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The year 2010 marked when the National Bureau of Economic Research declared an end to the Great Recession. The economy had shed over six million jobs in 2008 and 2009, but few had been recalled to work by 2010. Today, government policies have yet to make a significant dent in unemployment. In End Unemployment Now, Ravi Batra explores why this is the case. He explains how joblessness can be completely eliminated―in just two years, and without the help of our painfully incompetent Congress. The President and the Federal Reserve have the legal authority to generate free-market conditions that will quickly end the specter of unemployment, all without involving Congress.
Some examples of how to end unemployment without congressional intrusion:
• Creating a bank by the FDIC to compete with banking giants and then charging only 5% interest rates on credit card balances, instead of the standard 10-35% seen today
• Banning mergers among large and profitable firms, as such mergers directly cause layoffs and reinforce monopoly capitalism
• Aid to small businesses in the form of cheap loans and government contracts, because small firms have been real job creators since 1980, while Big Business has been a job destroyer
• Offer retiree bonds to increase the incomes of pensioners who live on savings and whose incomes have been practically destroyed by the collapse of interest rates
• Bring oil prices down to $20/barrel, which would lower a gallon of gas to $1.50
- Sales Rank: #927206 in Books
- Published on: 2015-05-12
- Released on: 2015-05-12
- Original language: English
- Number of items: 1
- Dimensions: 9.49" h x .99" w x 6.38" l, .0 pounds
- Binding: Hardcover
- 256 pages
Review
“An innovative approach that will appeal to those who question current claims of economic recovery.” ―Kirkus Reviews
“Batra...details all the issues that led up to the U.S. wage gap, horrendous oil prices, and high-interest rates-and, yes, a loomingly alarming high-unemployment rate...Much food for thoughts; write your congresspeople now.” ―Booklist
“This book really reads like a suspense novel. Turning each page, new tracks appear that the villain left behind in this economic whodunnit of all time. Of course, this is no idle fiction but the harsh truth of life in our world. The description of the economy the book offers is straightforward, yet profound and easy to grasp at the same time. Its message will have an impact. There is no way around it.” ―Thorsteinn Thorgeirsson, Senior Advisor to the Governor, Central Bank of Iceland.
“Once again, Dr. Ravi Batra, one of America's most brilliant economists, knocks it out of the park. Everyone - particularly policy makers - needs to read this book! Brilliant, easy to understand, and filled with solid solutions to revive the American middle class.” ―Thom Hartmann, host, Thom Hartmann Radio Program and The Big Picture
“For the aficionados of economics prophecy, Professor Batra has always been a legend: in this new work, however, his focus is on economic policy. He has little time for padding or rhetoric: instead, he sums up very quickly, in simple, lay terms, what must be done to bring to the U.S., and thence the world, out of its long-drawn doldrums. Even better, he shows how this might be accomplished bypassing the slow-moving processes of Congress, via Executive edicts. It is the economics primer for our times: a must read for all--especially President Obama with time still left in his tenure to carve himself a permanent niche in History.” ―Prof. Rajani Kanth, Harvard University
About the Author
DR. RAVI BATRA, a professor of economics at Southern Methodist University, is the author of six international bestsellers. Previously, Batra has been ranked third in a group of "superstar economists," according to Economic Enquiry. Dr. Batra has been written up in major newspapers and magazines, such as the New York Times, Washington Post, Time, Newsweek, etc., and has appeared on CBS, NBC, CNN, ABC, CNBC, among many other networks. He lives in Dallas, TX.
Most helpful customer reviews
13 of 17 people found the following review helpful.
Moderately interesting and informative but problematic proposals at best
By AmazonJavaJunki
This book is not without merit but frankly, I shudder to contemplate the resulting chaos should these suggestions be put into place. Okay, first things first. The author is clearly an Obama supporter and Democrat. Personally, I prefer a bit less bias and a bit more objectivity in my financial/economic readings but take this as a warning....if you are not enthralled by Obama then be prepared for a bit of gushing early on in the book.
Setting aside the obvious bias, the author does a good job explaining the history, fundamental terminology and concepts...sometimes with a bit of twist. Those who are readily familiar will find themselves increasingly curious about his position and "tweaking" of definitions, explanations etc...those who are not familiar will likely fail to recognize these nuances and therefore may be prone to accepting all further prognostications and proposals at face value. However, this general section of the book was both interesting and informative...well worth the read.
