Title: Running On Empty
First published: July 14, 2004
Description: "When George W. Bush came into office in 2001, the ten-year budget balance was officially projected to be at a surplus of $5.6 trillion. But after three big tax cuts, the bursting of the stock-market bubble, and the devastating effects of 9/11 on the economy, the surplus has evaporated, and the deficit is expected to grow to $5 trillion over the next decade. America was once the greatest creditor to nations around the globe; it is now the largest debtor in the world. And the domestic deficit is only half the story. Given our $500 billion trade deficit and our anemic savings rate, we depend on an unprecedented $2 billion of foreign capital every working day. If foreign confidence were to wane, this could lead to a dreaded hard landing." "In Running on Empty, Peterson takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country."--BOOK JACKET.
Subjects: Politics and government, Deficit financing, Economic conditions, Budget deficits, Economic policy, Balance of trade, Government spending policy, Entitlement spending, Fiscal policy, Budget, Budget, united states, United states, economic policy, 2001-2009, Government spending, History, Political parties, Civil service reform
Places: United States
Time periods: 2001-
LC classification: HJ2051 .P485 2005