The New New Deal: The Hidden Story of Change in the Obama Era On Sale

Title : The New New Deal: The Hidden Story of Change in the Obama Era
Category: Economic History
Brand: Grunwald, Michael
Item Page Download URL : Download in PDF File
Rating : 4.3
Buyer Review : 123

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A New York Times bestseller, now with a new foreword by the author, The New New Deal is a riveting story about change in the Obama era—an essential handbook for citizens who want the truth about the president, his record, and his enemies.

Drawing on new documents and interviews with more than 400 sources, award-winning reporter Michael Grunwald reveals the vivid story behind one of the most important and least understood laws in U.S. history, President Obama’s $800 billion stimulus. Grunwald’s New York Times bestseller shows how the politically disastrous stimulus was a real new New Deal, preventing a depression while jumpstarting the president’s ambitious agenda for lasting change. It launched America’s transition to a clean-energy economy, established the boldest education reform in U.S. history, overhauled the nation’s antipoverty programs, and funded the most extensive infrastructure investments since Eisenhower’s interstate highway system. This is the definitive account not only of a transformative law, but of a transformative president’s first term.

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Review :
Stimulus Revised
The political parties disagree about whether the Recovery Act of 2009 has succeeded. This is based on deeper philosophical differences as to the preferred role of government in the economy as well as the historical effectiveness of FDR's New Deal in moderating the effects of the Great Depression. Author Mike Grunwald suggests that while reasonable people continue to debate the Recovery Act, they ought first "to hear the real story of what was in it, how it got there and how it got translated into action." To achieve this, Grunwald conducted interviews with more than 400 sources and utilized government documents as well as contemporary reporting.

In 3 sections, Grunwald covers the developing economic crisis, the passage of the bill over Republican opposition and the Recovery Act in action. He reminds us that as Obama entered office, credit was frozen, consumer confidence was at its lowest ever recorded level and the economy was shrinking at a rate of 8.9%. Within 30...
But despite these achievements, the stimulus was ultimately short of what America expected it to do!
*****
"The New Deal's vast legacies are still with us, and so, too, are the questions it provoked. 'Was it a success or failure? The plot of a dictator? A paragon of progressive government or a harbinger of oppressive federal interference in American life?' Hiltzik asks." -- Richard Rayner, LA Times
*

In an absorbing account based on interviews with hundreds of sources on both sides of the debate, and newly revealed documents, Michael Grunwald, an award-winning reporter explores the least understood story behind President Obama's bill, comparing it with FDR's New Deal. The $800 billion, most controversial bill, is one of the most polarizing and least analyzed pieces of legislation in recent American history. Grunwald articulates a compelling study, based on serious investigative reporting, which shows how the 'American Recovery and Reinvestment Act', aka the stimulus, helped prevent a disastrous depression.

Officially, the $800 billion stimulus act was...
Imperfect, but a good read
Although I know that economists generally consider the stimulus to have been a success, and that it's considered one of the most transparent government programs ever, I've never been particularly familiar with the details outside of the HITECH Act. As such, I was looking forward to getting started on this book.

Reading the introduction made me excited about seeing what will be accomplished from the reinvestment part of the Act. It's the first time I heard about the ARPA-E agency, Obama's mini-Manhatten Project, designed to invest in high-risk, high-reward energy research. And while the size of the Act - half what economists said at the time was required, with much of it devoted to tax cuts - was a disappointment, the sheer reach is mind-boggling: investments in transportation infrastructure, investments in research, investments in healthcare, investments in energy. Reading this chapter left me wanting more, wanting to know the details behind each of these ambitious...