Our political system in the U. Amongst Republicans, especially, any politician tainted with "compromise" automatically becomes targeted for criticism and to be driven from office in the next election. In their next to the last chapter, titled "Where do we go from here? Many if not most of them taken individually are reasonable. And, certainly, taken as a package, these are the kind of proposals that reasonable people could sit down with and agree on some of one, more or less of another, some compromise here and there.
Explains the different roles of the government with a focus of course on finances. Most Popular. Also, reduce tax expenditures. Overall this book was nothing short of illuminating and oddly hopeful in the midst of all this doom and gloom talk. Edition Statement : 1st ed. Notes : Includes bibliographical references p.
What is frightening is how, in our political climate, almost all if not all of these proposals is politically impossible and laughable. Examples of these impossible dreams, which likely would be practical reality in a more sane nation, are: 1 Do not extend the Bush tax cuts. But, of course, a vote not to extend them is interpreted as a vote to raise taxes, and that is career suicide for many of our Congress people.
And the third from the last chapter "Arguing first principles" is the one that I really wish our political leaders would read. I know it helped me to better understand how to think about governmental financial policy. Their discussion of the idea that government policies, when enacted, should produce social benefits while minimizing the adverse side effects, and their analysis of some of the ways these policies go wrong, in particular because of loopholes in tax law, is very helpful.
Bottom line: We, actually our political leaders must be willing to compromise on paying for our government with some combination of tax increases and spending cuts. Johnson and Kwak give an excellent analysis of our current economic situation and problems and give very intelligent, reasonable, and rational proposals for what to do to make it better.
We have to fix the politics and probably most importantly, campaign finance and the corruption that it injects into that political system before we can even try to fix the economics. You must be logged in to post a comment. Skip to content. On the other hand, government measures meant to protect vulnerable members of society will have to be financed through the assumption of greater debt, unless political leaders are willing to increase taxes on businesses as well as wealthy individuals.
This is complicated stuff, but the clarity of explanations from Johnson and Kwak ease the pain.
The authors are especially strong in their demonstration of the fallacy of likening government debt to the debt of an individual family. Many families are morally opposed to debt in their household and may assume that government debt is a moral issue.
Johnson and Kwak explain why morality should have little place in any sane debate about the amount of national debt. There was a problem adding your email address. Please try again.
From the authors of the national bestseller 13 Bankers, a chilling account of America's unprecedented debt crisis: how it came to pass, why it threatens to topple. Editorial Reviews. Review. “A must-read for anyone who wishes to understand the true nature White House Burning: The Founding Fathers, Our National Debt , and Why It Matters to You - Kindle edition by Simon Johnson, v. Download it.
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