The Raw Deal: How Myths and Misinformation About the Deficit, Inflation, and Wealth Impoverish America

by Ellen Frank

Americans have fallen for the ticker tape. We watch our portfolios, happily or nervously. We know there were a few bad apples at Enron and World Com, but we also
* The advent of mutual funds, low-cost brokerages, and the Internet has meant that the stock market is now more transparent, honest, and accessible to the small investor than ever before;
* 401(k)s give the individual responsibility and control over their retirement savings, and that makes us more responsible citizens;
* Federal deficits are bad for the economy, especially, somehow, when they're linked to social spending; and
* Controlling inflation is the most important task of our economic policy.

But as economist Ellen Frank shows us, what we know is wrong. Over the past twenty years, Americans have been fed a mash of confusing financial and economic information. This information has distorted popular understanding of how the economy really operates and camouflaged the transformation of economic policy from a tool for improving the living standards of all to a tool for securing the perquisites of those with financial wealth.

Genres: Economics, Politics

248 pages, Hardcover

First published June 15, 2004

Reviews

[Sam]

interesting topics for sure, but i don’t think i was convinced that any of the remedies would actually work. probably hit harder when it was published than now.

[Nate Cahoon]

S'Okay. It contains a nice, straightforward explanation of inflation, and why it's so important for Conservatives to fight high inflations rates (because it makes their wealth stores go poof while the rest of us working stiffs generally see wage increases to match the inflation in prices). It also provides some good insight into the liberal view on National Debt / Deficit spending. The section about global economics is a little too fast and furious...methinks the author may have been bumping up against a deadline. I wouldn't recommend looking for it, but it's worth a few hours if it's laying in front of you.