I don't read Krugman's columns much, so didn't have many preconceived expectations. Thought he made a lot of interesting points, in particular about our country's financial history, but thought the evidence for many of his claims seemed sparse. In particular, many of his comments about the Republican party, if true -- I'm not 100% convinced, really scare me. ( )

Explores the intertwining of economics and politics over the last 80 years, detailing the triumph of the New Deal and the rise of Movement conservatives. Postulates the greater impact of politics on the economy than textbook economics. Focuses on a return to progressive ascendency, with universal health care as a cornerstone. Pleasant, deep, accent-less reading voice.

Krugman takes the reader on a succinct and readable journey through of US economic history beginning from about 1900 up to the present. His focus is how the average (or more precisely median) worker has fared. Krugman recounts the great economic inequality in the pre-Great Depression era and demonstrates that nearly identical levels of inequality have returned.

Krugman’s primary argument is that US government policies and actions can be used to reduce economic inequality and that it did so in response to the Great Depression, through World War Two and beyond. He calls this era the Great Compression when the average CEO of a large company made about 30 times the income of an average worker rather than today’s multiplier of 300. He further argues that conservative political forces used Nixon’s Southern strategy to divide workers and attain power. Once there, these forces applied Friedman economics (and some made-up economics like the ‘supply-side’ craze) to government policies, declared war on unions, and deregulated across the board. Krugman presciently argued that the Republicans’ politics of racial division were nearing the end of the road as the demographics of the US changed.

Krugman expected the recent victory by a progressive Democrat in 2008. He sets forth several fairly specific policy recommendations for progressives (liberals who do things): universal health insurance, a more progressive tax structure, increase the minimum wage, and make union organizing easier. Part of his argument for giving priority to universal health insurance is that it will demonstrate that the government can indeed institute policies that make a person’s life better. After several decades of anti-government rhetoric, such a demonstration is necessary.

Krugman’s prescriptions are not a complete progressive agenda – he barely touches on the environment – but if President Obama and Congress institute Krugman’s ideas in the economic realm we will have a fairer society where the benefits of economic activity are more equitably shared. My personal feeling is they should act aggressively and swiftly on multiple fronts before the GOP has recovered its footing and to occupy the inevitable political counterattack busy with many challenges at once. ( )

Mr Krugman lays out his support for an expanded social services network in the United States. The beginning of which would be universal health care and other expanded social services. He believes this can be accomplished through changes in tax policy with upper income citizens baring more of the tax burden. He attempts to show in his book how "movement conservatism" has stopped or attempted to roll back Roosevelt's new deal policies. and in it's place bring the US back to a pre William McKinley era. He makes a compelling case for the completion of Roosevelt's New Deal policies.

Paul Krugman has quickly become my favorite economist. Of course, I really don't know that many economists, so that isn't such a high bar to clear. However, it was so refreshing to read an unapologetic defense of liberal (yes...liberal, not "progressive") economics. I fully believe that among the many items that will place the Bush presidency near the top of the historical list of failed administrations is the economic disaster in the form of a new Gilded Age that his policies have brought forward. The complete submission to the "market" without any concern for the fact that markets display no morals have brought our nation to the point were there is a new super-rich class that are not beholden to anyone in any way. Krugman details how this came to be, how well the US economy did from the perspective of the median income earner prior to now and suggests how to resolve and return to some sensible economic policy. ( )