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The Big Con: The True Story of How Washington Got Hoodwinked and Hijacked by Crackpot Economics [Hardcover]

Jonathan Chait
3.9 out of 5 stars  See all reviews (37 customer reviews)


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Book Description

September 12, 2007
American politics has been hijacked. Over the past three decades, a fringe group of economic hucksters has corrupted and perverted our nation’s policies. With dark, engaging wit, Jonathan Chait reveals how these canny zealots first took over the Republican Party and then gamed the political system and the media so that once unthinkable policies -- without a shred of academic, expert, or even popular support -- now drive the political agenda, regardless of which party is in power.
Why have these ideas succeeded in Washington? How did a clique of extremists gain control of American economic policy and sell short the country’s future? And why do their outlandish ideas still determine policy despite repeated electoral setbacks? Chait tells the outrageous and eye-opening story, expertly explaining just how politics and economics work in Washington. Through vivid portraits of venal politicians and pseudo-economists, with wry analyses of their bogus theories, Chait gives us the tools to understand what’s really behind economic policy debates in Washington: a riveting drama of greed and deceit.


Editorial Reviews

From Publishers Weekly

The author, a senior editor at the New Republic, is best known for declaring I hate President George W. Bush in 2003. This book traces the roots of his dislike back 30 years, when supply-side economics took over the Republican Party and made cutting taxes the GOP answer to all political and economic questions. American politics has been hijacked by a tiny coterie of right-wing economic extremists, Chait declares, some of them ideological zealots, others merely greedy, a few of them possibly insane. To which he adds, the Republicans' success at defeating the democratic process explains why it has been able to enact its agenda despite a lack of popular support. The rhetoric is inflammatory, but the case is laid out with clarity. Chait claims that traditional Republicans, religious people and social, fiscal and foreign policy conservatives have been cheated as much as liberals, and that unparalleled corruption and ruthless cynicism in Washington and the timidity of nonpartisan media allow the minority to rule. His analysis should appeal to anyone interested in politics, though many may find the style too irritating to endure. (Sept. 12)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"Chait is both very serious and seriously funny as he traces the rise of conservatism over the past thirty years." --Michael Kinsley

"Jonathan Chait has nailed a large and important story about . . . the bamboozling of America . . . he writes with a mordant wit." --Sean Wilentz

"Jonathan Chait has written a classic of political journalism . . . Prepare to be shocked." --Michael Lewis, author of Liar's Poker, Moneyball, and The Blindside

"Who says economic policy has to be dry? [Chait] brings a lively wit and a limpid style to the topic." --Ramesh Ponnuru, senior editor, National Review, and author of The Party of Death

"Agree or not with the author's liberal beliefs, consider this a stimulating analysis of how public policy is formulated today." Kirkus Reviews

"His analysis should appeal to anyone interested in politics" Publishers Weekly

"[If] you're only going to read one book [about what's wrong with the modern Republican Party], this is the one." --Kevin Drum, Washington Monthly

Product Details

  • Hardcover: 304 pages
  • Publisher: Houghton Mifflin Harcourt; 1St Edition edition (September 12, 2007)
  • Language: English
  • ISBN-10: 0618685405
  • ISBN-13: 978-0618685400
  • Product Dimensions: 5.8 x 1 x 8.6 inches
  • Shipping Weight: 10.4 ounces
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (37 customer reviews)
  • Amazon Best Sellers Rank: #958,110 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
73 of 81 people found the following review helpful
5.0 out of 5 stars A great book about an important subject September 17, 2007
Format:Hardcover|Amazon Verified Purchase
I am reluctant to give 5 stars to any review, but I succumbed to the temptation in this case simply because for what it does this book is just about as good as it gets.

It reminds me somewhat of Paul Krugman's scarily prescient book "Fuzzy Math" that predicted all of the fiscal calamities that followed the enactment of the Bush tax cuts.

Chait's book is similar to Fuzzy Math on two counts: first, it offers a sustained, cogent criticism of Bush economic policy; and second, it is extremely well-written. Chait has an admirable ability to make fairly technical subject matter completely clear to a lay audience. He increases readability even more by sprinkling his prose with a healthy dose of humor. I couldn't put the book down, devouring it in a weekend.

However, The Big Con has a considerably more ambitious scope than Fuzzy Math, which was essentially limited to an analysis of Bush's 2001 tax cuts. The Big Con focuses upon the entire history of supply-side economics, the philosophy that has, as Chait aptly demonstrates, completely captured the Republican party despite the fact that it has virtually no support among professional economists.

