Keith Quincy describes the real economy using the formulas for Washington's economic statistics before the formulas were rigged by Reagan, Clinton, and George W. Bush. Using the honest formulas of the 1970s, the real median wage in 2008 was one-third of what it was in 1973. This is why families needed two wage earners, plus record borrowing, to maintain their standard of living. The economy is now in a depression and unemployment is almost 22 percent. Worse Than You Think also reveals that Washington has raised workers' taxes (income and payroll) until they are now the highest among advanced economies. Also, Washington has also plundered the Social Security and Medicare trust funds to hide the true size of the budget deficits, turning the payroll tax into a disguised income tax. The second part of the book explains why the economy has declined. For 145 years, America was a protectionist nation. No nation successful today practices free trade since it is a prescription for poverty. It was suicidal for America to open its markets to cheap imports but that has been the policy of every president since Truman. The object was political, not economic. America needed allies for the Cold War. Opening our markets to imports was the carrot. After the collapse of the Soviet Union, we continued the policy, but now in pursuit of a military empire.
About the Author: Keith Quincy received his bachelor's and master's degrees at UCLA, and his doctorate in philosophy at the Claremont Graduate University. Formerly a fellow at the Institute in Higher Education at the Claremont Graduate University, Quincy has taught philosophy at the University of California, the California Polytechnic Institute, and Eastern Washington University (EWU), where he also taught American Government, Political Economy, Southeast Asian Politics, and computer programming at the graduate school. His research and published work include classical economics, welfare economics, and the economics of Henry George. He is the author of nine books, including a history of the Hmong, an account of the CIA's secret war in Laos, and a new translation of Plato's dialogues. Nationally recognized for his outstanding teaching, Quincy is the former chairperson of the Government program at EWU, and former president of the Center for Education in Politics. Active in community affairs, Quincy has received awards for his work with refugees, and is the past president of the Eastern Washington Humane Society. Keith Quincy lives with his wife, Anna, on their ranch in Marshall Canyon, a community of farms, vineyards, and orchards on the outskirts of Spokane, Washington.