Book Description
“One day soon, our government will suddenly run out of cash, unable to meet its payments, leaving the United States as bankrupt as any banana republic. We are far more vulnerable than most Americans realize. . . With a debt of $7.3 trillion, if interest rates were to hit the levels we saw 20 years ago, it would take every nickel collected in income taxes just to pay the interest on our existing debt. There would be no money left for defense, or homeland security, or education, or Social Security.
This scenario is hardly fiction. That the United States of America can literally go broke is no longer a fantasy but likelihood—unless we stop the train now speeding us to Armageddon. If we do not get our financial house in order, and soon, our great nation will collapse under the weight of its financial obligations.
I believe we can prevent the catastrophe. But time is short. In the final reckoning, it’s up to us to do what’s needed to save America’s future.”—from
America the Broke
The dirty little secret that neither George W. Bush nor Congress are willing to confront—that America’s reckless spending, disastrous deficits, and exploding debt are speeding our great nation to financial ruin.
Imagine a world in which you lose your job because your company goes under, your retirement money disappears, the value of your home tumbles overnight, your bank stops allowing cash withdrawals, and your ATM card is canceled. The price of groceries has risen so fast that you don’t have the money to pay for them at the check-out counter . . . and the country is bankrupt.
That is exactly the future that economist Gerald J. Swanson sees America hurtling toward—unless we rein in our country’s reckless spending. In America the Broke, Swanson, coauthor of the runaway New York Times bestseller Bankruptcy 1995, argues that the United States is on the brink of financial collapse. Thanks to George W. Bush’s two tax cuts, the White House and Congress’ escalation of domestic spending, two wars, and an economic recession, what was a $200 billion annual surplus three years ago under Bill Clinton has become a river of red ink. The White House’s official projected deficit for 2004 is $521 billion—the largest deficit in U.S. history. With a national debt spiraling upward of $7.3 trillion, a huge trade deficit, and personal debt at an all-time high, we are standing at the edge of a financial abyss that could undermine the financial security of our families and our children’s children.
“Deficits don’t matter,” claim Vice President Dick Cheney and other members of the Bush Administration. But the facts revealed in America the Broke paint an alarming picture.
Next year’s projected deficit will exceed the amount all our cities spend on police, fire protection, medical care, and every other civil service in an entire year. It is more than we could save from abolishing Medicare and Medicaid completely.
The real deficit—the deficit the government doesn’t want you to know about—including the hidden funds we “borrow” from Social Security is nearly $1 trillion.
Rising interest rates alone could trigger staggering payments on our skyrocketing debt, soaking up every dollar the government takes in, leaving America bankrupt.
What does this mean for you and me? If the dollar goes into free fall, banks could close, businesses go bankrupt, real estate values crumble, and middle-class families could lose everything they own.
But there is hope. We can save ourselves—if we demand that our political leaders act now to eliminate the deficit and reduce the debt. In a year of deficit denial, America the Broke is a critical wake-up call regarding our government’s reckless deficit spending—as well as a blueprint for rescuing our economy and saving our country.
Customer Reviews:
facts and fear.......2006-06-15
The U.S. is obviosly not a closed economy. Right now, the U.S. debt held by foreigners is so great that it is not in their interest to see the dollar fall, nor would it be good for their exports-the 2001 recession wreaked havoc on their exports. The U.S. if it were to go down, would drag much of the world down with it and makes the issue very complex. As of now interest rates are still low, but rising, and the government will not raise interest rates as high as the early 80's because that will throw the economy into recession and burst the housing bubble. Housing prices have never declined in nominal terms and the government knows that high interest rates would kill the mortgage market, dragging down the banks and thus the economy as well. There is a delicate balance to say the least. This book does a good job of presenting the situation, but the scenario will not be so grim. Germany and Japan recovered quickly after they destroyed themselves and the world in WW2, and the U.S. has not gone nearly that far or will it ever.
He is right, but it is too late.......2006-03-24
This book is very informative and easy reading. Yes, our government has led this country to a brink of bankrupcy. But what will the people do? Will they really write letters to their congressman and join google and yahoo groups and spend their energy to fix our country? No. Most people will just go on complaining and do nothing. Yes, some people will take civil responsibility and do all the right things as the book suggests, but it is too late. I am just being realistic. Like the author says, every great empire comes to death, and a new one begins. America had it's moment of glory and it got too fat. My point is, just as the politicians are corrupt, most people are also corrupt. No one was forced to use credit cards and get into irresponsible debt. We have only ourselves to blame.
