Customer Reviews

The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy (The Future of American Democracy Series)

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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.

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. ;-)

I heard about this book from Bill Moyers, he mentioned it several times while speaking at the National Conference for Media Reform in Memphis. When I got back, I went to every single book store in Oklahoma City and none carried it, so I knew this must be a good, intellectual book. After finishing it, I must say indeed it is just that, full of good arguments and history and basically saying "..ok, you have to do this or theres going to be problems". It is very readable and I highly recommend Garfinkel's fine work.

the author shows his true colors early on by asking such probing questions like 'is our economy FAIR?'. fair to whom, and by whose standards? there is no more 'fair' an economy than a completely free market, a tautology lost on the author. the author is a pure Keynesian, you really don't need to know anymore than that. this is just typical liberal fodder/propaganda, and if you need a dose of this type of preaching, save your money and watch a few minutes of MSNBC.

This book is exactly what I was looking for. I know Norton Garfinkle personally and I know he is a brillant man. As I struggle through this "recession", "depression", " The Great Recession" - haha, I keep thinking: "What has gone wrong?" I have been happily middle class my whole life, and suddenly, I have no money, no credit, only debt and a few broken, worn-out goods made in China as my only possessions.
Garfinkle's book answers my questions and tells me how the American economy evolved from Lincoln's presidency. I knew it, I am entitled to a reasonably happy life, with a decent place to live, a modicum of possessions and my child's college education. Wells Fargo, my nemesis, and all the other big banks cannot take these entitlements away from me. We live in the great US so we can have these amenities. If I wanted to have everything taken from me by big banks and health insurance companies, then I would live in a third world country. Why should a french man be controlling our stock market?
This book let me know my thinking was correct. Now is the time to create innovative solutions to counteract the greed of which we have become victims.

This non-profit, nonpartisan book should be required reading in American households. Written in accessible, non-academic language, it provides a solid historical review of American economic policy from the late 19th Century to the present.

Primarily, an analysis and refutation of Conservative "supply-side" (trickle-down) economic policy, the book also examines the ideology behind these policies in an effort to force the reader to ask the question "What kind of America do I want? Do I want an America in which the role of government is to enable a thriving middle class? Or do I want an America that only rewards those at the top?"

The author presents a wealth of historical and statistical data to support his contention that demand-side economic policies (that is, putting money into the pocket of lower and middle-class consumers) are more effective in stimulating the economy and are better for America because they bolster the middle class, which acts as a buffer between the haves and have-nots.

From the book: "Disregarding the evidence that demand-side economic policies provide the best support for our economy, the administration of George W. Bush has taken the strongest steps in more than fifty years to change the direction of economic policy to Gospel of Wealth, supply-side programs. During the Bush administration, there has been a growing acceptance of the idea that it is fair for some Americans to start life with inherited millions, while others begin dirt-poor. Under Bush, America has been evolving into what the economists Robert H. Frank and Philip J. Cook called a "winner-take-all society."

Read this book and decide for yourself. Like they said in the X-Files "The truth is out there."

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.

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.

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.