This book explains brilliantly of why America stranded on the fiscal cliff – and how the $ 20 trillion in deficits lurking below will paralyze Washington and the economy for years to come. The author was the budget director of R. Reagan, and knows the budgeting process intimately including inside information about the American economy, and taxation. After he resigned from the post, he continued to act as an entrepreneur and was involved in financial transactions.
In this voluminous book, he lays the blame of the present dire American economic and taxation simply on the misguided policies going back to FDR (Franklin Delano Roosevelt) and continuing with politicians who facilitated today’s malaise.
They have chosen to kick the can down the road” for decades, and now, it seems, the situation has reached the end of the road.
He claimed in the 1980’s that taxes must be increased in order to carry the burden of all benefits to retired people, health care and whatever else senators and congressmen dreamed up.
The book is written in academic language, but the interested reader feels compelled to read page after page to learn more how politics and politicians helped the situation to evolve. This book should be studied by all Americans to learn and avoid the same mistakes.
He used the term “crony capitalism” a lot, rightly so, as “near banks” and big businesses facilitated “big government” to become what it is, by generously supporting political campaigns.
The author claims that there was no need to bail out greedy and mismanaged Wall Street companies, and there was really no danger to America’s huge economy.
He points out, rightly, that the military has been the beneficiary of budget increases, which in turn enriched all suppliers to it!
His claim to de-couple the US $ from gold by Nixon was a tremendous mistake, and which precipitated the deterioration of the economic decline of the US.
He chose to structure each chapter into short and blistering sections, with intrigueging details that only a budget director can muster. He was most probably the only person in the Reagan administration who read his budgets line by line and knew the whole “picture” rather than parts only.
This prescient book advances the theory, that bi business and big government have formed an unholy alliance against all others to take over institutions of power so as to advance their special interests.
Highly recommended for all Americans and the developed world.
|Writer – Hrayr Berberoglu – E-mail – Read his books?
Professor B offers seminars to companies and interested parties on any category of wine, chocolates, chocolates and wine, olive oils, vinegars and dressings, at a reasonable cost.