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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 Hardcover – June 14, 2011


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Product Details

  • Hardcover: 432 pages
  • Publisher: Broadside Books; First Edition edition (June 14, 2011)
  • Language: English
  • ISBN-10: 0062025775
  • ISBN-13: 978-0062025777
  • Product Dimensions: 9.3 x 6.4 x 1.4 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Best Sellers Rank: #1,212,806 in Books (See Top 100 in Books)

Editorial Reviews

Review

“In an authoratative book which leads to an inarguable conclusion, Peter Ferrara provides an antidote for anyone still in denial about the mortal threat posed by our nation’s debt--and the anti-growth policies that are adding to it.” (Mitch Daniels, Governor, Indiana)

From the Back Cover

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 government is broke.

In chilling detail, former Reagan administration adviser Peter Ferrara documents the looming collapse of the American social safety net and describes what will happen when the government goes bankrupt. He also introduces us to his vision for the way forward: a new concept that he calls "prosperity independence." Ferrara supports sweeping tax reform to maximize economic growth, and fundamental entitlement reform to replace our outdated redistribution-based welfare state with a modernized comprehensive social safety net.

Utilizing modern capital, labor, and insurance markets, these reforms will accomplish far more than our current entitlement programs could ever hope to do, at a fraction of the cost. In addition to balancing our national budget and cutting back on government power, control, taxation, and spending, America will finally win the War on Poverty.

Ferrara also shows how our nation can enjoy a new generation-long economic boom, once again leading the world in economic growth and abundance.


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Customer Reviews

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The debt problems facing the US are staggering, and Peter Ferrara does an excellent job describing those problems.
John R. Lott Jr.
There are lots of details in this and his other proposals, so anyone interested in the subject should read the book carefully before making any assessments.
John Ames
This would involve block granting federal funds back to the states and letting them decide how to best structure their own welfare programs.
Ryan Ellis

Most Helpful Customer Reviews

14 of 16 people found the following review helpful By Ryan Ellis on August 8, 2011
Format: Hardcover
In America's Ticking Bankruptcy Bomb, Peter Ferrara provides a comprehensive overview of the debt crisis that threatens economic security, individual freedom and collective prosperity of the United States. More importantly, however, Ferrara offers critically important policy solutions to steer America back on course. Reforming Social Security and Medicare into personal account systems, Ferrara argues, would allow for the savings, investment, and growth that are currently impossible for these unsustainable, hemorrhaging entitlement programs. Repealing Obamacare would prevent a further explosion of suffocating taxes, spending, and regulation. Ferrara makes the case for a modern, 21st century healthcare safety net that would empower individuals, providing them with both the most advanced medical services and the incentive to control costs. He lays out a plan for the 185 federal welfare programs be block granted to the states, using the 1996 reforms to AFDC as a template. Regarding tax reform, Ferrara outlines his novel "15% solution," which seeks to simplify the tax code, lower the rates, broaden the base, and kick-start a long-term economic boom that will generate enough revenues to eventually balance the federal budget.

The book begins by spelling out the problem: severe overspending causing unprecedented deficits and debt, which has led to unfunded liabilities of the nation's ever-expanding entitlement programs. Ferrara notes that in one term of office, Barack Obama's administration has racked up more national debt than all prior presidents combined. The George W. Bush administration does not escape criticism, either, most notably for its bungling of the housing crisis, but also for 8 years of its own reckless spending.
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14 of 19 people found the following review helpful By John R. Lott Jr. on July 11, 2011
Format: Hardcover
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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7 of 10 people found the following review helpful By Phil Kerpen on July 24, 2011
Format: Hardcover
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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Format: Hardcover Verified Purchase
Peter J. Ferrara (born 1955) is an American lawyer, policy analyst, and columnist who is the current general counsel for the American Civil Rights Union and analyst for The Heartland Institute. He is also the author/editor of Social Security: Prospects for Real Reform, Social Security Reform: The Family Plan, The Obamacare Disaster: An Appraisal of the Patient Protection and Affordable Care Act, Social Security: The Inherent Contradiction (Studies in public policy), etc.

He begins this 2011 book with the stark statement, "The failures of federal, state, and local officials of both major parties, over many years, have primed a ticking bankruptcy bomb for America that will explode the American Dream if we do not disarm it. But it is not too late to reverse course and avert the coming bankruptcy of America..." (Pg. 1)

While Ferrara is firmly in favor of privatization of Social Security, he disparages President Bush's 2005 "highly confusing and forgettable appearance [on TV]" to support the idea. (Pg. 70) He argues that Obamacare violates Obama's campaign pledge in 2008 (and now in 2012) not to raise taxes on those making less than $250,000, since "If you do not obtain the health insurance that the Act requires... you must pay a new 2.5% income tax..." (Pg. 86) Later, he charges, "[Obamacare] empowers bureaucracy...
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