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America the Broke: How the Reckless Spending of the White House and Congress Are Bankrupting Our Country and Destroying Our Children's Fu


America the Broke: How the Reckless Spending of the White House and Congress Are Bankrupting Our Country and Destroying Our Children's Fu Cover

ISBN13: 9780385513043
ISBN10: 0385513046
Condition: Standard
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Publisher Comments:

The bestselling Bankruptcy 1995 alerted the American public about the impending crisis from ballooning deficits and debt. In response, a new administration in 1993 cut costs and raised taxes, averting disaster. Today, Gerald J. Swanson claims America is teetering once again on the edge of a financial abyss. In three short years, as a result of exploding costs and crippling tax cuts, our nation is in imminent danger of collapse:

• Already, we are committed to spending $500 billion more this year than the federal government will take in—more than we could save from abolishing Medicare and Medicaid completely.

• The budget deficit is approaching 5 percent of our Gross Domestic Product (GDP)—roughly equal to the deficit Roosevelt ran in the Great Depression.

• Our trade deficit is equally spiraling out of control—the United States buys $500 billion more foreign goods and services than it sells every year.

• Foreign investments, which once kept the U.S. solvent, have dropped precipitously with the decline of the dollar.

• Corporate pensions are facing a "perfect storm" for underfunding, low return rates and investment losses.

• Household liquidity is at its lowest level in U.S. history—and household debt is at its highest level in history.

• A Treasury Department study conducted last summer determined that our future obligations under Social Security and Medicare would add another $44 trillion in debt by 2041—1 1/2 times the GDP of the country.

As Americans confront sound-bite generalizations and posturing of politicians this election year, AMERICA THE BROKE is a critical wake-up call, offering a welcome infusion of common sense and clear-eyed realism. From how to balance the trade deficit to how to stem the red ink and pay down our debt, it provides a blueprint for rescuing our economy and putting the country back on the path to a fiscally sound future.

About the Author

GERALD J. SWANSON is a professor of economics at the University of Arizona in Tucson, where he has been named outstanding teacher of the year. He is the author of Hyperinflation and The Business of Crime, and coauthor, with Harry E. Figgie, Jr., of Bankruptcy 1995.

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su.koomar, December 22, 2006 (view all comments by su.koomar)
I am an economist and econometrician and i am absolutely convinced that by 2009 the USA would be a officially bankrupt. It is technically bankrupt now, but it has not yet become official. In 2009 it will be official.

The reason are many - let me tell you just two - (1) the destiny/time has send a joker like Bush to oversee the destruction of what was so lovingly build by the founding fathers of this great nation (2) this is a derivative of the first reason - the accumulated debts of US government would overtake 50% threshold of the combined GDP of USA and China(which is funding the deficit).

There are many other reasons - you can contact me if you would like to know.

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Product Details

Swanson, Gerald J
Random House
Swanson, Gerald J.
Economic Conditions
Government - U.S. Government
Public Policy - Economic Policy
Publication Date:
August 2004
9.28x6.52x.76 in. 1.01 lbs.

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Business » Accounting and Finance
History and Social Science » Economics » US Economy

America the Broke: How the Reckless Spending of the White House and Congress Are Bankrupting Our Country and Destroying Our Children's Fu Used Hardcover
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