NEW YORK, Sept. 19, 2012 /PRNewswire-iReach/ -- Now is the time for economic optimism in the United States. After enduring five years of a painfully weak economy due to the global financial panic, the U.S. economy is on the verge of much better times, according to Mark Zandi, Chief Economist at Moody's Analytics.
In his new book, Paying the Price: Ending the Great Recession and Beginning a New American Century (FT Press, $29.99, 272 pps., ISBN-13: 9780137047987, available Sept. 2012) Zandi explains the progress we've made and the dramatic improvements that still remain. A respected policy advisor and frequent contributor to Meet the Press, CNN and CNBC, Zandi says that the unprecedented actions taken by the Federal Reserve, the President and Congress during the Great Recession deserve significant credit for ending the Great Recession and jump-starting an economic recovery.
"Just a few years ago, millions of Americans felt shell-shocked and rightfully so. The U.S. economy was grappling with double-digit unemployment, crashing house and stock prices, and an increasing disparity between the haves and have-nots," Zandi says. "And even though some serious problems do remain, our economic future has arguably never been brighter."
Only a few years ago, the U.S. financial system and economy were near collapse. Global financial institutions teetered and fell, while at once-mighty U.S. companies, panicked CEOs slashed jobs. During this time of crisis, policymakers took unprecedented action—from Congress' auto and bank bailouts, to the Fed's zero interest rates and quantitative easing.
While many of these actions remain controversial, taken together, Zandi says they will ultimately be judged as successes. The economy has grown steadily and is creating jobs. House prices are stable, and stock prices are near their all-time highs. Debt burdens have eased for most households. The financial system has shored up its foundations. Best of all, U.S. companies are as competitive globally as they've been in 50 years.
Despite its success, the government's response to the Great Recession was costly to taxpayers. And for the economy to kick into a higher gear, the next President and Congress must come together after the election and address the nation's daunting fiscal challenges. They must scale back the fiscal cliff, increase the Treasury debt ceiling again, and cut future government spending and raise tax revenues to put the nation on a sustainable fiscal path. While this won't be easy, and there is sure to be significant brinksmanship, the political stars are aligning for such an agreement. According to Zandi, this is likely almost regardless of who wins the election.
In an easy-to-understand manner, Paying the Price reveals to readers of all backgrounds:
- Why U.S companies and poised to be as successful and competitive as they have been in 50 years
- What measures taken in the last few years, including the bailouts and the stimulus, and what they really mean
- How the government's actions have worked to stabilize the financial system and strengthen the economy
- What policymakers in Europe and in the U.S. need to do to ensure that our economic future is bright
This book is an indispensable read for every investor, policymaker, and citizen interested in understanding the government's actions in addressing the financial crisis.
If you are interested in receiving an advanced reader copy of Paying the Price or an interview with the author, please contact Megan Graue at email@example.com.
About the Author
Mark Zandi is the founder of an economic consulting firm that was purchased by the Moody's Corporation. His recent research has focused on the economic impacts of tax and government spending policies, foreclosure mitigation policy, the appropriate monetary policy response to asset market bubbles, and the determinants of foreclosure and personal bankruptcy, . A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists, and the public, he often testifies before Congress and appears on CNBC, NPR, CNN, and Meet the Press. He is the author of Financial Shock.
About FT Press
FT Press (www.ftpress.com), an imprint of Pearson, publishes high quality books in the areas of General Business, Finance and Investing, Sales and Marketing, Leadership, Management, Strategy, Human Resources and Global Business. Our brand is built on the concept of signing and publishing the world's best minds on the most relevant topics.
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Paying the Price: Ending the Great Recession and Beginning a New American Century
SOURCE FT Press