Up to Our Eyeballs: The Hidden Truths and Consequences of Debt in Today's America

book: Up to Our Eyeballs: The Hidden Truths and Consequences of Debt in Today's America | James Lardner, Jose Garcia, ...

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Up to Our Eyeballs...

	Up to Our Eyeballs: The Hidden Truths and Consequences of Debt in Today's America James Lardner, Jose Garcia, ... New Press, 2008 - 256 pages average customer review:based on 1 review view larger image
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A groundbreaking book that debunks the notion that Americans' personal indebtedness results from profligacy and offers startling analysis and realistic solutions.

"For the first time ever recorded, Americans owe more money than they make. Household debt levels have now surpassed household income by more than 8 percent."?Newsweek, August 8, 2006

At a time when Americans owe close to $800 billion in credit card debt, the myth is that credit cards are primarily financing America's luxury lifestyles?helping white suburban families pay the costs attached to extravagant homes, luxury cars, and golf club memberships?or helping those who aspire to these lifestyles. Up to Our Eyeballs reveals the disturbing reality that credit cards are in fact the new "safety net," being used by desperate middle- and low-income families to manage essential expenses.

In the increasingly volatile American economy, where a decline in work-related benefits like health insurance and pensions has accompanied a rising cost of living and increased job instability, consumer debt has become a fact of life for many American families. Up to Our Eyeballs is a troubling examination of the causes and consequences of this explosive rise in consumer debt.

Including a critical look at how the financial industry became the aggressive, hyper-profitable industry it is today, this book also incorporates solutions that will be of real relief to struggling households.

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Skip straight to the policy recommendations

This book is extremely ideological - anti-corporate, anti-capitalist, etc. Given the authors' affiliations (Demos - a far left think tank), this is not surprising. The points/arguments advanced throughout the book are one sided and the only time the authors discuss the personal responsibility of individuals for their own debt levels is to excuse it and explain it away.

In contrast, the policy recommendations are (for the most part) quite reasonable and are not terribly ideological. Rather than buying this book, I recommend checking it out from your local library and skipping straight to the chapter on policy recommendations. The chapter on the history of credit is also worth a read.

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