Fraser explains the economics of decline effectively. The working class may have abandoned Marxian "class struggle," but, he says, the capitalists haven't; they have pretty much won the class conflict by destroying labor unions. But the problem for him goes beyond economics; the disappearance of the left-wing political imagination is his real concern. His analysis thus focuses mostly on the cultural and ideological.
He points to the distractions offered by consumer culture, "an emancipation of the imaginary and the libidinal whose thrills and dreaminess are prefabricated." Consumerism and mass media offer pleasures that are private, that take people away from the political and social and economic grievances they share with others.
He emphasizes the particular idea of "freedom" that provides the heart of Republican Party ideology: Freedom in America is the freedom to succeed through individual initiative (rather than cooperative effort). Our heroes are the entrepreneurs, the "job creators," and the enemies of freedom are the government regulations and taxes that shackle their creativity and energy (and which otherwise might go to serve social needs and the public good).
The '60s maxim "the personal is political" meant that issues that seemed private — above all, women's oppression — were in fact widely shared and required collective action to bring change. Fraser argues that what began as a call for liberation has today become a justification for avoiding the political, for substituting personal solutions for political ones: eat organic food, drive a Prius, send your kids to charter schools.