The End of Affluence:: The Causes and Consequences of America's Economic Dilemma

Disputing with economists who blame declining U.S. living standards on inflation, federal budget deficits, shoddy education or low levels of investment, Madrick views these presumed causes as the consequences of a sharp slowdown in U.S. economic growth since 1973. Smaller annual growth rates, in his often provocative analysis, have translated into lost jobs, stagnating wages, eroding markets, insecure pensions and reduced home-ownership. Former Business Week finance editor and a former NBC economic reporter, Madrick believes that Americans will create a realistic national agenda only when they abandon misplaced optimism by recognizing that slower economic growth may well be permanent and a structural rather than a cyclical phenomenon. Although offering a few concrete proposals, he recommends more investment in plants, equipment and research and development. He sets as top priorities control of health care costs and greater allocations to schools, day care centers and libraries. Author tour. (Sept.)