by Peter G. Peterson
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| List Price: | $24.00 |
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| Lowest New Price: | $2.55 |
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Product Description
When Bush came to office in 2001, the 10-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 9/11on the economy, the surplus has evaporated, and the deficit is expected to grow to $ 5-trillion over the next decade. The domestic deficit is only the half of it. 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 the dreaded hard landing.
Peter G. Peterson--a lifelong Republican, chairman of the Blackstone Group, and former secretary of commerce under Nixon--shatters the myths with hard facts and a harrowing view of the twin deficit's real impact. Republicans and Democrats alike have mortgaged America's future through reckless tax cuts, out-of-control spending and Enron-style accounting in Congress. And the situation will only get worse as the Baby Boom generation begins to retire, making unprecedented demands on entitlement programs like Social Security and Medicare. Despite what Bush says, we are on a path that could end in economic meltdown, and we simply cannot grow out of the deficit.
In Running On Empty, Peterson sounds the warning bell and prescribes a set of detailed solutions which, if implemented early, will prevent the need for draconian measures later. He takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country.
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Average Customer Review:
0 of 0 people found the following review helpful:
 A must-read for anyone concerned with preserving the USA., 2008-06-23
Peter G. Peterson has captured the essence of what is happening in the USA that will eliminate the opportunities to succeed that have been the hallmark of our great nation. We must change unsustainable programs, act responsibly and insist that our elected representatives do likewise in order to presereve a land of opportunity for future generations.
0 of 0 people found the following review helpful:
 A political manifesto we can not ignore, 2008-02-19
This is a very important book; it will shake you out of your complacency. The author urges us all, Republicans and Democrats, to take action in order to stem the coming economic debacle. Mr. Peterson explains how the aging of our society along with our numerous entitlements (especially those arising from Medicare and Social Security) and the senseless tax cuts that have been enacted, are jeopardizing America's future. We have become an indebted society with no will to make the sacrifices that are called for in order to bring back health into our collective finances.
You will find in this book a sober assessment of our current political and economic situation, which is a dismal one, and, the author's proposals for bringing change about. Mr. Peterson is, in my opinion, a true patriot, the kind of decent person that inspires us all.
My only objection to this book is that the economic arguments are somewhat difficult to follow (at least for a layman like me).
0 of 0 people found the following review helpful:
An economics book that isn't boring, 2008-01-22
Peter G. Peterson's book "Running on Empty: How the Democratic and Republican parties are bankrupting our future and what Americans can do about it" is a very informative as well as instructive book on how "twin deficits" is destroying our nation for our children. U.S. budget deficit and America's current-account deficit is posing a challenge to Baby Boomers and Generation Xers to make sacrifices that seem foreign to our current culture. He asks "Where are the Pearl Harbor" generation who sacrificed everything for the good of the nation?" Peterson talks about how supply side economics has become the primary thought process on how our government treats deficits. It is the belief that as the economy grows, deficits don't matter but it does. Our "pay as you go" Social Security program cannot be sustainable due to a smaller working force (input versus output). Worse than Social Security is our Medicare program which is more than doubled the size of Social Security. Peterson argues that both political parties are making things worse by Republicans constantly giving American's tax cuts and the Democrats constantly giving us entitlements. He asks who among us is willing to not only raise taxes, but cut benefits at the same time. It is a sacrifice that must be done. In the end, Peterson encourages us to be more active in politics and be willing to live within our means. Only through awareness and participation will politicians take a stand on this matter.
0 of 0 people found the following review helpful:
If only the politicians would read it, 2008-01-16
An incredible look at the true fiscal situation in America and how the politicians are driving us bankrupt through their "buying" of votes through the constant creation of "programs" for the public that fail to improve anything. The author is non-partisan in his analysis, putting the blame squarely on BOTH parties, which is where it belongs. If you can think for yourself, and not buy the lines from the unions, special interests and large corporations, this will be an enjoyable and educational read!
1 of 1 people found the following review helpful:
Everyone should read this book., 2007-09-01
Although Peterson is a Republican, his explanation about the legacy of debt we are passing on to our children is bipartisan. Peterson realizes that there is ample blame to spread between both parties! Our country's lack of fiscal responsibility and logical fiscal thinking will cost our country its future if something radical is not done soon. While attacking Social Security is unspeakable, we are rapidly approaching a time when we will have to apply a needs test to receiving benefits. Our current form of patchwork health care is costing us far more money in the long run than creating an intelligent form of universal health care ever could. The war in Iraq is also destroying our economic future as is the cost of a college education. Although as someone noted, Peterson's solutions were far too brief, his willingness to address these issues with clarity will hopefully serve the purpose of driving partisan discussions and creating a desire to reform the systems that will financially destroy our country.
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