Tom Clark (3) (1976–)

‘Hard Times’ very much does what it says on the tin - it is a sustained and evidence-based indictment of financial crisis’ human cost. In particular, it demonstrates the importance of path dependence. Those who were already badly off prior to the crisis have been hit in the most damaging and long-lasting ways. The experiences of the US and UK are contrasted interestingly, as are the current downturn and the Great Depression of the 1930s. The statistical analysis of unemployment’s show more psychological impact and fracturing effect on society did not provide any surprises for me. The most important and original element of the book was introduced towards the end: analysis of policy responses to the crisis. It is evident that the prevailing narrative of austerity is a sharp contrast to the political response in the 1930s. Moreover, the authors demonstrate that initial responses from 2007-2010 were very different to those subsequently. This is especially notable in the UK, where the Coalition government got into power in 2010 and immediately began an ideologically-motivated assault on the welfare state.

Given that only four years have passed since, this is the first book I’ve read to try and dissect both the terrible impact of this and the reasons for it. The media has covered some of the former and this book does not attempt a detailed exploration. What it does contemplate is why so much of the population has gone along with the cruel cutting of benefits to the worst off in society. The conclusion seems to be that the entrenched inequality in society has allowed the Coalition to divide and conquer. The media’s collusion with the austerity narrative clearly also helps considerably. Frankly, the implications are deeply depressing for the UK. I am used to thinking, “Well, the UK government is awful but at least I don’t live in America”. This book demonstrates that by some metrics the UK is doing worse than the US, whilst our welfare regime is moving towards the US model of allowing destitution. It’s an eye-opening reminder of how much havoc the Coalition have wreaked in a relatively short time, with no electoral mandate for doing so. None of the three political parties explained their plans for cuts to the public sector during the 2010 election, I remember that clearly.

I recommend this book as a clear and cogent analysis of the 2007-now economic slump and its social consequences in the US and UK. As such, it’s very depressing, especially for generation Y (now seemingly referred to interchangeably as ‘millennials’). The writing style is accessible but thankfully not too journalistic. I would pick out for criticism a tendency to comment that men have it worse than women regarding employment. This seems to me to ignore that women were already more likely to be on lower wages and in part-time jobs prior to the crisis. Low-skilled ethnic minority men might well have the worst employment outcomes, but high-skilled white men likely have the best. The treatment of gender factors in employment needed more nuance. Otherwise, it was a cheerless reminder that UK politics are terrible and I am unlikely to ever get the chance to own my own home. Thanks, neoliberal dogma and generation X. show less