Great introduction to the HUGE problem we face.......2005-12-07
I asked my husband what he thought the most important political issue was, and he said "the deficit." He's a pretty smart guy, and even though I was surprised he didn't say something more "exciting" like abortion, the war, or the environment, I thought I would look into it anyway. I got Swanson's book from the library and just couldn't put it down. Swanson succeeded in enfuriating me with this topic. He writes in a very conversational way that is clear to understand for the beginner. And proved for me that, once again, my husband was right! :)
A must read, but how are we to fix it?.......2004-11-15
The author does an excellent job of alerting us to America's fiscal problems, and for those who need a better understanding of them, this is a must read. It is well written and provides realistic scenarios if we fail to fix the system.
But Gerald Swanson describes only the symptom, and like other economists he overlooks the disease (our moneyed political system) and the real cure (public funding of political campaigns). To expect "honesty, responsibility and good government to return to government" is a pipe dream when the fat cats who fund our political elections are paying for just the opposite. What part of "he who pays the piper calls the tune" do we not understand?
Swanson also favors privatizing some of our government functions, and I would agree if we could get private campaign money out of our public electoral system. Private companies can give campaign contributions to control the outcome of their investment; government entities cannot. One need only look at the "privatized" rebuilding of Iraq under Halliburton for evidence of the affects it would have on U.S. taxpayers.
On the health care cost crisis, the author offers only four choices: Raise taxes, reduce benefits, change eligibility guidelines, or continue borrowing to finance Medicare and Medicaid. But there's a fifth and needed action: control the spiraling health care costs which are increasing at double-digit rates! We struggle to find ways of "paying" for health care but continue to allow the medical community to run open loop while building unneeded hospitals, buying excessive numbers of high-tech scanners and ordering medical procedures that are not needed. Physician self referrals have run amok. A single payor health care system is long overdue, but both sides of the isle have been AWOL on the issue and will remain so until the $100 million per year that is given by the medical and pharmaceutical industries is replaced with public funding of campaigns.
That said, this is still a must-read book. But the author and his colleagues must now address the common denominator; the dollar bill. Congressmen are bought and paid for by special interests and they will continue putting them ahead of public interests until the funding of elections is paid for by the taxpayers. For $15 per taxpayer per year we could fund both state and federal elections and eliminate over $2000 per taxpayer per year in government giveaways. Only then will we see balanced budgets, reasonable government spending and a fair tax system. That's a bargain at a hundred times the price.
This book tells you what you can do help protect your future.......2004-09-28
America the Broke is one of the most important books I have ever read. Its conclusions are very disturbing because they are founded on a detailed and systematic analysis of existing facts. Swanson's logic is irrefutable.
In clear, honest and straight-forward language Swanson shows how politicians in their hunger to be reelected have deceived you and me. They have run up over 7.3 Trillion Dollars in Debt. To put this in perspective it would take over thirty one thousand years spending one dollar a second to reach a Trillion Dollars.
He explains specifically the accounting scams that have been used to intentionally hide the truth from us and how seriously we have already been harmed.
Swanson's step by step analysis reveals why you and I may soon be forced to say good bye to our jobs, our businesses, our homes, our savings, our retirement, and our future.
He offers us a solution to this awful mess. He sets forth the specific action each of us can take to force our political leaders to tell the truth and stop spending America into bankruptcy.
Please buy and read America the Broke immediately. Let's take action before it is too late.
Amazon.com
Over the past couple of decades, our national debt has become a favorite political football for Democrats and Republicans alike. Yet few Americans seem aware that the debt has a long and (mostly) honorable history. Alexander Hamilton considered it a kind of political Krazy Glue, which would also spur American industry by keeping taxes high. This borrowing power enabled the North to win the Civil War without wrecking its economy and rescued us from the Great Depression. John Steele Gordon doesn't deny the dangers of an entire nation living on credit; indeed, he believes that our fiscal affairs are a mess. But he puts this mess in fascinating perspective. And he's quick to see the human side of economic behavior: "One problem," he writes, "is that human nature predisposes us to recognize depression easily and quickly, but prosperity, like happiness, is most easily seen in retrospect." Bull's-eye!
