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Shared Responsibility, Shared RiskGovernment, Markets and Social Policy in the Twenty-First Century$
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Jacob Hacker and Ann O'Leary

Print publication date: 2012

Print ISBN-13: 9780199781911

Published to Oxford Scholarship Online: February 2015

DOI: 10.1093/acprof:osobl/9780199781911.001.0001

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Sharing Risk and Responsibility in a New Economic Era

Sharing Risk and Responsibility in a New Economic Era

Chapter:
(p.3) 1 Sharing Risk and Responsibility in a New Economic Era
Source:
Shared Responsibility, Shared Risk
Author(s):

Jacob S. Hacker

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199781911.003.0001

This chapter focuses on the “Great Risk Shift”, the transformation of the U.S. economy and society that has increased the economic insecurity of the nation's workers and their families. It attributes this transformation to the erosion of America's distinctive framework of economic security over the last generation due to growing economic pressures on employers, together with rising political resistance to the ideal of economic security itself. The chapter then turns to the job market and the family as sources of economic risk, along with the rising instability of family incomes and the American family's growing debt. It also examines what can be done to address the Great Risk Shift, citing President Barack Obama's legislative landmarks of 2009 and 2010, including the Patient Protection and Affordable Care Act, as a major step forward. Finally, it proposes policy initiatives to enhance economic security as well as economic opportunity.

Keywords:   economic insecurity, Great Risk Shift, America, economic security, job market, family, economic risk, family incomes, debt, economic opportunity

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