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The Great Unraveling: Losing Our Way in the New Century (Updated and Expanded) Paperback – August 17, 2004
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"Paul Krugman is a hero of mine. Read his book."―Al Franken
No one has more authority to call the shots the way they really are than award-winning economist Paul Krugman, whose provocative New York Times columns are keenly followed by millions. One of the world's most respected economists, Krugman has been named America's most important columnist by the Washington Monthly and columnist of the year by Editor and Publisher magazine.A major bestseller, this influential and wide-ranging book has been praised by BusinessWeek as Krugman's "most provocative and compelling effort yet," the New York Review of Books as "refreshing," and Library Journal as "thought-provoking...even funny." The American Prospect put it in vivid terms: "In a time when too few tell it like it is...[Krugman] has taken on the battle of our time."
Built from Paul Krugman's influential Op-Ed columns for the New York Times, this book galvanized the reading public. With wit, passion, and a unique ability to explain complex issues in plain English, Krugman describes how the nation has been misled by a dishonest administration.
In this long-awaited work containing Krugman's most influential columns along with new commentary, he chronicles how the boom economy unraveled: how exuberance gave way to pessimism, how the age of corporate heroes gave way to corporate scandals, how fiscal responsibility collapsed. From his account of the secret history of the California energy crisis to his devastating dissections of dishonesty in the Bush administration, from the war in Iraq to the looting of California to the false pretenses used to sell an economic policy that benefits only a small elite, Krugman tells the uncomfortable truth like no one else. And he gives us the road map we will need to follow if we are to get the country back on track.
The paperback edition features a new introduction as well as new writings.
- Print length560 pages
- LanguageEnglish
- PublisherW. W. Norton & Company
- Publication dateAugust 17, 2004
- Dimensions5.5 x 1 x 8.2 inches
- ISBN-109780393326055
- ISBN-13978-0393326055
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Editorial Reviews
Review
― Boston Sunday Globe
"Paul Krugman is the indispensable American columnist, a voice of truth in a political world of lies and calculated injustice. This book is even better. It makes the case, unrestrained by deference, that a revolutionary right-wing movement is out to transform the United States-and is succeeding, rolling over a supine press and political opposition."
― Anthony Lewis
"Paul Krugman is the great discovery of recent American journalism. Lively, lucid, witty, superbly informed, his commentary on the state of the union is required reading for anyone concerned about the American future."
― Arthur M. Schlesinger, Jr.
"The title of Paul Krugman's The Great Unraveling might well have been The Great Usurpation. In a republic hijacked by the radical right whose leaders reject the legitimacy of our current political system, Paul Krugman's coruscant book calls for a "great revulsion" across the land before it is too late."
― David Levering Lewis, author of W.E.B. DuBois: Biography of a Race
"If I had a tenth of Paul Krugman's brain and a twentieth of his courage, I'd be the happiest person on the face of the Earth."
― James Carville
"The new Krugman book documents why this top-drawer academic economist deserves at least one Pulitzer Prize for his accurate Times op-ed columns that are a lone voice, telling things as they are and debunking Washington policies that are neither compassionate nor conservative. Plutocratic democracy is in the saddle. Rx. Krugman twice a week and in this coherent sum-up on relevant 2003-2010 economics. Buy. Read. Ponder. Benefit."
― Paul A. Samuelson, Institute Professor Emeritus, Massachusetts Institute of Technology
About the Author
Product details
- ASIN : 0393326055
- Publisher : W. W. Norton & Company; Updated and Expanded ed. edition (August 17, 2004)
- Language : English
- Paperback : 560 pages
- ISBN-10 : 9780393326055
- ISBN-13 : 978-0393326055
- Item Weight : 1.09 pounds
- Dimensions : 5.5 x 1 x 8.2 inches
- Best Sellers Rank: #1,913,183 in Books (See Top 100 in Books)
- #1,487 in Economic Policy
- #1,938 in Economic Policy & Development (Books)
- #3,078 in Economic Conditions (Books)
- Customer Reviews:
About the author
Paul Krugman writes a twice-weekly column for the op-ed page of the New York Times. A winner of the John Bates Clark Medal who was also named Columnist of the Year by Editor and Publisher magazine, he teaches economics at Princeton University.
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This book didn't start as a book but as columns Mr. Krugman, who teaches economics at Princeton, wrote mostly for the Op-Ed page of the N.Y. Times from 2000 to 2003. Therefore he had the benefit of a great deal of feed back from counter columns on the same page and elsewhere. His accumulated writings were then organized in topics and published in this book. His statements and concerns were tested in the public arena long before they became a book. If he were just attacking the Administration on trivial grounds or for minor compromises made to gain some larger political concession for the common good he would have been booed off the stage long ago. He was not and the reason is two fold, one, he is a gifted writer able to take complicated economic matters and political situations and make them lucid and readable and two, as an educator he has no stake to protect except that of a concerned citizen.
Why would Mr. Bush want tax cuts that send us in to mounting deficits? I always thought compassionate conservatives were against deficit spending. Well the unstated reason differs from the stated reasons of tax relief, economic stimulus, supply side capital formation for investment etc. The real reason is that the present administration wants to starve what they perceive as big, unnecessary government into small government. Something like we had in the nineteenth century. You remember the nineteenth century don't you with its unrestrained capitalism leading to the exploitation of the public and the rape of our natural resources, the sale of tainted food products, the exploitation of labor, the amassing of great wealth by a few while average families struggled to make ends meet on six day weeks with ten hour days etc. Male life expectancy then was around forty and widows with small children were common. Also you remember the Spanish American War. A war historians are still trying to explain. Was it to free Cuba, to acquire the Philippines as a colony, to make Puerto Rico a state or just to make the world safe from the despotic rule of Spain? Does this sound like Iraq?