Book Description
Measured at the staggering amount of $5.1 trillion (and growing every day) the national debt is unfathomable to most Americans. What we may not realize is that the United States was born out of debt. After the Revolution, the brilliant Alexander Hamilton was less interested in paying down the Revolutionary war debt than in using it to create a vibrant national economy. "If it is not excessive," he declared, "a national debt will be to us a national blessing." In a fascinating narrative brimming with colorful characters, historical accidents, and American ingenuity, business historian John Steele Gordon leads us on a tour of an American institution whose largely unknown story has been integrally entwined with our country's destiny. At key points in U.S. history, Gordon shows how the national debt has been a potent instrument of fiscal policy in keeping the world safe for democracy. But how much debt is too much? At a time when we despair of balancing even a single year's budget, Hamilton's Blessing provides much needed perspective - and hope. * Author writes the "Business of America" column in American Heritage magazine and is heard often on public radio's "Marketplace."
Customer Reviews:
Fantastic, brief history of a nation's national debt.......2006-04-27
John Steele Gordon has taken what could be an amazingly dull topic, limited in appeal, and translated it into a spectacular read for anyone with at least a basic education. This great little book is a welcome addition for folks interested in finance, the U.S. economy, and the national deficit. Nonetheless, despite its breezy style and short length (traits typically necessary for widespread appeal), I don't expect it will reach a wide audience. Consider yourself lucky that you've discovered this plain-language, excellent primer on how our national debt came to be!
The author's premise, like that of Alexander Hamilton, is that a national debt can be used constructively to monetize an economy. Both men were quite correct, and the debt served its purpose beautifully in supporting the fledging United States of America. It's subsequently been bastardized by numerous administrations, as a means of funding open-ended congressional and executive expenditures of middling value. Throughout the narrative of changes in the U.S. debt, the author details the creation and destruction of the National Bank of the United States. This institution flourished under Federalist rule, and languished or disappeared entirely when populist presidents (Thomas Jefferson, Andrew Jackson) sat in office.
Overall, a remarkable book that will be discovered by too few, and certainly treasured by those lucky enough to discover it.
acceptable... but not unique.......2005-02-20
The book is okay ... but in general the book attempts to have the reader buy into Hamilton and his develpment of the National Debt as a good thing in todays economic system.
It was set up originally to help our economy expand and to be used in a way such that in difficult times money would be borrowed so that in prosperous times it could be paid back. Although it is a factual account of a major portion of our Nations'Economic history it fails to take into account one thing in its summary, the Human Equation.
All things work great on paper but in this instance this is not the case. The current system, seeing that it has no intent of ever paying back the current debt, now has adopted the belief that as long as the debt to GNP ratio stays within + or - 5%, everything will be OK. This is where the book falls short, it doesn't analyse Hamiltons' theories as they apply today, accounting for Human Intervention. It instead tries to explain away our current economic problems as part of economic evolution. Not the case. Socialism works great on paper but fails in real life. Why.... Humanity. Simply put, if you borrow more than you could ever make or pay back, sooner or later you reach a point of critical mass (or you just keep printing more money, hence inflation).
None the less, if some basic, simplistic history is what you want want, here it is.
An insightful look into the making of the national debt.......2004-04-15
I tip my hat to Mr. Gordon for providing a compelling short history of national debt, and how it has been shaped by tariffs, taxation and ever-increasing spending that has run amok in recent decades. It is a fascinating study into the competing visions of fiscal responsibility, notably the balanced budget extolled by Jeffersonians, which has actually been achieved on numerous occasions, versus deficit spending espoused by Hamiltonians, and of which John Maynard Keynes became the leading exponent in the inter-wars years between WWI and WWII.
While debts traditionally run high during wars, Gordon notes that since WWII, the yearly budget has rarely been balanced. It is during this time that Keynesian theory took hold and in Gordon's view led to a budget deficit that quickly spun out of control as entitlement programs took up fully three-quarters of the yearly budget. These programs have been virtually untouchable, but in 1995 (the point to which Gordon takes his history) a new reckoning emerged with the Republican landslide in Congress. Bill Clinton duly responded by proposing a balanced budget.
