Reich Foresees ‘Phantom Recoveries,’ Revolt Against Rich: Books
This article is for subscribers only.
Soon after his election in 2008, Barack Obama huddled with advisers including Paul Volcker to discuss the economic challenge ahead, writes former U.S. Labor Secretary Robert Reich in “Aftershock.”
“Tall Paul” was blunt: Americans have been living beyond their means, the revered central banker told the president- elect. Laura Tyson, Reich’s colleague from the Clinton administration, disagreed: “The real problem is their means haven’t been growing,” she said.