Summary of The Squandering of America

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These days, bad economic news is plentiful. But according to economist Robert Kuttner, the future is even bleaker than the numbers suggest. The reason, he says, is that the two major parties have become cheerleaders for laissez-faire, forgetting the lessons of the Great Depression that market failures are widespread. Kuttner argues that financial derivatives, inequitable trade policies, union-busting and economic bubbles have weakened the economy. Wall Street has become enormously powerful, while politicians have been looking the other way. Although the book draws on academic research, it is clearly written and accessible to a broad audience. getAbstract recommends it to political and business leaders, policy makers and citizens concerned about the implications of deterioration in the U.S. political and economic system.

In this summary, you will learn

  • How the U.S. financial system has fallen prey to political elites;
  • How U.S. economic policies disproportionately favor the rich; and
  • Why political and economic reform efforts fail.
 

About the Author

Robert Kuttner is a founder and co-editor of The American Prospect magazine, a regular columnist for the Boston Globe, a radio and TV commentator, and a Demos Senior Fellow. He wrote a column for BusinessWeek for 20 years. His most recent books are Everything for Sale and The End of Laissez-Faire.

 

Summary

Losing U.S. Democracy
The U.S. was once a beacon for other nations. Its democratic values and enlightened social policies promised prosperity to the majority of its citizens. But the nation has drifted away from its core positive values. Its political leadership has wasted precious global...

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