Gordon is a fiscal conservative, but recognizes the need to run in the red during hard economic times. He notes that this was Hoover's mistake at the onset of the Great Depression, as he continued to push for a balanced budget despite warnings that it would make the recession worse. However, the federal deficit, which has mushroomed to over $5 trillion, threatens to bankrupt many of the entitlement programs including social security.
Intersting Little Book on US Fiscal History.......2003-07-25
John Steele Gordon is an excellent writer, one whom I have enjoyed very much in the pages of American Heritage and who wrote a nifty history of Wall Street called "The Great Game."
This book, "Hamilton's Blessing: The Extraordinary Life and Times of Our National Debt" is a good, if brief, overview of the fiscal history of the American government. It is somewhat misnamed, since the National Debt serves as a background and tie in to each period of fiscal history studied.
The author does a superb job of explaining Alexander Hamilton's establishment of our financial, banking, debt and money system. Here is a woefully under appreciated founder explained succinctly and whose brilliance and indispensability are brought forth by Gordon.
Descriptions of attitudes towards and major changes in financial policy and tools follow. Gordon covers the major aspects: the struggle over the Second National Bank, Jackson's paying off the debt (the only time the US Gov't has been debt free), Lincoln and Chase's tax, greenback and bond finance of the Civil War, the long fight to establish the income tax, the fight over high marginal rates and an efficient system of taxation, and the change in view in the last century from one that deficits and debt were something to be controlled to our current sorry state of view whereby no one worries about much about deficits anymore.
Debt, when properly used, has allowed us to primarily wage wars. It was retired in times of peace. We face an interesting time now, when debt as a percentage of GDP is much higher than it has been in most peacetimes. This raises the question that if we have to fight a truly massive and long war in the future, will we have the capacity to borrow what we need (based on historic statistics, it is a question well worth pondering).
Gordon finishes the book with a polemic against the political culture that has lost its way in terms of providing an efficient and fair and economically sound system of taxation and the willingness to moderate the nation's debt.
This is a good and interesting book. Anyone looking for a succinct telling of the development of our government's fiscal structure will appreciate this gem.
A Good Primer on the History of U.S. Fiscal Policy.......2002-06-24
Just two years ago, John Steele Gordon's book on the history of the U.S. federal debt would have seemed dated, even though it was published in 1997. After more than twenty consecutive years of operating in the red, the U.S. federal government had not only erased its annual deficits and began paying down the debt, but surpluses were projected over the next ten years.
This is no longer the case. A tax cut, the war on terrorism, and a slowdown in the economy have combined to push the U.S. government's outlays above its revenues. They have also made this book -- "Hamilton's Blessing" -- relevant again.
Gordon's book is two things: 1) a basic history describing the twists and turns of U.S. fiscal policy over the last two hundred-plus years and 2) a political tract condemning the latest turn U.S. fiscal policy has taken since the Great Society.
By combining the two, Gordon seeks to show that the most recent practice of U.S. fiscal policy -- that of habitually running deficits in peacetime -- is not only unprecedented in U.S. history, but also, more importantly, unsupported by any sound theory of economics.
"Hamilton's Blessing" is well-written and interesting. The book is only slightly marred by a lack of detail in some areas. How exactly does a large public debt hurt your average citizen and by how much? We never find out.
Gordon also should have kept his own political bent out of the book. Among other things, he spends three pages in a less than 200-page book detailing Jack Kemp's personal and political history, including his football career. All very interesting, but not really relevant to the history of the U.S. debt.
Book Description
Who are the political barbarians bankrupting America -- Democrats or Republicans? Where are taxpayers' dollars really going? Joe Scarborough gives you the inside scoop on how Washington really works and on the out-of-control deficit spending that takes place in our nation's capital each and every day.
Joe Scarborough, former Republican congressman and current host of MSNBC's top-rated Scarborough Country, takes you behind the closed doors of Congress and wittily presents the reasons why Democrats and Republicans are alike when it comes to squandering taxpayer dollars.