If you want to learn something about economic policy while enjoying a thumping good read, I can't recommend a better choice.
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71 of 80 people found the following review helpful
3.0 out of 5 stars The Radicalism of the Republican Revolution October 18, 2007
Format:Hardcover
The title of Jonathan Chait's book is its worst aspect. It makes him seem like a left wing demagogue, which he isn't. But it does force on him this witty introduction:

"I have this problem. Whenever I try to explain what's happening in American politics - I mean, what's really happening - I wind up sounding a bit like an unhinged conspiracy theorist. But honestly, I'm not... so please give me a chance to explain myself when I tell you that American politics has been hijacked by a tiny coterie of right wing economic extremists, some of them ideological zealots, others merely greedy, a few of them possibly insane"

Chait's thesis is hardly novel: In recent decades, the Republican Party has turned a hard right, pulling the entire American political landscape with it. And yet, ironically, the American Public is moving in the opposite direction, becoming increasingly Liberal.

One of Chait's main theses is that journalists, including those in leading outlets, don't understand economics. Yet based on his footnotes, most of Chait's Economics, Sociology and History comes from the popular press. He quotes neither official data nor scholarly literature.

He consequently makes embarrassing mistakes: minor ones, like claiming that Communists wanted the US to enter WWII before the USSR nonaggression pact with Germany, which was actually signed before the war's outbreak (p. 259). Substantial ones, too: he misconstrues the story of the Supreme Court confirmation of John Roberts and Samuel Alito. Chait sometimes applies a single label (predominantly "Conservatives") to refer to different groups with different agendas: Libertarians, K-Street Lobbyists, Bush Cronies, etc. And I suspect that at least some of the economic data he offers can be differently interpreted.

And yet... even if Chait isn't right about everything, I think the picture he paints is essentially correct and disturbing.

Since the 1970s, the GOP changed from a moderate party committed to smaller government and balanced budgets to an extremist faction wedded to a socially conservative ideology that few Americans support, and to an economic agenda that virtually none do: Not merely extreme tax cutting, but Corporate well-fare, massive corruption, and a bigger, not smaller government.

How did that happen? Mainly because of the new constituency of the Republican Party. The traditional Republican Party, like the Democrats, had a large constituency, with different interests and ideologies. In classic Madisonian fashion, these various factions and interests mostly balanced each other out: corruption and partisanship were checked by the need not to alienate parts of the delicate conservative coalition.

But the contemporary Republican Party constitutes several tribes with remarkably different goals. The Social conservatives care almost exclusively about so called "moral issues"; the foreign policy hawks about US military preparedness. Skillfully, the small (but moneyed) corporate-well-fare tail managed to wag the economically indifferent dog. Because Social and Hawkish Conservatives don't really care about economics, they don't moderate the Republican Party economically.

Without significant competing economic interests to please, the Republicans lined up behind its two major economic initiatives: Tax Cuts and Corporate hands-out. And they found a new and powerful weapon: the business lobbies.

Traditionally, the business lobbies were fairly unpartisan; they joined interests in both parties to promote their goals as the case demanded. But because each party's positions would shift according to its internal politics, they did not remain committed to any one party. This, says Chait, changed in the 1990s: "when Republican won control of Congress... they set about to reshape [The Lobbies] as a partisan Republican force... Republicans demanded total loyalty from [the Lobbies] and offered total loyalty in return. The business lobby and the GOP would no longer be separate parties with overlapping interests but partners in an ironclad alliance" (p. 56).

The Republican commitment to rabid tax cutting and crony Capitalism faced a serious problem: the majority of the American people do not support those policies. Most Americans support taxing progressively, balancing the budget, and oppose privatizing Social Security.

This is where the "Big Con" comes in: how did the Republicans manage to enact their agenda against a potentially hostile public opinion? Essentially, Chait claim, they did it by lying. Instead of proclaiming their economic agenda, they concealed it: the rationale for the Bush tax cuts kept changing; the extent of its regresivity suppressed; and cronyist policies were disguised by Orwellian renaming: a timber hand out was "the Healthy Forest Initiative"; pollution became the "Clear Sky Act". (Full Disclosure: these are complicated issues, and I am not suggesting anyone take me, or Mr. Chait, as a final authority on them. But I think the general picture is telling).

