America’s Ticking Bankruptcy Bomb: How the Looming Debt Crisis Threatens the American Dream-and How We Can Turn the Tide Before It’s Too Late
America’s Ticking Bankruptcy Bomb: How the Looming Debt Crisis Threatens the American Dream-and How We Can Turn the Tide Before It’s Too Late
Record-shattering government spending, taxes, deficits, and debt threaten a downward spiral in the American people’s standard of living, ultimately stealing the American dream. The welfare state is melting down. State and local governments are reeling under the burden of runaway public-employee pensions, dysfunctional education bureaucracies, and belligerent public-sector unions. In the past, the state governments have turned to the federal government to bail them out. But the federal governm
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Insightful thinking,
The debt problems facing the US are staggering, and Peter Ferrara does an excellent job describing those problems. $14.3 trillion comes to $190,000 for the average family of four in the US. Obama’s February budget proposed adding another $130,000 for that family (over $10 trillion). Americans see the riots in Greece and the unwillingness for the government to do anything to solve the problem, and even the official debt count shows us on a path that will shortly get us to Greece’s debt as a share of GDP. While the EU and the US are coming to the aid of Greece and other countries, you can see the problems created when larger countries such as Spain or Italy start to have problems. Who will be able to come to our aid?
Ferrara doesn’t just stop there though. Peter Ferrara is an original thinker and he offers some insightful and thoughtful solutions to the problems. One might not agree with his solutions, but they will get you to think and make your own arguments much better. Unlike many books out there, this book does treat its readers like idiots. Peter makes difficult points understandable, but he doesn’t avoid the tough issues.
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|americastickingbankruptcybomb,
Peter Ferrara is an American treasure. He is by far the clearest thinker regarding the economy on the U.S. political scene. This book should be required reading for every politician at every governmental level in America(city, county, state etc.) and every student of American government.
The entire recent national debt level debate highlights how confused most people are about what is happening to our economy. The Obama administration appears to be totally confused on what makes an economy grow, the press is confused, most Republicans are confused. How can we expect the man on the street to have a clear picture? One answer is Mr. Ferrara’s new book. Above all else he cuts through the fog of partisan rhetoric to lay out in understandable language what is happening, not what people hope is happening.
We must have entitlement reform. He tells us how and what kind and he demonstrates how repairing social security alone, with personal accounts, would add trillions to the US economy because we would go to one of the highest savings rates in the world with real capital. He also points out how the present system is most cruel to poorer working families. If you really care about the downtrodden, let them own their retirement account to pass the proceeds along to their families.
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|A Positive Pro-Growth Vision,
Peter is as provocative as ever in this comprehensive, and surprisingly optimistic, look at how we can unleash market forces to meet the enormous fiscal and economic challenges the country faces.
His renewed defense of Social Security personal accounts in light of the political disaster of 2005 and financial disaster of 2008 is vital and comes at an important time in the national debate, and his proposal for completing welfare reform via block granting is another highlight.
Few readers will agree with everything in this wide-ranging book (I do not), but all will be challenged to think differently about the big fiscal problems and consider Peter’s innovative solutions.
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