Silent Depression: The Fate of the American Dream

Wallace C. Peterson, Author
Wallace C. Peterson, Author W. W. Norton & Company $25 (317p) ISBN 978-0-393-03586-5
Paperback - 320 pages - 978-0-393-31282-9
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Peterson, economist and author of Transfer Spending, Taxes, and the American Welfare State , posits that America has been in the bitter grasp of an unrelenting, silent ``depression'' since 1973. This economic metamorphosis, a ``serious and long-lasting deterioration in the basic economic fortunes for large numbers of American families,'' triggered pronounced increases in poverty and deindustrialization and a sustained erosion of the American dream. Peterson's observations on the loss of manufacturing jobs, poverty, education, the infrastructure and the emergence of ever greater economic inequalities are perceptive. ``Far-reaching changes in the structure of the economy--changes that are both a cause and a consequence of the silent depression--have sharpened the difference between classes in America.'' This exemplary study is a significant contribution to economics. (Jan.)
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