banks and financial institutions by the U.S. Federal Reserve, and more than $3 trillion in fiscal stimulus by Congress and the Obama administration, nearly four years after the onset of recession the U.S. economy is still mired in the weakest, and most lopsided, economic recovery since 1947. U.S. stock markets have risen more than 100%, corporate profits have exceeded 2007 levels, CEO pay and bankers’ bonuses have once again returned to pre-recession levels, the largest U.S. companies continue to hoard $2.5 trillion in cash, and banks dribble out loans to small businesses. In contrast, more than 23 million American workers remain jobless or underemployed, home foreclosures exceed 12 million, 15 million homeowners struggle with negative equity, income growth for 80% of households continues to stagnate at best, while state and local governments lay off workers and teachers by the hundreds of thousands, cut services, and raise taxes.
This book explains how the weakest and most lopsided economic recovery since 1947 has been the direct result of the failed economic policies of the Obama administration and the U.S. Federal Reserve. The book provides seven specific reasons—not just insufficient fiscal stimulus argued by liberals—that explain why recovery programs under Obama’s first term in office have failed to generate sustained economic growth. Tracing the evolution of Obama policies from his presidential election campaign in 2008 through the passage of his 2012 budget, the book explains how the US economy got where it is today and continues on a ‘stop-go’ trajectory of short, shallow relapses followed by weak and unsustained recoveries. A sequel to this writer’s previous 2010 book, Epic Recession: Prelude to Global Depression, this book, Obama’s Economy, argues and shows, based on extensive data, why the U.S. economy will once again suffer a ‘third relapse’, or a worse double dip recession, in 2013.
The book concludes by offering an ‘Alternative Program for Economic Recovery’ to the policies of the past four years, which focuses on jobs, housing, and local government immediately, and by introducing concurrent major structural economic reforms targeting the tax system, retirement system, and banking systems in the U.S. The ‘Alternative Program’ concludes with proposals for fundamental, longer term change necessary to reduce household, small business, and State-Local government debt and to restore historic rates of income growth for working and middle class households.
TABLE OF CONTENTS
INTRODUCTION: A Systemic Crisis of Recovery
Subtitle: ‘The Wasted $12 Trillion’
Chapter 1: The Weakest, Most Lopsided Recovery
Subtitle: ‘Who Recovered, Who Didn’t, and Why?’
Chapter 2: From Tax Cuts to Tactical Populism
Subtitle: ‘Obama’s 2008 Campaign Promises’
Chapter 3: Obama’s Jobless-Homeless Stimulus
Subtitle: ‘The 1st Economic Recovery Program (2009)’
Chapter 4: A Record Short, Faltering Recovery
Subtitle: ‘The 1st Economic Relapse of 2010’
Chapter 5: How More Is Less of the Same
Subtitle: ‘The 2nd Economic Recovery Program (2010)’
Chapter 6: Historical Parallels and the Midterm Elections
Subtitle: ‘Obama as Franklin Roosevelt or Jimmy Carter?’
Chapter 7: Deficit Cutting on the Road to Double Dip
Subtitle: ‘Economic Recovery Policy in Reverse’
Chapter 8: Sliding Toward Global Depression?
Subtitle: ‘The 2nd Economic Relapse of 2011’
Chapter 9: From Failed Recovery to Austerity Recession
Subtitle: ‘The 3rd Economic Recovery Program (2011)’
Chapter 10: An Alternative Program for Economic Recovery
Subtitle: ‘Fundamentals of Economic Restructuring for the 21st Century’