Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It
By: Peter G. Peterson
Publisher: Farrar, Straus & Giroux, 2004
I can’t say it any better than the jacket cover: “When George W. Bush came into office in 2001, the ten-year budget balance was officially projected to be at a surplus of $5.6 trillion. But after three big tax cuts, the bursting of the stock-market bubble, and the devastating effects of 9/11 on the economy, the surplus has evaporated, and the deficit is expected to grow to $5 trillion over the next decade. America was once the greatest creditor to nations around the globe; it is now the largest debtor in the world. And the domestic deficit is only half the story. Given our $500 billion trade deficit and our anemic savings rate, we depend on an unprecedented $2 billion of foreign capital every working day. If foreign confidence were to wane, this could lead to a dreaded hard landing.” Is Peterson just another Henny Penny crying “The sky is falling?” Is he right? Or is he onto something that the American people need to think about when planning for the future of our children and our country? You decide.
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