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Down the Up Escalator

How the 99 Percent Live in the Great Recession

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Description

One of our most incisive and committed journalists—author of the classic All the Livelong Day—shows us the real human cost of our economic follies.

The Great Recession has thrown huge economic chal­lenges at almost all Americans save the super-affluent few, and we are only now beginning to reckon up the human toll it is taking. Down the Up Escalator is an urgent dispatch from the front lines of our vast collective struggle to keep our heads above water and maybe even—someday—get ahead. Garson has interviewed an economically and geographically wide variety of Americans to show the pain­ful waste in all this loss and insecurity, and describe how individuals are coping. Her broader historical focus, though, is on the causes and consequences of the long stag­nation of wages and how it has resulted in an increasingly desperate reliance on credit and a series of ever-larger bubbles—stocks, technology, real estate. This is no way to run an economy, or a democracy.

From the members of the Pink Slip Club in New York, to a California home health-care aide on the eve of eviction, to a subprime mortgage broker who still thinks it could have worked, Down the Up Escalator presents a sobering picture of what happens to a society when it becomes economically organized to benefit only the very rich and the quick-buck speculators. But it also demonstrates the wit and resilience of ordinary Americans—and why they deserve so much bet­ter than the hand they’ve been dealt.

Publishers Weekly Review

Nov 19, 2012 – Americans cope with the fallout from 40 years of dwindling prospects in this quietly harrowing mosaic of economic decline. Journalist Garson (All the Livelong Day) focuses on the basics—jobs, homes, money—and the people who have lost them since the 2008 financial crisis: a group of middle-aged New Yorkers who comfort each other as their layoffs turn into long-term unemployment; California homeowners, some facing immediate eviction, while others cynically game the foreclosure system; elderly pensioners who suddenly find their nest eggs crushed. Through their stories, she weaves lucid explanations of the mortgage bubble and financial speculations that wrecked the system, situating them within a larger analysis of the generations-long post-Vietnam economic transformation that replaced middle-class jobs with low-paid contingent labor, widened the gulf between the rich and the rest, and forced workers to take on ever more debt to keep their heads above water. Garson’s vivid, shrewd, warmly sympathetic profiles show the resilience with which ordinary Americans respond to misfortune, but also the enduring costs as they abandon hopes for a fulfilling career, an extra child, or a secure retirement. The result is a compelling portrait of an economy that has turned against the people.
Down the Up Escalator
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  • $12.99
  • Available on iPhone, iPad, iPod touch, and Mac.
  • Category: Social Science
  • Published: Apr 02, 2013
  • Publisher: Knopf Doubleday Publishing Group
  • Seller: Random House, LLC
  • Print Length: 288 Pages
  • Language: English
  • Requirements: To view this book, you must have an iOS device with iBooks 1.3.1 or later and iOS 4.3.3 or later, or a Mac with iBooks 1.0 or later and OS X 10.9 or later.

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