As part of the Gingrich Republican Revolution, he witnessed the principles of fiscal responsibility get buried in the political swamp of Washington. Now Scarborough offers profound solutions on how excessive government spending by politicians of all stripes can be minimized, and how the Repub-lican Party can be called back to the principles that President Ronald Reagan made famous.
Download Description
"
Here's the Real Deal! The same Washington politicians who took control of Congress by promising to balance the federal budget are now bankrupting America by launching the biggest spending spree in the history of the United States.
With big-spending Democrats at their side, President George Bush and his ""conservative"" Republican Congress have controlled the government's checkbook while the national debt has skyrocketed past seven trillion dollars. That's right, $7,000,000,000,000. How has the party of Reagan become the party of big- government spending?
Now former Republican congressman Joe Scarborough delivers a scathing indictment of Republicans and Democrats alike in the same informed, hard-hitting, and entertaining style fans of Scarborough Country have come to admire. Having had a ringside seat during his four terms in the House of Representatives, Scarborough gives the inside scoop on how Washington really works and on the spending orgy the Republicans have fueled the last ten years.
The story begins with Newt Gingrich's Contract with America and the Republicans promising to balance the budget and reform Washington. It culminates with a Republican president continually rubber-stamping pork-filled appropriations bills that squander taxpayer dollars. That is, unless you think it's necessary to spend millions of dollars on research into ""alternative salmon products"" in Alaska, or the study of crickets in Utah, or of sea turtles in Hawaii. Sadly, these instances merely hint at the gross spending by Congress.
"
Customer Reviews:
How Republican Revolution Went Astray.......2006-12-11
Mr. Scarborough was elected to Congress in the 1994 election that saw the Republicans take control of both houses for the first time in many years. Speaker Newt Gingrich and the Republicans who had signed a "Contract with America" were riding high, but their revolution wouldn't last long. It's one thing to promise term limits, it's another to observe them when your time to step down arrives.
Financial discipline is a worthy goal, but enforcing it is unpopular because government spending is a source of power and most of our political leaders and their staffs would rather spend more than less. Consider some of the questionable programs that get funded, such as these items from the 1998 Highway Bill: $3 million spent on a film extolling the virtues of highways; $20 million directed at building roads overseas; $1.5 million to study the parking habits of truckers at their favorite truck stops; $500,000 to study sidewalks at the Kennedy Center; $2.75 million to build a smoother access road to a baseball park in Dayton, Ohio.
2005 Update: There were 6,371 earmarked amendments in the Federal highway bill enacted in 2005. One infamous example was a $230 million bridge to the Ketchikan, Alaska airport (on an island) that became known as "the bridge to nowhere." This particular earmark was ultimately eliminated, but only on the understanding that the State of Alaska could retain the funds for use as it saw fit.
The author uses his own experiences to relate how "the party of Reagan" morphed within a few years into a party bent on launching new spending programs at the same time that it was cutting taxes.
To "change the way Washington works," Scarborough advocates process-related changes such as a Congressional pay freeze until the federal budget is balanced and statutory term limits (6 years) for members of the House of Representatives. His suggestions might not prove a panacea, but they are certainly worth considering.
We're Not Rome, But Who Cares!.......2005-08-12
Joe Scarborough of Pensacola, Florida, knows this subject from the get-go, as he served in Congress for seven years. He confirms what the young aide to Clinton explained in DERELICTION IN OFFICE that golf was the only thing he knew how to do well, with the exception of entertaining young women in the Oval Office.
He writes, "Instead of sexual tricks or epicurean delights, it is usually the male ego that drives most political and policy trains in Washington." I have news for him, it's that way all over the world, Knoxville, Podunk, even Rome. No, Rome wasn't built in a day, but could have been burnt in half a day -- had the need surfaced.
Clinton was able to balance the budget with a massive 1993 tax hike and the tremendous cut back of the military. That is the main reason so many American men are dying right now in Iraq -- the lack of competent military equipment. In the latest TIME magazine, the most recent fatalities were shown and seven were in that beautiful Marine uniform. They are dead; they did not get to enjoy being dressed to kill, as they were killed. Why deceive these young men into being guinea pigs in a political war over oil rights and money.
