In all fairness, Jerry Bowyers wrote this book in 2003 or 2004, and he only had data available at that time. Evidently he thought the economy was going to really take off so he wrote this book hoping to known as the guy who predicted the Bush Boom. Unfortunately for Bowyers, he'll be known, at least by some, as a major sap.
In the Foreword, written by Lawrence Kudlow, after patting himself on the back for having "built a solid reputation as a forecaster", Kudlow writes something that eventually becomes a major theme of the book. He says, "[T]he trick is to choose the right data." And that technique is permeated throughout this book. Over and over again, Bowyers chooses the "right data", i.e. the data that supports his pre-drawn conclusion. Over and over again, data that does not support his conclusion is not included. Sometimes he highlights a market fluctuation over the short term to support his message while choosing to leave out the long term performance of the market which is more important.
The absolute most disgusting comment in this book is on page 60 where Bowyers writes, "Forget the deficit; focus on growth." He goes on to argue that Federal budget deficits do not adversely affect the economy. His point is that the past nearly three decades of budget deficits didn't seem to have hindered economic growth at all.
If you think about it, it makes sense. You tax less. People and businesses have more disposable income. It gives the appearance of prosperity. If used in moderation, this technique can be successful. The only problem is that if it's managed too irresponsibly and the debt accumulates too much, then you're going to have problems. We've got problems.
Since the 80s the Federal government has been running up budget deficits almost every year. We have gone from the world's largest creditor nation to the largest debtor nation. The national debt is over ten trillion dollars. And that only includes what's on the books. The government has been hiding the future obligations that we have to pay for Social Security and Medicare. The burden to pay for all this is almost overwhelming. This is a result of chumps like Bowyers saying to forget the deficit.
A lot of people have written some funny comments about this book. Things didn't turn out the way Bowyers had anticipated. This book makes him look utterly foolish. But it doesn't end there. People like Bowyers have been encouraging government officials to manage the nation's finances irresponsibly. Bowyers and others like him have been saying to forget the deficit. He and people like him are directly responsible for the bleak fiscal future of this nation. That's not funny.
UPDATE 2013: Jerry's latest book "The Free Market Capitalist's Survival Guide" makes a hilarious comment about "The Bush Boom". On the dust jacket of his latest book it reads, "This is his first book." HaHa! Jerry wants people to forget "The Bush Boom". I wish we could all forget it.
Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required.
Read instantly on your browser with Kindle for Web.
Using your mobile phone camera - scan the code below and download the Kindle app.
Book recommendations, author interviews, editors' picks, and more. Read it now.
