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Obama's Economy: Recovery for the Few 2012th Edition

4.8 out of 5 stars 4 customer reviews
ISBN-13: 978-0745332185
ISBN-10: 0745332188
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Editorial Reviews


"Jack Rasmus has written in Obama's Economy: Recovery for the Few a revealing exposé of Barack Obama's economic policies since 2008. Explaining in detail why Obama's programs have failed to generate an economic recovery for all but big bankers, corporations, speculations, and the 1% wealthiest households, Rasmus predicts more of the same economic stagnation, or perhaps worse, by 2013 if current economic policies continue. Rasmus concludes the book with his own detailed 'Alternative Program for Economic Recovery.' It is time to seriously begin public discussion and debate of economic alternatives to the past four years, which Rasmus's book clearly has begun." - Nancy Wohlforth, Co-Convenor, US Labor Against the War
"Obama was elected because he represented hope and the expectation of change. But as Jack Rasmus details in Obama's Economy: Recovery for the Few, little changed for tens of millions of unemployed, homeowners, and those dependant on local government services for whom economic recovery has been anemic to non-existent the past four years. Rasmus describes in detail how Obama was the most conservative and business oriented of the Democratic candidates in 2008, and how his first term economic policies reflected that pro-business orientation." - Chuck Mack, International Vice-President, International Brotherhood of Teamsters Union

"Jack Rasmus in his new book, Obama's Economoy: Recovery for the Few, connects the dots and gives new meaning to common sense economics. While working people reel in the downward spiraling economy, Rasmus analyzes how we got where we are and makes recommendations for sustained economic growth and recovery. It's the kind of reading that makes every leader stop and say 'Wow! That makes perfect sense. Why didn't I think of that?' Then ask yourself, 'Why wouldn't our President think of that?' When you've read the book I'm confident that you will conclude that Rasmus has done a brilliant job of defining the impact of the Obama policies and decisions to this continued economic crisis." - Donna DeWitt, President, South Carolina AFL-CIO

About the Author

Jack Rasmus is a Professor of Economics at St Marys College and Santa Clara University, both in California. He is a freelance economics journalist and author of Epic Recession: Prelude to Global Depression (Pluto, 2010). He has been a business economist, market analyst and vice-president of the National Writers Union.


Product Details

  • Paperback: 216 pages
  • Publisher: Pluto Press; 2012 edition (April 4, 2012)
  • Language: English
  • ISBN-10: 0745332188
  • ISBN-13: 978-0745332185
  • Product Dimensions: 5.9 x 0.5 x 9.1 inches
  • Shipping Weight: 12 ounces (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #1,946,280 in Books (See Top 100 in Books)

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By David R. Baker on June 25, 2012
Format: Paperback Verified Purchase
The history of economics is the history of man made disasters. As Obama's disaster unfolds, it is clear that the 90% are just collateral damages for the 10%. In making the world safe for banks and insurance companies, Obama has ensured that there is no future for the rest of us: Obamanomics is Bush III. Jack Rasmus's book Obama's Economy: Recovery of the Few, is an irrefutable indictment of Obama's economy and a roadmap for those who would make America work for the many. It is also a superb overview of the "richest economy in the world." with two omissions worthy of note.
Rasmus does not explain why Reagan/Bush I & II ran up huge deficits----after all they are "conservatives" . Nor does he explain why military spending was the chosen vehicle. As to the trillions of dollars of deficits, David Stockman told us why: the deficits were chosen to destroy social security and medicare by financial strangulation and as Rasmus documents, Obama has significantly moved forward toward the destruction of both, cynically timed after the November 2012 elections. As to military spending, military spending creates very few jobs for the trillions of dollars spent: once again, as Rasmus documents, again and again Obama refused to do anything of significance to create jobs but he was more happy to spend more on the military and war. In fact, as Rasmus documents, his only vehicle for job creation was long term infrastructure projects that will take decades to carry out------the job equivalent of defense spending in terms of real job creation.
The lack of Obama job creation is more than just a continuation of the Reagan/Bush I & II economic agenda; it contrasts sharply with FDR. In one of the most compelling sections of the book, Rasmus does a year by year contrast of FDR and Obama.
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Format: Paperback
This book is about our current economy. Not a happy subject, Yet, the author writes easily and comfortably while still packing in lots of useful information. In refreshingly clear descriptive language, Prof. Jack Rasmus presents a devastating indictment of the last four years of utterly failed government policies and their underlying false precepts.

No cheerleading for the private sector cabal of banks and corporations here. Why should there be? What exactly has blind faith in the market accomplished?

Look no further than the very apropos book title - recovery for the few.

Rasmus cites 2011 business journal reports that "corporations have a higher share of cash on their balance sheets than at any time in half a century...rather than invest[ing] in new plants or hiring."

Banks are no different. The author explains that banks are sitting on "$1.7 trillion in excess cash" which they refuse to extend for mortgage relief or as credit for small businesses."

The author breaks down how banks received low interest and, in some cases, zero interest bailout funds of nine trillion dollars, without any obligation or intention to help out millions of working people facing foreclosures.

It may also shock readers to learn that insurance policies reimburse bank mortgage losses at higher, pre-crash market rates. And, Rasmus reveals how quasi government mortgage agencies like Freddie Mac and Fannie Mae extend exactly the same favor to their banker friends.

And, just when you think it can't get worse, other chapters disclose one of the most unscrupulous policy scandals of any recovery program. Banks were actually urged to park their zero interest or ridiculously low 0.
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I read this book for one of Prof. Rasmus classes and found it very interesting. Especially the last chapter where he gives proposals on how to achieve a sustained recovery.
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Obama's Economy: A New book by Jack Rasmus

Jack Rasmus's new book, Obama's Economy (PlutoPress, 2012), is a marked departure from his earlier volume, Epic Recession: Prelude to Global Recession (PlutoPress, 2010). Where the earlier effort sought to provide an economic framework to understand the worldwide crisis that began over four years ago, the new book offers a detailed, critical history of President Barrack Obama's policy responses to that crisis. In fact, much of Obama's Economy reads like a vivid, insightful diary of economic life during that period. Rasmus links these events into a powerful narrative that was easy to miss as we lived it.

This blow-by-blow account of economic decline and feeble policy response is all cast in the shadow of Obama's campaign promises, promises that were neither bold nor progressive. As Rasmus demonstrates, Obama -- the candidate - drew his financial support from Wall Street, surrounded himself with corporate-friendly, free market-oriented advisors and preferred caution and compromise to any bold, new vision.

As Rasmus demonstrates, Obama's economic course was largely predictable from his campaign promises.

Rasmus sifts through the seeming chaos and improvisations of the last four years to find three distinct Obama recovery programs implemented in 2009, 2010, and 2011. In addition, Obama's Economy identifies "two and a half" Federal Reserve actions (Quantitative Easings) meant to revive the slumping economy. It is Rasmus's considered opinion that all these efforts failed to restore the US economy to anything like a sustainable vitality. The current abysmal state of the global economy and the sluggishness of the US economy would certainly suggest that Rasmus is right.
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