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As the stock market soars, inflation recedes, and the federal budget deficit shrinks, the earnings of the typical American worker are still lower, adjusted for inflation, than they were a decade ago. Family income is only beginning to regain its lost ground, a higher proportion of Americans are living in poverty today than ten years ago, and the distribution of income remains the most unequal in the advanced industrial world.
In The End of Affluence Madrick explains why prosperity has eluded so many Americans and why, since the early '70s, our rate of economic growth has declined so dramatically. Madrick cuts through the illusions and hypocrisy that accompany the political rhetoric of both parties and shows that before we can fix the economy, we have to recognize what went wrong.
"For the [student] looking to make sense of the 1990s economy, this is a short, accessible primer that clears away a lot of the underbrush and highlights the central truth about the American economy."--Washington Post