A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.
An examination of the role of private equity companies in gutting large segments of the American economy.
It’s no small irony that the typeface in which federal antitrust investigator and prosecutor Ballou’s book is set is “owned and licensed by a private equity portfolio company.” So is much of the retail and service sector. In one case, the Carlyle Group bought the ManorCare company for $6 billion, which, by the magic of creative accounting, ManorCare had to pay back. Carlyle then sold much of ManorCare’s real estate and forced it to pay rent. In the end, Ballou writes, the resulting insolvency spoke to three facts: Private equity buys for the short term, piles up debt and fees on its acquisitions, and walks away from the wreckage thanks to elaborate protections assured by Congress, which are ensured by endless lobbying. Citing a litany of failures wrought by equity firms—Sears, Radio Shack, Toys “R” Us, Rockport, Neiman Marcus, and more—Ballou notes that the owners make their fortunes on the backs of workers deprived of pension funds and jobs. In 2021, the CEO of one equity firm made more than 10 times the CEO of JP Morgan Chase. The power of equity firms is only growing, in large measure because many municipalities are turning to them to provide and maintain infrastructure as well as “services once provided primarily by the government, including ambulance companies and firefighting departments, 911 dispatch services, and technical colleges”—all funded by taxpayers and ratepayers with no say in the matter. Ballou concludes with a program keyed to federal agencies and departments—e.g., “investigate rollups,” the practice of procuring small firms such as dental practices and merging them into larger companies; and contain the usurious practices of payday lenders, once controlled but then unleashed by Trump-era deregulation.
A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.Pub Date: June 27, 2023
ISBN: 9781541702103
Page Count: 368
Publisher: PublicAffairs
Review Posted Online: March 24, 2023
Kirkus Reviews Issue: April 15, 2023
A clearly delineated guide to finally eradicate poverty in America.
A thoughtful program for eradicating poverty from the Pulitzer Prize–winning author of Evicted.
“America’s poverty is not for lack of resources,” writes Desmond. “We lack something else.” That something else is compassion, in part, but it’s also the lack of a social system that insists that everyone pull their weight—and that includes the corporations and wealthy individuals who, the IRS estimates, get away without paying upward of $1 trillion per year. Desmond, who grew up in modest circumstances and suffered poverty in young adulthood, points to the deleterious effects of being poor—among countless others, the precarity of health care and housing (with no meaningful controls on rent), lack of transportation, the constant threat of losing one’s job due to illness, and the need to care for dependent children. It does not help, Desmond adds, that so few working people are represented by unions or that Black Americans, even those who have followed the “three rules” (graduate from high school, get a full-time job, wait until marriage to have children), are far likelier to be poor than their White compatriots. Furthermore, so many full-time jobs are being recast as contracted, fire-at-will gigs, “not a break from the norm as much as an extension of it, a continuation of corporations finding new ways to limit their obligations to workers.” By Desmond’s reckoning, besides amending these conditions, it would not take a miracle to eliminate poverty: about $177 billion, which would help end hunger and homelessness and “make immense headway in driving down the many agonizing correlates of poverty, like violence, sickness, and despair.” These are matters requiring systemic reform, which will in turn require Americans to elect officials who will enact that reform. And all of us, the author urges, must become “poverty abolitionists…refusing to live as unwitting enemies of the poor.” Fortune 500 CEOs won’t like Desmond’s message for rewriting the social contract—which is precisely the point.
A clearly delineated guide to finally eradicate poverty in America.Pub Date: March 21, 2023
ISBN: 9780593239919
Page Count: 288
Publisher: Crown
Review Posted Online: Nov. 30, 2022
Kirkus Reviews Issue: Jan. 1, 2023
BOOK REVIEW
PERSPECTIVES
PERSPECTIVES
SEEN & HEARD
A fierce, penetrating, and empowering call for change.
Artist and activist Vaid-Menon demonstrates how the normativity of the gender binary represses creativity and inflicts physical and emotional violence.
The author, whose parents emigrated from India, writes about how enforcement of the gender binary begins before birth and affects people in all stages of life, with people of color being especially vulnerable due to Western conceptions of gender as binary. Gender assignments create a narrative for how a person should behave, what they are allowed to like or wear, and how they express themself. Punishment of nonconformity leads to an inseparable link between gender and shame. Vaid-Menon challenges familiar arguments against gender nonconformity, breaking them down into four categories—dismissal, inconvenience, biology, and the slippery slope (fear of the consequences of acceptance). Headers in bold font create an accessible navigation experience from one analysis to the next. The prose maintains a conversational tone that feels as intimate and vulnerable as talking with a best friend. At the same time, the author's turns of phrase in moments of deep insight ring with precision and poetry. In one reflection, they write, “the most lethal part of the human body is not the fist; it is the eye. What people see and how people see it has everything to do with power.” While this short essay speaks honestly of pain and injustice, it concludes with encouragement and an invitation into a future that celebrates transformation.
A fierce, penetrating, and empowering call for change. (writing prompt) (Nonfiction. 14-adult)Pub Date: June 2, 2020
ISBN: 978-0-593-09465-5
Page Count: 64
Publisher: Penguin Workshop
Review Posted Online: March 14, 2020
Kirkus Reviews Issue: April 1, 2020
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