The End of Affluence: The Causes and Consequences of America's Economic Dilemma

by Jeffrey Madrick

This book, reminiscent of the bestsellers Politics of Rich and Poor and Day of Reckoning, tells the real truth about America's long term economic decline—what caused it, what it has done to Americans, and what Americans should do about it.

As the stock market soars, inflation recedes, and the federal budget deficit shrinks, the earnings of the typical American worker are still lower, adjusted for inflation, than they were a decade ago. Family income is only beginning to regain its lost ground, a higher proportion of Americans are living in poverty today than ten years ago, and the distribution of income remains the most unequal in the advanced industrial world.
 
In this brilliantly clear, groundbreaking book, Jeffrey Madrick explains why prosperity has eluded so many Americans and why, since the early 1970s, our rate of economic growth has declined so dramatically. Madrick cuts through the illusions and hypocrisy that accompany the political rhetoric of both parties and shows that before we can fix the economy, we have to recognize what went wrong.
 
Praise for The End of Affluence
 
“The most straightforward account of the disappearing of the American Dream.” — Commentary
 
“In the tradition of the economists Robert Heilbroner and John Kenneth Galbraith, Mr. Madrick makes sophisticated economics easy reading.” — The New York Times
 
“One of the best books on what’s happening in the American economy to be published in years.” —Richard Nelson, Columbia University
 
“For the layman looking to make sense of the 1990s economy, this is a short, accessible primer that clears away a lot of the underbrush and highlights the central truth about the American economy.” — The Washington Post
 
“Without question, The End of Affluence has begun to make a real impact on the future course of U.S. economic policy.” —Richard Gephardt, Democratic leader, U.S. House of Representatives

Genres: Economics

240 pages, Paperback

First published September 19, 1995

About the author

JEFF MADRICK is a regular contributor to The New York Review of Books, and a former economics columnist for The New York Times. He is director of the Bernard L. Schwartz Rediscovering Government Initiative at the Century Foundation, where he is a Senior Fellow; editor of Challenge Magazine; and visiting professor of humanities at The Cooper Union.

He has written for many other publications over the years, including The Washington Post, The Los Angeles Times, Institutional Investor, The Nation, American Prospect, The Boston Globe, Newsday, and the business, op-ed, and the Sunday magazine sections of The New York Times.

Reviews

[Leanne Ellis]

Clear explanation for the economic problems (and subsequent social problems) of today. So prescient!
Two notes:

1. US companies put profit before anything else and don't invest in their workers or resources.

2. The economic policies of the US since the early 1970s have benefited the rich and left the rest of us to fight over the economic scraps!

[Nunya]

An interesting and well-founded take on America’s evolving economic situation, discussing how our history allowed us to enjoy a level of affluence that will likely never again exist due to our changed circumstances.

[Yuichiro]

Focus of this book is the rate of growth of US Economy. From 1870 to 1973, US economy grew at rate of 3.4% (excluding inflation) and 2.3% from 1973 to 1993. Much of US optimism about economic outlook, even today, has been forged in time of great economic expansion. Much of the issues facing the nation today can be traced back to slowing economic expansion. Though the author does not have answers to issues on social security, medicare/medicaid, and deficit, this book will make readers aware (and begin to criticize) economic policies created with optimistic view of the US economy when what we need to do is accept the slowing economic growth and devise policies accordingly.

[James]

This is what I referred to as my "economic thriller". It talks about America's economic paradigm, and how it has changed over the past 30-50 years.