The "Fat White Pink Boys" are a certain class of political hacks who checked their manhood at Washington's city limits. Some even migrated down here to Knoxville, Tennessee. We have a plentiful supply of that kind of politician. In fact, that's about the only kind of politician we have here. Since our former mayor (14 years) was a college classmate of Bush's and was relagated ambassador to Poland, I guess those pink boys all stick together to hang onto their money while making the populace suffer. The men here can't even talk like men, have high voices and sound like kids. The short ones even look like dressed up children on their way to church.
He relates what happened to him on 9-11-01. We will all remember where we were when we heard. I was in the emergency room of Hillcrest Hospital watching it on the television set and asking "do we have suicide bombers here?" not really aware of the vastness of the dire acts of terrorism. The day all of those innocent people died in New York, Washington, and Pennsylvania, I learned that the hemangioma on my liver would not kill me right away. They died while I had a reprieve. What a coincidence. What timing! Now my anemia is causing me to have a yellow tint -- has the liver caught up with me just four years later? I will never willingly die. I shall haunt the KAT buses and the Tennessee Theatre when my time comes; in the meantime, I plan to live forever. And I hope Scarborough Country does, too. More power to you, Joe. Go get 'em!
Not quite what I expected.......2005-06-10
From the info on the dust jacket, I was expecting shocking new facts about the government. This book had no surprises and no new revelations; it's basically a retelling of what we already know about politicians: (1) They'll say anything and promise anything to get elected; (2) None actually keep their word; (3) They all push for massive pork projects that bleed taxpayers dry; and(4) Both parties share the blame for our catastrophic national debt.
The book is interesting and easy to read and Scarborough's style is entertaining. He deals mostly with his own experiences as a junior congressman and the book almost feels like an attempt to explain why he wasn't able to keep his own promises. I don't know anything about his campaign or his time as a congressman, but there seems to be an awful lot of justification and finger-pointing here.
It's still a decent read, but it should have been pitched as an autobiography, not an expose on Washington.
A Real Eye Opener.......2005-04-26
If you are either a Reagan Democrat or a Reagan Republican, Joe Scarborough has bad news for you. Ten years after the Republican take over of the House of Representatives the former champions of limited government are now the primary dispensers of government cash. Far from limiting the growth of government, the ruling Republicans are merely doling out the cash in a different pattern than did the Democrats. The game has not changed in the least.
This is the tale told in "Rome Wasn't Burnt In A Day." There are impressive facts and figures to back up Joe's thesis. According to Scarborough, the size and scope of government has not retreated in the ten years since the heady days of 1994 when he was elected to Congress. Though the GOP has had control of the House ever since, control of the Senate for most of that time, and control of the White House for the past four years, government outlays just keep growing. Ronald Reagan, by contrast, never had a mandate over the House and rarely a friendly majority in the Senate, yet he managed to at least restrain the beast somewhat.
In order to tell the story, Scarborough recounts the early days of the Class of 1994. There were quite a few young Turks that entered Congress at that time, and at 31, Scarborough was not the least bit out of place. The new breed really thought that scaling back the scope of the federal government would be easy since they were the elected representatives of the people, they had a majority, and it was so obviously the right thing to do.
It just didn't work out that way, however. As Joe recounts, the new Republican congressional masters merely redirected the flow of federal dollars from Democrat districts to Republican districts. If a new guy raised a stink about it, he was told in no uncertain terms that party loyalty trumped all, and if the line weren't towed and the votes cast as directed, the GOP leadership would target the rebel for election defeat.
The best parts of the book describe meetings that Scarborough was present for where senior Republicans proceeded to browbeat rooms full of young congressmen on the need for party loyalty. There was a party line to tow, and the young revolutionaries did not author it. The old guys called the tune, and they had but one priority, which was keeping the cash flow in place.
Scarborough quotes Reagan's description of this process: "Tax, spend, and elect."
A sad book, but a real eye opener.
Really enjoyable.......2005-03-02
I really enjoyed this book. As a 20 year old who has aspirations to run for Senate or House of Reps... this book gives me a really good idea of what to expect. Congressman Joe isn't afraid to expose the dirty laundry of not only the Democrats but his fellow Republicans. According to Joe, we spend way too much. It's ridiculous where our tax dollars are going to.
