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

by Norton Garfinkle

Book Overview

Norton Garfinkle paints a disquieting picture of America today: a nation increasingly divided between economic winners and losers, a nation in which the middle-class American Dream seems more and more elusive. Recent government policies reflect a commitment to a new supply-side winner-take-all Gospel of Wealth. Garfinkle warns that this supply-side economic vision favors the privileged few over the majority of American citizens striving to better...

• Format: Paperback
• Language: English
• ISBN: 0300126115
• ISBN13: 9780300126112
• Release Date: December 2007
• Publisher: Yale University Press
• Length: 240 Pages
• Weight: 0.65 lbs.
• Dimensions: 0.6" x 5.5" x 8.3"

Customer Reviews

Good overview and introduction to American Economics

This is actually the first book I've decided to review. I have only a minimal understanding of macroeconomics but this book explains many of the technical terms used. I found it to be a great overview of American economic history from Lincoln through Bush II. I came away with a better understanding of what policies were used at different times in our history and their impact. I think most people will find this book very useful to be able to talk intelligently about fiscal and monetary policy. I doubt it will convert any supply-siders, conservative libertarians, or their friends but that is by no fault of the book itself. I would encourage anyone who considers themselves a moderate or centrist to read this book. I concur with other reviewers that this book is very easy to read and of only moderate length.

Excellent description of theory behind 2 main economic theories in US politics

If you have any interest at all in really understanding the genesis of the economic theory behind the Democratic and Republican views (as of year 2009 - because things do change) of the economy, then this book is a fantastic resource. As a college graduate who's taken the requisite courses in macro and micro economics, I still didn't REALLY understand the difference between the 2 parties views of economic theory. Certainly not enough to be able to put it into words beyond the very superficial articulation of "supply side/trickle down", etc. This book breaks the two theories down into fiscal policy and monetary policy and retraces the 2 theories beginnings from around the Civil War through around 2004. More than just talking about the the two different theories (referred to as "The American Dream" for Democratic theory and "The Gospel of Wealth" for Republican theory, the book also compares and contrasts results of the two economic theories USING DATA. For example, we get to compare important economic measures like GDP, unemployment, inflation, tax rates, personal savings, business investment, etc., over different time frames (e.g., the Clinton years 1992-1999 vs Reagan years 1980-1987). Though the authors are fairly transparent about which theory they believe has the most beneficial impact on the majority of Americans, it's one thing to just talk about it, it's quite another to be able to see and compare results based on fact/data, rather than usual sound bites thrown away on Fox news, MSNBC, etc. Bottom line - really good book. One should read it regardless of their political beliefs as THEY JUST MIGHT LEARN SOMETHING. ;-)

A "Must Read" in these Hard Economic Times

Garfinkle offers the most cogent anaylsis of the two choices facing the United States at this time. His excellent writing draws upon the history of the U.S. to make his points.

Myth-Buster

I agree that this book was insightful and easy to read. More importantly, the information is thorough and paints an extremely cohesive picture of why current tax policy is wrong-headed. It is now almost a principle of faith that lower taxes on the highest earners bring increased investment and thus faster economic growth. There have been no definitive studies done that support this myth. This book debunks the "Gospel of Wealth" contention with real economic numbers and historical survey. Trickle-down theory has been exposed to the light of factual analysis as a benefit to the super-rich.

Bill Moyers, Senator Hillary Clinton and Alan Blinder loved this book too.

Bill Moyers said: "The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy is the most important book I've read in years. It is the clearest, most readable, most insightful, and most powerful account of how the Declaration of Independence and Lincoln's vision of government "of, by, and for the people" are being turned upside down. Garfinkle has sounded the one trumpet that just might wake us up -- if there is still time." Senator Hillary Clinton said: "We can choose to chart a wiser economic path by starting with the principles that have inspired Americans from the beginning: Sticking with fiscal discipline, rewarding hard work, investing in our people, and growing a strong middle class. In The American Dream vs. The Gospel of Wealth, Norton Garfinkle addresses these important economic issues, issues that should be addressed at all levels of government and our society if we expect to maintain the American Dream for future generations." Alan Blinder, the former Vice Chairman of the Board of Governors of the Federal Reserve System said: "This fascinating guided tour of America's past reminds us of the moral dimension of economic policy - which used to loom large, but which lately has been submerged. Garfinkle's book may help bring it back." I think every other reader will agree with Bill Moyers, Senator Hillary Clinton and Alan Blinder and will enjoy this book as much as I did.