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

Overview

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 ...

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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

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Overview

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 Ferrara supports sweeping tax reform to maximize economic growth, and fundamental entitlement reform to replace our outdated redistribution-based welfare state with a modernized comprehensive social safety net.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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Editorial Reviews

Mitch Daniels
“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.”
Library Journal
Beyond an economic warning, this is an ambitious roadmap to economic reform and recovery for America. Voluminous statistics, numerous sources, and substantive issues make the book extremely credible. Readers will find explanations of the 2008 financial crisis and proposals to improve the situation. They will also be disabused of media distortions and inconsistencies that mislead the public's economic understanding. Ferrara (President Obama's Tax Piracy)—director of the Institute for Policy Innovation, former Reagan White House Office of Policy Development member, and former associate deputy attorney general under the first President Bush—outlines the calamitous path America has traveled and proposes multiple reforms that need both liberals' and conservatives' attention to avoid detonating the bankruptcy bomb. The reforms repeatedly demonstrate how present policies hurt poor and low-income Americans; restrain economic growth; endanger health care, education, Social Security, pensions, and states; and create disincentives that cause increased welfare enrollment, crime, and counterproductive activities. A comparison with Chilean Social Security, for example, shows U.S. ineptitude. Ferrara's plea: "Can we talk?" VERDICT Enlightening for serious readers, politicians, and those concerned about America's future.—Joanne B. Conrad, Geneseo, NY
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Product Details

  • ISBN-13: 9780062025777
  • Publisher: HarperCollins Publishers
  • Publication date: 6/14/2011
  • Pages: 432
  • Sales rank: 746,060
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.50 (d)

Meet the Author

Peter Ferrara is director of policy for the Carleson Center for Public Policy and senior fellow for entitlement and budget policy with the Heartland Institute. He served in the White House Office of Policy Development under President Reagan and as associate deputy attorney general under President George H. W. Bush. He writes a weekly column at Spectator.org and also at Forbes.com. He lives in McLean, Virginia, and Easton, Pennsylvania.

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