The Great Risk Shift

The Great Risk Shift examines how financial insecurity has increased for American families since the 1970s. Through research and analysis, Jacob S. Hacker documents the transfer of economic risk from government and corporations onto individuals and households. Hacker traces major shifts in pensions, health care, job security, and family finances over several decades. He presents data showing the erosion of safety nets and the rise of personal responsibility for managing life's economic challenges. The book outlines specific policy proposals and potential solutions to rebuild economic security for working families. Hacker examines both private sector and government approaches to reducing household financial risk. This work serves as both a diagnosis of systemic economic changes and a call for reconstructing social insurance in modern America. The core themes of risk, responsibility, and the social contract remain relevant to ongoing debates about economic policy and the future of the middle class.

Readers appreciate Hacker's detailed research and data showing how financial risks have shifted from institutions to individuals in areas like healthcare, retirement, and job security. Many note the book explains complex policy changes in clear terms. What readers liked: - Clear explanations of complicated economic trends - Personal stories that illustrate broader patterns - Specific policy proposals for reform What readers disliked: - Some find it too focused on problems vs solutions - Several mention the writing becomes repetitive - Conservative readers dispute the core premise about risk transfer Ratings: Goodreads: 3.9/5 (147 ratings) Amazon: 4.2/5 (28 ratings) Notable reader comments: "Made me understand why my parents had better job security than I do" - Goodreads reviewer "Too much doom and gloom without enough concrete fixes" - Amazon reviewer "Required reading to understand America's vanishing safety net" - LibraryThing review

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📚 Jacob Hacker coined the term "the great risk shift" while researching economic insecurity trends during a fellowship at the New America Foundation in 2004. 🏥 The book reveals that by 2004, personal bankruptcies were more common than divorces, heart attacks, or college graduations in America. 💼 Hacker's research shows that year-to-year family income fluctuations doubled between the early 1970s and the early 2000s, even for middle-class households. 🎓 The author became Yale's youngest professor of political science when he joined the faculty at age 25, bringing fresh perspective to his economic security research. 📊 The book demonstrates that while median family income grew just 18% between 1974 and 2004, the frequency of large income drops (50% or more) increased by 140%.