Mr. Krugman examines the Administrations actions and points out with logic and with factual examples the following:
The compassionate conservatives are really radical conservatives, who wish the following:
1.To shrink government by tax cuts to the size it was in the administration of Herbert Hoover.
2.To bankrupt Social Security by using the SS security trust, meant for the Baby Boomers, to pay for other programs with budget deficits because of the draconian tax cuts that benefit mainly the top two percent of taxpayers.
3. To, shrink the SEC, Labor Department, Health Education and Welfare Departments and any other perceived department or bureau charged with the protection of the public (except the military with whom these people do a lot of business) so that it has a budget so small to make it meaningless. This is especially true of any environmental protection programs that might be bothersome to the friends of the Administration.
4. To regress foreign policy back to at least the McKinley Administration.
5. To limit taxes to the income earned by ones labor.
6.To eliminate taxes on income from capital.
7.To eliminate inheritance taxes.
7. To provide as much corporate welfare as possible at the expense of the wage earning citizenry.
8. To make economic and social opportunities dependent on ones connections rather than abilities.
These actions resemble the aims of those who wish to establish a plutocracy based on inherited wealth just in case such an aristocracy is not already in place.
Does all this sound way out there? Consider that in 1983 Senator Pat Moynihan, Alan Greenspahn and others on a committee to reform Social Security recognized that the baby boom generation created a huge bubble in the population. Social Security is set up so each generation pays for the preceding generations Social Security through payroll taxes. Since there would be less people working after the baby boom generation retired adjustments were made. A two percent increase in payroll taxes was enacted to be held in trust until it was needed to pay for the baby boomers Social Security. Well Bush has "borrowed" the trust money issuing treasury bonds as security. So thirty percent of every payroll tax dollar is going into the general fund. Something like one trillion dollars has been borrowed. This method of borrowing keeps interest rates down now because the government is not competing for private capital to finance the deficit, but the debt will have to be paid by future generations and since taxes have been cut to mainly benefit the top two percent of taxpayers the burden will fall on the middle class. Also payroll taxes are a very regressive tax falling mainly on the poorest segment of society and take money out of the hands of those most likely to spend it on consumer goods so in effect the cost of financing the government is falling on those least able to do so in a way most damaging to the economy.
This book tells us to stop listening to buzz words like, compassionate conservative, no child left behind etc and look to the actions of the Bush administration for the truth.
Since Bush took office the gap between rich and poor is steadily widening. Wondering why? Mr. Krugman explains the reasons for this. Do wonder if your children will have decent jobs or if you are a baby boomer, will you have a secure retirement? After you read this book you will know the reasons for your concern. When you finish this book then read Robert Rubin's, In An Uncertain World, for a further discussion of responsible fiscal and monetary policies. Edsopinion.hopto.org.
This comes as a shock to Paul Krugman, a usual resident of a comfortable ivory tower, who doesn't seem to understand that all politicians are liars. Another surprise for him is that journalists, even when the lies are obvious, obsequiously accept them as profound truths.
It's how the world works outside the ivory tower. Life is a series of lies, to ourselves and to others; success consists of seeing through these lies without unduly embarrassing others. Anyone who believes everything the politicians tell them is also likely to believe used car salesmen and the developers who sell Arizona desert land.
For Krugman, it's an eye-opening experience to discover the Bush administration has been, is and will continue to lie to the American people. What is far more interesting, and which makes this book a gem, is that Krugman offers an original and frightening reason for these lies. First of all, you need to think of the US government -- which spends 90 percent of its revenues on Social Security, Medicare, Medicaid and the military -- on the same basis as an intelligent economist (Krugman).
On that basis, the US government is a big insurance company which also has an army.
Social Security, Medicaid and Medicare are insurance programs. The Bush administration wants to turn these insurance programs over to private insurance companies and leave the government only in the military business, plus housekeeping duties (national parks, federal lands, business regulation and the like). This is a genuine revolution, a total rejection of America as it now exists and a rejection of almost every social measure enacted since President Herbert Hoover. It is a bold leap forward into a survival-of-the-fittest future -- based on a philosophy in which Pharisees (rich Americans) are praised for passing by the travelers wounded by our society.
His analysis of the Bush administration is the great strength of this book. Most journalists think of politicians as saints or sinners; Krugman is astute enough to look beyond the lies to discern the real agenda. In the main, the book is a collection of columns from the past four or so years detailing the utter folly of thinking about Bush in terms of politics as usual. Instead, he argues convincingly that Bush is waging a true revolution in American social policies.
If you read it with a simple mind, on the basis of liking Bush or disliking Bush, you will either learn nothing new or will think Krugman is a liar.
If you accept his premise that Bush is waging a genuine economic revolution, creating deliberate events such as far distant wars to distract the public, then whether you love or hate Bush you'll be fascinated by the insights this book offers.
Bush may be a liar, but he's not stupid. Bush may be the best tonic for America since President Theodore Roosevelt, but that doesn't make him trustworthy. In either case, Krugman deftly pulls back the layers of deception (call it a smokescreen if you're a Bush fan) to illustrate a very dynamic revolution in America.
This is a tremendous book. It's a tale of terror for those who hate Bush; it's a triumph for those who think the government should get out of the insurance business.