Customer Reviews

Hamilton's Blessing: The Extraordinary Life and Times of Our National Debt: Revised Edition

5 star:		(5)
4 star:		(2)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

This is a revised and updated version of a book originally published in 1997. The author reviews the history of the national debt from the beginning of the United States to the present, and does so in an engaging and informative manner. The book is written in a style that does not assume the reader has any specialized knowledge about financial or tax matters.

The author discusses the financial plight of the United States after the American Revolution, and the reasons why Alexander Hamilton (first Secretary of the Treasury) pressed for the creation of a national debt to deal with that financial plight. The author does a good job of setting forth the pros and cons of a national debt that have been raised and debated throughout American history, identifying the political ideas and movements that have influenced the debate over the national debt. The author also shows how and why the national debt has fluctuated over the years, and points out the consequences (both intended and unintended ) of the national debt and efforts to reduce it. Finally, the author reviews the rapid growth of the national debt during the past 40 years, identifies the serious fiscal problems posed by the current huge national debt, and proposes some possible solutions to address the national debt in a serious, systematic way.

Anyone interested or concerned with the current state of the U.S. national debt, regardless of the person's political views, should read this book. Whether you agree or disagree with the author's arguments and conclusions, you can learn much from this book.

Gordon succintly traces how and why the national debt has reached $13,049,417,436,809.36 (I just checked a minute ago. For those of you reading this review later, it increases on average $4.06 billion a day). No matter what your political or economic bias, reading this book will give you the background to understand the policy debates and choices to come.

As for readability, this is neither an ecomonics treatise or a political screed. If you are comfortable reading an op ed piece in New York Times, Washington Post, or Wall Street Journal, you will be comfortable reading this book.

The U.S. was born with the assistance of its enormous national debt. Today, it looks like the U.S. might drown in its enormous national debt. Ironic, isn't it.

This updated (2010) edition of "Hamilton's Blessing" relates the history of our national debt from about 1789 to about 2009, squeezing the whole thing into a book with fewer pages of text (200) than there are years covered. Obviously, the book focuses mostly on just the highlights but is still an excellent overview of a fascinating and very timely topic.

The book describes the ups (usually during national crises, like major wars and economic disruptions) and downs (during peacetime economic booms) of the national debt over the past 200+ years and provides a very interesting glimpse into the dynamic interactions between the debt and other significant economic, social, and political factors. There are also thumbnail sketches of some of the leading historical figures who played key roles in the frequently vehement debates over the debt. The last chapter briefly discusses some of the issues facing the nation today, explains how the causes of the current expansion of debt differ from the causes of prior expansions, and suggests some possible (at least in theory) solutions.

This is a very readable book by a highly respected expert about one of the key issues facing the nation today. I recommend it highly.

I have recommended this book to a few of my friends thus far. It is an interesting historical reference of "The Extraordinary Life and Times of Our National Debt."

This book also provides a history of the economic calamities that led to the decision to begin deficit spending and it continues further up to the present.

I believe the author does show some conservative leanings but it isn't overt in my opinion. It also helped that I agree with him on the few suggestions he gave. Still it is a must read to get your head around why, as a nation, deficit spending was established.

Thanks,
Kenneth

Wonderful historical review of how our debt got to where it is today, and why. With the constant barrage of news one get about the debt nowadays, it is easy to forget that this has been a subject of debate since the inception of our country. A good informal, informative book on the subject. Worth a read for the casual reader who wants to widen their perspective on a hot topic.

This was the second book I read on my new Kindle and I thoroughly enjoyed it. While reading, the US Government was in the midst of contentious negotiations over the debt ceiling. The day before I finished, S&P downgraded the US from it's AAA rating. The author's timing was perfect on educating the masses about an important subject in our country today. The author does a great job outlining the history of the national debt, the players and why certain decisions have been made over the last 200+ years. He introduces major actors whose names aren't well-known, but have helped rescue the American economy during national emergencies. I think he did a fantastic job of explaining the methods and motivations of both the left and the right without being partisan.

Highly recommended to history buffs and those interested in discussion points for friendly political debate!

I have already enjoyed several books from John Gordon and this is no exception. Gordon provides some interesting information on the National Debt since the dawn of our nation. He ends with a stern warning about the wreckless nature of Washington's budgeting over the last 20 years.