Academic journal article et Cetera

The American Dream vs. the Gospel of Wealth: The Fight for a Productive Middle-Class Economy

Academic journal article et Cetera

The American Dream vs. the Gospel of Wealth: The Fight for a Productive Middle-Class Economy

Article excerpt

Norton Garfinkle. The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy. New Haven: Yale University Press, 2006.

Most Americans thinks of themselves as middle-class. But increasingly we are becoming a nation divided between economic winners and losers. Today the top fifth of households absorb more than half the nation's yearly income and close to 70 percent of its wealth - a portion that has steadily grown over the past 20 years. Meanwhile, many pillars of the middle-class American dream are crumbling. Wages have stagnated. Jobs have disappeared by the hundreds of thousands. Employment is becoming less secure; higher education and housing are becoming more expensive; health insurance is becoming less available. Even promised pensions are vanishing as large corporations sue the courts to escape their obligations.

In The American Dream vs. The Gospel of Wealth, Norton Garfinkle employs historical insight and data-based economic analysis to demonstrate compellingly the sharp departure of the supply-side Gospel of Wealth (the economic theory that is currently in vogue) from an American ideal that dates back to Abraham Lincoln. …

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