Summary
Contents
Subject index
What has America done to protect its citizens from life-changing but common risks such as death of a family breadwinner, ill health, disability, involuntary unemployment, outliving retirement savings, and birth into a poor family? Each, in its own way, burdens—and possibly devastates—unlucky individuals and families both emotionally and financially. It is the rare life that is untouched by one or more of these six threats. How do our current policies affect taxation, spending, and the economy, as well as prospects for individual lives? What more might these policies do to protect Americans? Rich in stories, data, and analysis, Social Insurance provides a strong intellectual foundation for understanding the history, economics, politics, and philosophy of America's most important social insurance programs. This insightful work provides a unifying vision of these programs' purposes and reminds us, amidst the confusing and often apocalyptic rhetoric, why we have the programs and policies we do, while arguing for reforms that preserve and enhance the protections in place.
The Threat of Involuntary Unemployment
The Threat of Involuntary Unemployment
BETWEEN MARCH AND NOVEMBER OF 2008, one titan of American finance after another—Bear Stearns, Fannie Mae, Freddie Mac, AIG, Lehman Brothers, Merrill Lynch, Washington Mutual, Countrywide Financial, and Wachovia—collapsed outright, fell into government receivership, or was acquired by a competitor at a bargain-basement price. Panic reigned in financial markets. Stock prices swooned. Debt markets seized up. Lending for home mortgages slowed from a torrent to a trickle.
The ravaged firms were not alone in having made large, losing, often inscrutable bets on the American housing market. Other highly regarded financial firms—Morgan Stanley, Goldman Sachs, and Bank of America—gambled in similar ways. But for the Federal Reserve's role as lender of last resort and the Bush administration's ...
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