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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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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 Ferrara supports sweeping tax reform to maximize economic growth, and fundamental entitlement reform to replace our outdated redistribution-based welfare state with a modernized comprehensive social safety net.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.
Top Customer Reviews
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.Read more ›
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...Read more ›
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.
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.
Most Recent Customer Reviews
Could be shorter and just as effective. Gets into weeds to much for most and therefore few will read the book.Published 24 months ago by Fernwood
This book gives attainable solutions to the pressing problems facing the United State of America today. The author tackles each issue a chapter at a time. Read morePublished on February 26, 2013 by anonymous
If you've spent much time in recent years trying to figure out what has gone so wrong in America and what might be done about it: you're most likely pretty-well discouraged by now. Read morePublished on September 25, 2012 by Marvin D. Pipher
Ferrara recognizes that we have gone well beyond safety net concept to a redistribution economy. We need a true safety net program for prosperity. Read morePublished on March 26, 2012 by Gderf
I wish the presidential candidates would debate on the points raised in this book. The first part lays out the facts of our national debt crisis, and the second suggests a set of... Read morePublished on October 11, 2011 by John Ames
I thought Peter's ideas were well presented and his arguments sound, however, I get a bit tired of reading ideas that are glossed over in a few pages. Read morePublished on August 20, 2011 by ILoveBooks
If your looking for a great book this is it. This book will engulf the reader in hours of side splitting humor. The author has zero grasp on economics and it shows. Read morePublished on July 27, 2011 by mark whitcomb