America's Ticking Bankruptcy Bomb
Across the landscape that is the United States in 2011, there exists among the citizenry an increasing unease and apprehension about the future of the country. Unlike many in the gilded halls of Washington D.C., the state capitals or the faculty lounges of the universities, the reality of the nation's economic and financial status is intruding on the American people. They instinctively know that all is not well and that those upon whom they relied to steer the ship of state have failed them.
The genesis of America's financial and economic dilemma can be confusing and easily obfuscated by those whose primary ambition is to "basically transform" the country into a failed collectivist paradise. The current occupant of the White House and an overwhelming number in the Congress and media continue to claim that by even further increases in spending, taxes and debt the country will eventually recover despite historical and current evidence to the contrary.
Therefore, it is imperative that the people understand the overwhelming tsunami of government spending, deficits, taxes and debt about to inundate to the economy resulting in potential default and bankruptcy for the United States. Only then will the citizenry recognize that common sense market based solutions are the only way out of the current crisis and the means to create another long-term economic boom.
To that end, Peter Ferrara, a former policy advisor to Ronald Reagan and Deputy Attorney General under George H.W. Bush, has written and published a concise, thorough and well-thought out book entitled: America's Ticking Bankruptcy Bomb.
This is a work designed not for the academics or policy-makers but for the average citizen concerned for the future of the country. As such it is easy to read and comprehend particularly the evolution of how we got to where we are as a nation.
But more importantly Mr. Ferrara shows how to defuse this ticking bankruptcy bomb by laying out in specific detail a plan to create another economic boom akin to the one unleashed during the Reagan years. He shows how to fundamentally reform entitlements using market incentives; cut federal spending in half (as percent of GDP); balance the budget permanently; revamp the overbearing tax code and dramatically diminish the regulatory behemoth that is Washington D.C.
The key to avoiding national bankruptcy is to spur a surge in economic growth in order to expand the revenue base as well as the standard of living for all Americans. Mr. Ferrara's strategy is a must read for those running for President or any political office and for all citizens concerned not only about the contemporary state of the nation but the country future generations will inherit.