Aftershock: The Next Economy and America's Future by Robert B. Reich

My rating: 3 of 5 stars

I read this book for an explanation about The Great Recession of 2008-2012 because I do not believe it is over. I live in a county where the unemployment rate rose past 13%, and two houses on my street went into foreclosure. I did not understand why a publicly traded company, Lehman Brothers, went from publicly traded on Friday and shareholders unable to trade on Monday because all its assets were cheaply taken over by other companies in secret negotiations sanctioned by the Federal Reserve and Treasury Secretary. Why was the TARP agreements not fully disclosed to the public until after they were made?

I learned a great deal from the analysis by Reich, who had been on the Clinton staff. I had to read it slowly because the simple facts are enough to provoke feelings of anger. I do not agree with all of Reich's solutions that he thinks will help the middle class have enough buying power to strengthen the economy:

• a reverse income tax that expands the Earned Income tax Credit;
• a carbon tax;
• a reemployment system rather than an unemployment system;
• school vouchers based on family income;
• college loans linked to subsequent earnings;
• Medicare for all;
• Public Goods;
• and money out of politics.

The ones with which I disagree the most are a carbon tax and school vouchers based on family income for I think those would harm rural communities.

I encourage all voters to read the book in order to have some backghround for your discussions with elected officials, political candidates and friends.


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