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

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9780807047279: The Raw Deal: How Myths and Misinformation About the Deficit, Inflation, and Wealth Impoverish America
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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 know:
* 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.
From the Hardcover edition.

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About the Author:

Ellen Frank, senior economic analyst for the Poverty Institute at Rhode Island College, writes and lectures widely on U.S. and international economic policy. She lives in Boston, Massachusetts.
From the Hardcover edition.

From Booklist:

Frank reveals in her introduction that from 1980 to 1998 most of the benefits of American economic growth flowed to the very wealthiest families. By 1998, the richest 1 percent of U.S. households controlled half of all financial assets. Frank, a senior economic analyst at Rhode Island College, blames this in part on the fact that, beginning in the 1970s, jobs moved first to the nonunion South, then to Mexico and overseas. She submits this situation as a story of the triumph of the finance industry, the growing dominance of financial interests in setting our economic policy, and the limits on public discourse about U.S. economic policy. Frank assesses the debates over federal borrowing, debt, and the prospects for Social Security, and she examines the myths surrounding the conduct of monetary policy and the problem of inflation. Her timely and well-argued book has the purpose of "contribut[ing] to an environment in which economic policy can be discussed intelligently and honestly." George Cohen
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