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Red Ink: Inside the High-Stakes Politics of the Federal Budget by [Wessel, David]
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Red Ink: Inside the High-Stakes Politics of the Federal Budget Kindle Edition

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Length: 208 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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Editorial Reviews

Review

"Accessible overview of America's contentious deficit politics by the Wall Street Journal's economics editor." ---Kirkus

About the Author

David Wessel is the economics editor of the Wall Street Journal and the author of the New York Times bestseller In Fed We Trust.

Lloyd James has been narrating since 1996, has recorded over six hundred books in almost every genre, has earned six AudioFile Earphones Awards, and is a two-time nominee for the prestigious Audie Award.

Product Details

  • File Size: 4338 KB
  • Print Length: 208 pages
  • Publisher: Crown Business (July 31, 2012)
  • Publication Date: July 31, 2012
  • Sold by: Random House LLC
  • Language: English
  • ASIN: B0076PGLDC
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Enhanced Typesetting: Enabled
  • Amazon Best Sellers Rank: #498,136 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Top Customer Reviews

Format: Hardcover
Red Ink explains, simply but powerfully, how the Federal Budget works, what we're spending money on, what we're taking in taxes, and how the Federal debt has become so huge. In page turning fashion, Wessel takes the reader on a tour of the debt, and spells out what it will take to get it under control. Money comes in, and money goes out, and the reason more goes out than comes in comes down to a series of choices made over the decades that have literally mortgaged our future. The book is refreshingly non-partisan, coming from a Pulitzer winning author that sets out the facts, laying blame where appropriate without regard to political ideology, and offering common-sense options to reduce the debt.

Wessel explains the intricacies of a notoriously complex subject--the Federal budget--in a way that even American high schoolers can understand. That's why I am so excited about Red Ink, and why I would recommend it to anyone--conservatives, liberals, independents, and those averse to politics. It's a quick read that boils down the Federal budget and the debt to its essentials, and ignores all the noise that clouds the issue. The more people read this book and understand the stakes, the more confidence we can have that citizens will pressure their leaders, of both parties, to come together and save the country's finances.
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Format: Hardcover Verified Purchase
Red Ink: Inside the High-Stakes Politics of the Federal Budget by David Wessel

"Red Ink" is a very solid and concise book that provides the public with an essential understanding of how the Federal Budgetary process works. Pulitzer prize-winning author and economics editor for the Wall Street Journal, David Wessel takes the readers on a smooth ride through the US Federal Budgetary process. A book about the budgetary process can be dry and dull but Wessel's command of the topic and lucid prose makes this book a breeze to get through. This educational 208-page book is composed of the following five chapters: 1. Spending $400 Million An Hour, 2. How We Got Here, 3. Where the Money Goes, 4. Where the Money Comes From and Why this Can't Go On Forever.

Positives:
1. A well-written book, lucid and concise prose.
2. An important and perennial topic handled with expertise.
3. Does a very good job of covering the most important aspects of the Federal Budget in a brief intelligible manner.
4. Educational and enlightening book that provides a basic foundation in understanding the US Federal Budget.
5. Effective use of charts to illustrate points.
6. Fascinating tidbits and facts spruced throughout book.
7. Making it perfectly clear where all the money is spent. A nice and comprehensible breakdown.
8. Where nearly all the growth in the federal budget over the next ten years is coming from. Interesting.
9. Does a wonderful job of defining terms while smoothly immersing them in the narrative: deficit, debt, gross domestic product (GDP), etc...
10. A quick history of the federal budget in six pieces.
11. A look at Social Security, Medicare and Medicaid. Eye-opening stuff.
12.
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Format: Hardcover
Wessel's first chapter reports our federal government spends $400 million/hour. How is that even possible? Wessel tells us, but we have to wait until chapter three. A 'hint' - nearly two thirds is on autopilot, per Wessel, not even requiring a vote from Congress. Unfortunately, that's a bit of an over-simplification - Congress can and does periodically reauthorize/modify the farm bill, for example.

The 'bad news' is that Wessel deals at an ideological level - eg. Ryan's approach to reforming health care which sounds good at a superficial level, but becomes total nonsense when one looks closer.

We spend about $700 billion/year on the military, about 20% of the total budget - more than most other nations combined. But we don't get much insight on the logic or lack thereof.

Firing every federal employee wouldn't save enough to even cut the deficit in half - only $435 billion in 2011. That means an awful lot goes to health care and transfer payments.

About half of America's spending on health comes from government.

The $700 billion bank bailout didn't cost nearly as much as initially feared. Only about $470 billion was disbursed, and about two-thirds has been paid off, with interest. The biggest losses - AIG and G.M. Meanwhile, we've pumped over $150 billion into Fannie and Freddie.

Most American families pay a lower share of their income in federal taxes than thirty years ago; we also pay less than citizens of nearly every other developed nation. However, it isn't clear what the means, given our huge deficits. What is clear, however is that 46% didn't pay any federal income taxes in 2011.

I laughed when reading Wessel's recap of Jude Wanniski's 'Two Santa Claus Theory.
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Format: Hardcover Verified Purchase
David Wessell, a regular at the Wall Street journal, does a fine job of writing and summarizing the issues and challenges associated with modern day Congressional budgeting and, importantly, puts the challenge in the historical context of past decisions,and past beliefs and fallacies. He is critically objective with respect to actions by both political parties. The book is supported with non-partisan Congressional Budget Office data in meaningful but not overwhelming amounts and is presented in an almost conversational manner making the storyline flow and the asymmetries of particular positions politely obvious. I decided to read this book because, like so many, I am weary of not being able to discern the objective facts from the many partisan publications and broadcasts that seem more interested in convincing than proving a position. With this objective in mind, the book thoroughly met my expectations. I think it is equally fair to say that the conclusions reached probably more support the left's views of a balanced approach to cutting spending and selectively raising taxes than the unilateral "no tax increase" positions of the right. Along the way, however, Wessell puts today's crisis in a four decade perspective that takes aim at a lot of well-intentioned programs that have expanded far beyond original expectations, "auto-pilot" provisions of spending and tax bills that are now marching along creating fiscal havoc, and the myths and fallacies of what really happened to revenues and taxes under the leadership of both parties. He honestly sees and points out the extremes of economists on both sides of the Keynes/Hayek- Friedman divide and is critical of most of today's modern economic spokespersons as too rigid and wedded to an ideology.Read more ›
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