|Author||Robert C. Pozen|
|Format||Hardback (No Cover Image)|
The Great Recession that began in 2007 is now more than 4 years old, and counting. Some 24 million Americans are unemployed of underemployed, and at recent rates of job creation we won't be back to normal levels of production until late this decade. Here the author pursues the questions of how bad the "Great Recession" really is, how we got stuck in what can now be called a depression and, above all, how we can free ourselves. He explains the financial crisis that triggered the greatest downturn since the Great Depression and outlines the efforts that have been made thus far. He answers such questions as: How concerned should we be about inflation?, or about the deficit? ; or about the deregulation of financial institutions? As the author points out in this powerful volley, "Nations rich in resources, talent, and knowledge, all the ingredients for prosperity and a decent standard of living for all, remain in a state of intense pain." He has a powerful message for anyone who has suffered over these past four years: a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now. The way forward is clear. Our priority must be to get ourselves back on the path to growth; every day that we lag behind normal production levels only adds to the astronomical economic loss. What is needed for for a rapid powerful recovery is a burst of government spending to jump-start the economy.