Congressman Joe did a really good job on this book, and I am a huge watcher of his show whenever I can watch it.
Average customer rating:
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Fiscal Institutions and Fiscal Performance (National Bureau of Economic Research Conference Report)
Manufacturer: University Of Chicago Press
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 Economic Policy & Development
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ASIN: 0226676234 |
Book Description
The unprecedented rise and persistence of large-scale budget deficits in many developed and developing nations during the past three decades has caused great concern. The widespread presence of such deficits has proved difficult to explain. Their emergence in otherwise diverse nations defies particularistic explanations aimed at internal economic developments within a specific country.
Fiscal Institutions and Fiscal Performance shifts emphasis away from narrow economic factors to more broadly defined political and institutional factors that affect government policy and national debt. This collection brings together new theoretical models, empirical evidence, and a series of in-depth case studies to analyze the effect of political institutions, fiscal regulations, and policy decisions on accumulating deficits. It provides a fascinating overview of the political and economic issues involved and highlights the role of budgetary institutions in the formation of budget deficits.
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Tackling Japan's Fiscal Challenges: Strategies to Cope with High Public Debt and Population Ageing (International Monetary Fund Book)
Manufacturer: Palgrave Macmillan
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ASIN: 0230007872
Release Date: 2006-10-31 |
Book Description
This volumes examines how should Japan cope with its daunting fiscal challenges. As the Japanese economy finally emerges from a long period of weak growth and falling prices burdened by record-high public debt, fiscal adjustment has taken centre stage in the policy agenda and the public debate. Growing demands on the budget from a rapidly ageing society have added urgency to the need to reign in public indebtedness and revamp the pension and healthcare systems. This book combines insights from academic research with the points of view of policymakers to distill key issues that need to inform public debate.
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- Great book for anyone that wants to know how public finance actually works!
- A must read
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The Truth About the National Debt: Five Myths and One Reality
Frances X. Cavanaugh
Manufacturer: Harvard Business School Press
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Income and Wealth (Greenwood Guides to Business and Economics)
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Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
ASIN: 087584734X |
Book Description
The Truth About the National Debt shatters five long-held myths and highlights one reality about what is now a $5 trillion national debt. Drawing on more than 30 years at the U.S. Department of the Treasury, where he served seven presidents, Cavanaugh argues that public debt is not all bad news. Instead, the problem is undisciplined government expenditures-whether financed by debt or taxes. He also outlines the real effects of the debt on future generations, private investment, interest rates, social security, and foreign investment and proposes a redefinition of the federal deficit to restore discipline and confidence in the management of the government's finances.
Customer Reviews:
Great book for anyone that wants to know how public finance actually works!.......2007-10-15
This is a great book for anyone that wants to know how public finance actually works. After having studied economics for many years, it always gets to me when I hear stupid members of Congress or their political people say that spending is destroying the nation. First, if that were true, maybe they (Congress) should stop spending. Although the stats are a few years behind, it is the facts about the debt that are important.
A must read.......2006-07-12
This is a must read for anyone who wants to know about the national debt and its significance, or as you will find out in the book, its lack thereof.
The only point I disagree with is his argument of the insignificance of foreign debt. I feel this is still a major issue. Also, he tries to go into other aspects of government funding that are problematic, but I found it very difficult to understand.
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National Deficit And Debt: Where to Next?
Manufacturer: Nova Books
ProductGroup: Book
Binding: Paperback
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ASIN: 1594546533 |
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The $4 Trillion Debt: Tough Choices About Soaring Federal Deficits
Public Agenda , and
Kettering Foundation
Manufacturer: McGraw-Hill Humanities/Social Sciences/Languages
ProductGroup: Book
Binding: Paperback
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ASIN: 0070515492 |
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The $4 Trillion Dollar Debt: Tough Choices about Soaring Federal Deficits (National Issues Forums)
National Issues Forums Staff
Manufacturer: Kendall/Hunt Publishing Company
ProductGroup: Book
Binding: Paperback
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ASIN: 0840386532 |
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Balancing Act: Debt, Deficits, and Taxes (AEI studies)
Manufacturer: Aei Pr
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Binding: Hardcover
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ASIN: 0844737402 |
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