<i>Third World America</i>: America's New Must-Read

• The top 10 percent of Americans now earn half of our national income, while the bottom 90% collectively own less than 2 percent of the nation's wealth. There is more income inequality in America than at any time since 1928, when this statistic was first kept.

For the past four years, during which I was first Senior Economic Policy Advisor for John Edwards and later an unofficial adviser on jobs and trade issues for Barack Obama, I have railed against the inanity of counting each month only those unemployed workers actively looking for jobs -- and leaving uncounted the millions of workers so "discouraged" that they no longer actively look for work or who've accepted, out of necessity, part-time jobs even when they want and need full-time ones.

In 1947, both major Parties decided to adopt this flawed methodology because it was (and obviously remains) politically 'helpful'. Politically and statistically, this country has always cared about how many Americans are employed -- doing so lies at the heart of what we are as an economy. But in the last sixty years and especially in the last thirty years we've lost sight of how many of our fellow Americans are unemployed, which more importantly lies at the heart of our democracy and our commitment to equal opportunity.

If we were focused today on all unemployed workers, we would be asking ourselves how our economy can create the 21 million jobs needed in order for the workforce to be fully employed in real terms. We would be developing jobs policies that are especially sensitive to those newly unemployed workers who will have more difficulty being re-employed: older workers, the less educated, the handicapped, African-American and Hispanic workers, and those previously employed in construction and manufacturing.

In doing so we would quickly see that the root of our current jobs problems is the dogmatic free-market approach of Tim Geithner, Larry Summers and the administration's other Bob Rubin acolytes, an approach which is keeping us from having an industrial and manufacturing policy, buy-domestic government procurement requirements, and fair free trade instead of the unbridled free trade we have now. It's more than illustrative that these individuals and the Obama administration decided to zero out in the FY 2011 budget request the very office within the Department of Labor that collects global economic and jobs statistics.

Ms. Huffington is a committed ally of America's workers, which is why her latest book is such a critically important read. My only disappointment, and it's barely that, is that she did not add a full chapter on an issue that I know is important to her and workers everywhere, which is strengthening union representation and workers' rights, especially through passage of the Employee Free Choice Act, which right now is just another stalled if not broken campaign promise. When Ronald Reagan came to power in 1980, the conservative agenda which he advanced sped up the decline of unions and reversed the most progressive features of the U.S. tax system. Now fewer than a tenth of American private sector workers belong to a union, while workers in Canada and Europe, who are subjected to the same forces of globalization and technology as American workers, belong to unions in much larger numbers and are the beneficiaries of much more stable wages and benefits, especially health care.

But now I'm just picking nits. Third World America by Arianna Huffington is perceptive, eloquent and timely.

Leo Hindery, Jr. is Chairman of the US Economy/Smart Globalization Initiative at the New America Foundation and a member of the Council on Foreign Relations. Currently an investor in media companies, he is the former CEO of Tele-Communications, Inc. (TCI), Liberty Media and their successor AT&T Broadband.