The Republicans encountered little opposition from the press. Institutionally geared towards "balance" and generally ignorant of economics, environmental science, and the like, the press fell easily into the kind of stories the Republican wanted, stating implicitly that the truth was on both sides and that the Democrats were no better then the republican. It played into the hands of republicans by focusing on the politicians' "character" rather than agendas, and by bestowing equal credibility on both sides. As Paul Krugman famously put it, if the white house were to declare that the Earth was flat, newspapers' headlines would be "Shape of the Earth: Opinions Defer".

But Chait fails to explain why the Republicans advantage in press manipulation: Democrats are on general more educated and media savvy. if Britain's Tony Blair could out spin the best of his rivals, why can't US democrats?

I think Chait underemphasizes the widespread feeling that in the 1970s, America veered too far to the left. In the 1990s, as Bill Clinton acknowledged, even Democrats became "Eisenhower Republicans" (p. 234). The radicalization of the Right may be mostly an over-compensation.

For there are limits to the Republican Revolution: the failure to significantly restrict Social Security, Medicare or Medicaid. The major edifice of the New Deal seem to have survived the onslaught of the Radical Republicans. Perhaps the Big Con isn't so big, after all
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46 of 61 people found the following review helpful
5.0 out of 5 stars Exposing the right's intellectual vacuum September 5, 2007
Format:Hardcover
It's a pretty good book. Those who think that conservative economic policies are well-supported by some kind of professional consensus among economists will be shocked, shocked to learn that on at least one of the key elements of Republican Party economic policy thinking -- their obsession with cutting taxes -- the ideas being put forward to justify it by the Bush administration, The Wall Street Journal, and all the rest are crackpot economic notions that are being mainstreamed only by virtue of (what else?) relentless message discipline. These same crackpots (and presumably liars) would have you believe that returning to Clinton-era levels of taxation would wreck the economy, that retirement security can best be provided to all by expanding tax breaks for rich people, that health care can best be improved by expanding tax breaks for rich people, that sound education policy requires expended tax breaks for rich people, and so on. Um, wrong on the facts, wrong according to the ACTUAL consensus.
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Most Recent Customer Reviews
1.0 out of 5 stars A partisan hatchet job that has not aged well.
Not even sure where I got a copy of this book; it's now 2013 so I've had time to reflect on the Bush presidency and the ascendency of republican economic policies. Read more
Published 1 month ago by D. B. Collum
4.0 out of 5 stars A topiclal and significant book
This is an extremely topical book at this juncture in our nation's history. The author deals with political and economic ideas rather than political personalities and elections and... Read more
Published 4 months ago by Jim Lester
5.0 out of 5 stars Read it and weep
Yes, read it and weep for your country, my fellow citizens of the United States of America.

If you want to understand what it is going on in this country in terms of... Read more
Published 17 months ago by Steven J. Hoffman
5.0 out of 5 stars American prophet
Jonathan wrote this book in 2007 and the message came true in 2011. He mentioned class warfare which is the campaign slogan. Read more
Published 18 months ago by Walter W. Ko
4.0 out of 5 stars An enlightening explanation on how voodoo economics and the Republican...
Jonathan Chait's The Big Con: The True Story of How Washington Got Hoodwinked and Hijacked by Crackpot Economics is a book well worth reading. Read more
Published 20 months ago by Whitt Patrick Pond
3.0 out of 5 stars Actually I don't even remember it.
I expect I enjoyed it but I don't remember either strongly liking or strongly disliking. Sorry. So it couldn't have made much of an impression on me either way.
Published on May 15, 2011 by bertward2
5.0 out of 5 stars Well reasoned, open-minded
This book is well documented, well written, and has a clear and cohesive point. I love this book. If you care even slightly about politics or how the country got to where we are... Read more
Published on August 2, 2010 by TMonny
5.0 out of 5 stars Alencon
Gary Hetrick and other Supply Side types need to get their facts straight and understand the mathematics of "Income Tax Burden. Read more
Published on June 22, 2010 by Alencon
5.0 out of 5 stars Depressing and infuriating but very informative
Chait explains that things really have changed politically in the U.S. over the past 30 years - no, you're not imagining it, and no, you're not "getting old" where you go around... Read more
Published on May 27, 2010 by Cat Lover
5.0 out of 5 stars Good explanation of the swing to the right in U.S. politic's
If you read "What's the matter with Kansas", you likely learned
about voters in the U.S. voting against their own self interest,
that is, voting to elect politicians that... Read more
Published on May 17, 2010 by Dave Kuhlman
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