Download PDF The Great Unraveling: Losing Our Way in the New Century, by Paul Krugman

Download PDF The Great Unraveling: Losing Our Way in the New Century, by Paul Krugman

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The Great Unraveling: Losing Our Way in the New Century, by Paul Krugman

Download PDF The Great Unraveling: Losing Our Way in the New Century, by Paul Krugman

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Amazon.com Review

The Great Unraveling is a chronicle of how "the heady optimism of the late 1990s gave way to renewed gloom as a result of "incredibly bad leadership, in the private sector and in the corridors of power." Offering his own take on the trickle-down theory, economist and columnist Paul Krugman lays much of the blame for a slew of problems on the Bush administration, which he views as a "revolutionary power...a movement whose leaders do not accept the legitimacy of our current political system." Declaring them radicals masquerading as moderates, he questions their motives on a range of issues, particularly their tax and Social Security plans, which he argues are "obviously, blatantly based on bogus arithmetic." Though a fine writer, Krugman relies more heavily on numbers than words to examine the current rash of corporate malfeasance, the rise and fall of the stock market bubble, the federal budget and the future of Social Security, and how a huge surplus quickly became a record deficit. He also rails against the news media for displaying a disturbing lack of skepticism and for failing to do even the most basic homework when reporting on business and economic issues. The book is mainly a collection of op-ed pieces Krugman wrote for The New York Times between 2000 and 2003. Overall, this format works well. Krugman writes clearly about complicated issues and offers plenty of evidence and hard facts to support his theories regarding the intersection of business, economics, and politics, making this a detailed, informative, and thought-provoking book. --Shawn Carkonen

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From Publishers Weekly

This selection of three years of New York Times op-eds by economist and Princeton professor Krugman document his opposition to the governance of George W. Bush and his "bad economics wrapped in the flag." In his introduction, Krugman asserts that Bush is a radical and that America's right wing is "a revolutionary power... a movement whose leaders do not accept the legitimacy of our current political system." The core of the book's 100-plus columns is dedicated to eviscerating Bush's fiscal policies, uncovering the administration's hidden agendas, as well as castigating the media for letting him get away with it. A handful of articles advocate the globalization of free trade. Much of the material will be familiar to Times readers, but reading the items together reveals Krugman's growing anger at the hubris he sees exhibited by the extreme right wing and its seeming defiance of logic. At first, Krugman is a numbers man, methodically parsing the data (demonstrating, for example, how the heartland is not, statistically, more committed to family than people on the coasts), but over time he arrives at the conclusion that "Yes, Virginia, there is a vast right-wing conspiracy" and "it works a lot like a special-interest lobby." Krugman is one of the few commentators able to sound both appalled and reasonable at the same time as he provides an alternate history of the last three years to that penned by conservative pundits. Many readers will find Krugman very persuasive as to how our present government has done us wrong.Copyright 2003 Reed Business Information, Inc.

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Product details

Hardcover: 320 pages

Publisher: W. W. Norton & Company; 1 edition (August 17, 2003)

Language: English

ISBN-10: 9780393058505

ISBN-13: 978-0393058505

ASIN: 0393058506

Product Dimensions:

6.5 x 1.5 x 9.5 inches

Shipping Weight: 1.9 pounds (View shipping rates and policies)

Average Customer Review:

3.7 out of 5 stars

151 customer reviews

Amazon Best Sellers Rank:

#289,278 in Books (See Top 100 in Books)

A well-researched and witty account of the economic woes of the fail decade. I haven't followed Krugman all this time but recent enlightening articles have caused me to search out this book: essentially a compilation of his past articles. If you've read him before then this isn't a necessary purchase - but a rather nice collection all the same. If you haven't read him, and are interested in learning a lot about American politics and global economics, then get this book. I've personally learned a lot of this author and continue to read his articles to this day,

This book by Paul Krugman makes you realize that, buried by the national insanity of Bush/Cheney's Iraq war mania, there were actual real voices that saw things another way. Had anyone listened, we'd be living a very different world right now. This indictment of the true evil-doers of the era -- Bush, Cheney, et al -- is thorough, and thoroughly depressing.

A little too objective

I found this book to be highly interesting. First of all, this book is made up of Krugman's columns from the The New York Times and Fortune magazine, so there isn't a lot of new material in this book. The good point is that these columns are collected into different categories, so you can see the flow of Krugman's reasoning clearly.For me, the most interesting thing I learned is that Bush's tax cuts were completely unnecessary and benefited mostly rich and wealthy people. For example the much talked about death tax is only applicable to estates over 3 million dollars. The average person doesn't even pay death taxes, but the way Bush talks about it, you would think everyone is paying through the nose. Krugman also goes on to outline how Bush lies about his budget numbers, something people don't often double-check. It's good to see that consciencious economists such as Krugman are keep us informed. Also Krugman points out Bush's crony capitalism. It's commonly known that Bush only invites his friends to play, but Krugman gives some concrete examples.This book is a must read before the 2004 election. Inform yourself of the facts.

Are you ever puzzled by the fact that the Bush Administration seems to say one thing and then do another? Well this book explains the Bush Presidency not by what it says but by the consequences of what it does. Mr. Krugman's book will be attacked on this forum by all the right wing pundits, disclosed or undisclosed, who now write book reviews on Amazon for the purpose of dissuading the public from reading meaningful books or books that run counter to their own views. Read this book, think and be enlightened.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.

Good writing and great commentary but becoming less interesting compared to what happened in the recession of 2008-9. There are many parallels between the time period this book talks about and present day (2014-15). The book can seem redundant in its criticisms of the Bush Administration after awhile. However he effectively sheds light of the radical right-wing workings of the Bush Administration which caused many of the problems we are dealing with today.

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