Last but not least, the actual suggestions which range from "sounds good" to "you have got to be kidding". Just for example, the idea of having the government "market" cottage industry products in order to raise incomes levels from the sample $2 to $4 while minimizing or eliminating the high profits of the middle man smacks of futility at best and a nightmare of red tape, inefficiency etc at worst.
Bottom line...give this to your hard core Republican friends and wait for the fireworks which are sure to follow. :)
4 of 5 people found the following review helpful.
Well researched and well articulated book on current US economic situation that provides some thought-starter suggestions.
By ZenWoman
This is well written book by an author who has written several articles for well known publications like Washington Post, Newsweek and teaches Economics at SMU in Dallas, TX. I had read an article by the same author a while ago, in which he predicted the recession in US economy starting late 2007, so I was interested in this book.
It is a well-researched book, with charts and graphs giving some facts about the current state of economy and explains how we've arrived at this juncture through a mix of public policy and corporate action. I read some of the other reviews before ordering this book that suggested that this book was a biased representation of current economic situation, but on reading the book I find the author to be presenting more factual statements than personal opinion - at least in the first half of the book.
The first part of the book is a background on current US economics and governmental policy, followed by a lesson in economics to understand the current economic situation. It also refers to some recent economic events and government action. There is a verbatim economic debate between Republicans and Democrats and economists. The second part of the book called "The Cure" outlines the similarities between certain periods in US history with the current situation and starts to build solutions for the current crisis. Batra takes a look at some other countries like Germany, Brazil, China and India to illustrate how these economic principles would be applied. Essentially, Batra argues for free market creation through government intervention. At the end of the book, Batra summarizes all the main arguments and the suggested solutions.
The book presents facts that have already been covered exhaustively in recent business articles and news. Batra outlines these major themes of our economy through data, graphs and charts - the decline in employment, the widening income gap, low minimum wages, the tendency of government to plow federal funds to incite consumer spending that only serves to increase deficit, the trade deficit due to increasing imports, the negative effects of outsourcing, increasing corporate profits, the impact of larger corporation funding on government policy making, the impact of higher gas prices on consumer spending, to name a few.
Delving into some economic equations next, he explains basic economics rules have changed due to government intervention and corporate influence. For instance a simple concept explained in the book is as follows - Economics says Supply is equal to Demand which means a lower wage will produce a lower consumer demand and therefore lower supply which hurts manufacturers. Manufacturers then lay off workers as supply decreases and unsold inventory increases. This creates even lower demand and therefore even lower supply. However, if consumer borrowing is made easy, it creates additional demand despite rising unemployment, thus raising supply in turn, and allows manufacturers to make profits. Since consumers are now burdened by additional debt, the government then tries to lower interest rates by printing more money which creates federal deficit. Since government has been employing these tactics since some time now, the federal deficit has been growing by leaps and bounds. There are other concepts explained in a similar fashion in the book.
Overall, the book is written in an articulate and factual manner and I found the economic concepts interesting. The idea of free market creation through government intervention will however, bring most people some pause. There are suggestions that sound good such as offering retiree bonds to increase pensioner incomes, providing cheaper loans to small businesses, asking government contractors to pay a higher minimum wage, but other suggestions to narrow trade deficit through offering a cheaper exchange rate to importers of US products, and creation of a bridge bank to lower consumer interest rates require additional thought. At the very least the suggestions are thought starters, and for that reason I recommend this book.
Get this book if you have time to read through the content, those that skim through this book will find it hard to grasp Batra's reasoning and therefore be more dismissive of his ideas without providing any alternatives.
2 of 2 people found the following review helpful.
Interesting ideas
By Christina Paul
I have to confess that I had not encountered the work of Ravi Batra before this book. I will say that as someone who did lose their job in the economic downturn and had to find a way to climb back out afterward, most of the suggestions in this book have very good merit. In spite of what naysayers have said with President Obama's economic recovery and stimulus, the fact remains it could have been much worse if it had been handled the way that the banks, Wall Street and the corporations were left running things.
Batra does have some good ideas that are going to take informed people, really all of us to put into action. When things like wage inequality are addressed and when education, development and entrepreneurship really start to matter again in this country, I think many of the ideas in this book will give America the changes it really needs to see in terms of economic prosperity and truly ending unemployment, or at least substantially reducing it.
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