Running on Empty

Running on Empty

How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It

Book - 2004
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Baker & Taylor
Offers a look at the potentially devastating repercussions of the budget and foreign trade deficits, explaining how reckless tax cuts, out-of-control spending, and corrupt accounting in Congress may affect the future of America.

Holtzbrinck
When Bush came to office in 2001, the 10-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 9/11on the economy, the surplus has evaporated, and the deficit is expected to grow to $ 5-trillion over the next decade. The domestic deficit is only the half of it. 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 the dreaded hard landing.

Peter G. Peterson--a lifelong Republican, chairman of the Blackstone Group, and former secretary of commerce under Nixon--shatters the myths with hard facts and a harrowing view of the twin deficit's real impact. Republicans and Democrats alike have mortgaged America's future through reckless tax cuts, out-of-control spending and Enron-style accounting in Congress. And the situation will only get worse as the Baby Boom generation begins to retire, making unprecedented demands on entitlement programs like Social Security and Medicare. Despite what Bush says, we are on a path that could end in economic meltdown, and we simply cannot grow out of the deficit.

In Running On Empty, Peterson sounds the warning bell and prescribes a set of detailed solutions which, if implemented early, will prevent the need for draconian measures later. He takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country.


Blackwell North Amer
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.

Baker
& Taylor

The author of Gray Dawn offers a myth-shattering look at the potentially devastating repercussions of the budget and foreign trade deficits, explaining how reckless tax cuts, out-of-control spending, and corrupt accounting in Congress will affect the future of America. 50,000 first printing.

Publisher: New York : Farrar, Straus and Giroux, c2004
Edition: 1st ed
ISBN: 9780374252878
0374252874
Branch Call Number: 339.523 PET
Characteristics: xxviii, 242 p. ; 22 cm

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StarGladiator
Jan 06, 2014

In the bio it lists Peterson as Nixon's secretary of commerce, a position which Nixon fired Peterson from, but Peterson has been fired many times and expelled from MIT for massive cheating, which was probably how he came to the attention of David Rockefeller, his lifelong mentor and career spinner. (Peterson disagreed with Nixon's tariffs and other economic policies, advantageous to the American economy, but greatly upsetting to Peterson's mentor, David Rockefeller). Peterson would found the Blackstone Group (with seed money from Rockefeller) along with Yale Skull & Bones guy, Stephen Schwarzman [chose for that select frat by a committee including George W. Bush]. Peterson, along with David Rockefeller, would also found the Peterson Institute for International Economics ("Peterson Institute"), dedicated to ending Social Security, Medicare/Medicaid, and promoting the offshoring of as many American jobs as possible! Peterson is so concerned with entitlements, yet enjoys the greatest entitlement of them all, the ability create money through his PE firm. (That's create money not "earn it" - - by securities issues, ultra-leveraged speculation, tampering with the tax laws to allow his Blackstone Group to continue to pay the capital gains tax rate, instead of the legally mandated corporate tax rate when he took Blackstone Group public, tax evasion and avoidance, et cetera, et cetera) One of Peterson's most nefarious contributions to the Rockefeller family, and the super-rich, was getting appointed to head the Commission on Foundations, known as the Peterson Foundation (due to pressure on the politicians from the Rockefeller brothers) in response to Rep. Wright Patman's congressional report on how the super-rich hid their wealth and ownership, while avoiding taxation, in foundations and trusts. This commission, under Peterson, never accomplished any changes, of course! Later, Bill Clinton, phoney crat, would appoint Peterson to his commission "to end welfare as we know it"! Peterson's latest "achievement" is to establish an "austerity promotion group" within the New America Foundation, which is partially funded from his Peterson Foundation. (Foundations within foundations within foundations, sort of like those Russian boxes?)

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