Seeds of Destruction Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity

ISBN-10: 0137027737
ISBN-13: 9780137027736
Edition: 2011
List price: $16.99 Buy it from $3.00
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Description: If you think the current administration is mismanaging the economy straight towards disaster, you're not alone: so do two top economists from both sides of the political aisle. InSeeds of Destruction, former Bush chief White House economist R. Glenn  More...

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Book details

List price: $16.99
Copyright year: 2011
Publisher: Pearson Education, Limited
Publication date: 8/13/2010
Binding: Hardcover
Pages: 288
Size: 6.00" wide x 9.00" long x 0.75" tall
Weight: 0.880
Language: English

If you think the current administration is mismanaging the economy straight towards disaster, you're not alone: so do two top economists from both sides of the political aisle. InSeeds of Destruction, former Bush chief White House economist R. Glenn Hubbard and well-known CNBC commentator Peter Navarro explain why current economic policy is a catastrophic failure. Then, they offer a comprehensive, bipartisan blueprint for reversing the decline of America's currency, manufacturing base, and standard of living - setting the stage for the epic policy debates that will precede the 2010 elections. Hubbard and Navarro begin with a "checklist" of what it takes to be a prosperous, democratic nation - and show why Obama's policies (some of Bush's also) fail on every level. They explain why the activist Federal Reserve and Obama fiscal stimulus policies are doing far more harm than good... why we must restore the U.S. manufacturing base, whatever China says about it... how to transform tax policy into an engine of growth and innovation... how to apply the "tough love" needed to save Social Security, Medicare, and Medicaid... why America must resign the job of world policeman... how market-based solutions can finally deliver real energy independence... how to reform our antique financial regulatory system without imposing heavy-handed rules that cause even more trouble.

Foreword
About the Authors
Introduction: The White House Plants Its Seeds of Destruction
Getting from Seeds of Destruction to Seeds of Prosperity
America's Four Growth Drivers Stall and Our Economy Stagnates
The GDP Growth Drivers Equation
GDP Growth Has Been Well Below Potential Growth
The American Consumer's Roller Coaster
Where Has All the Business Investment Gone?
There's Too Much Government Spending
Net Exports Are a Net Negative
Conclusion
How to Lift the American Economy with the Ten Levers of Growth
Free Markets Free of Corruption and Monopoly Best Promote Growth
Free and Fair Trade Helps All Countries Grow
Entrepreneurship Is the Linchpin of Long-Term Growth
Without Savings, There Can Be No Investment and Growth
Without a Stable Banking System and Strong Financial Markets, Savings Can't Be Transformed into Investment
Innovation and Technological Change Matter More Than Machines and Workers
"Human Capital" Matters as Much as Physical Capital
Oil Price Shocks Stunt the Growth of Oil-Import-Dependent Nations
A Healthy Nation Is a Productive and Prosperous Nation
A Solid Manufacturing Base Makes for a Strong Economy
Fixing America's Destructive Duo: Monetary and Fiscal Policy
Why an Easy-Money Street Is a Dead End
The Return of Fed Activism
The Maestro or a Bubble Maker?
President Obama Crosses the Activist Rubicon
The Road to American Prosperity Cannot Be Paved with a Cheap Dollar
Where Have You Gone, William McChesney Martin?
Why You Can't Stimulate Your Way to Prosperity
From John Maynard Keynes to the Kennedy Tax Cut Revolution
Getting the "Big Three" Right: Tax, Trade, and Energy Policy
Why Raising Taxes Lowers America's Growth Rate
Ideological Gridlock Over Broad-based Tax Reform
From a "Class Tax" to a "Mass Tax"
From Double Taxation to Double Whammies
Income Tax Evolution or Consumption Tax Revolution?
Meeting on the Middle Ground
Why the Best "Jobs Program" May Be Trade Reform
The 2000s: A Decade of Large and Chronic Trade Deficits
America's Trade Deficits Cause Inflation and Loss of Political Sovereignty
The World's Poster Child for the Modern Protectionist-Mercantilist State
China's Great Wall of Protectionism
China's Eighteenth Century Mercantilism
Why America's Foreign Oil Addiction Stunts Our Growth
How Does America's Oil Import Addiction Harm Our Economy? Let Us Count the Ways
Risky Business
Moving Toward Forging a Political Consensus on Reducing Oil Import Dependency
The Smart Path Embraces Both Soft- and Hard-Path Options
The Folly of Energy Independence Redux
Achieving a Targeted Reduction in Oil Dependence
Why This Proposal Has Economic and Political Merit
The Thorny Politics of Oil Import Fees
Good Politics Usually Makes for Bad Economics
Cutting the Gordian Knot of Entitlements
The Imperative of an Economic Rather Than Accounting Solution
Why Social Security Is Easier to Fix Than Medicare and Medicaid
Saving Social Security in Two Easy Pieces
Closing the Social Security Spending Gap: What Won't Work
Closing the Social Security Spending Gap: What Can Work
Forging a Political Consensus
Saving Medicare and Medicaid: Mission Impossible?
A Flexible and Focused Way Forward
Why ObamaCare Makes Our Economy Sick
The Big Health Care Picture
Are We Getting What We Are Paying For?
ObamaCare Puts the Coverage Cart Before the Cost Horse
ObamaCare Provides a Far-Too-Sweet Entitlement
Truth or Consequences
ObamaCare and the Law of Unintended Consequences
Toward a More Market-Driven Health Care System
What Can Be Done?
Conclusion
The American Economy at a Crossroads
How to Prevent Another Financial Crisis-and Housing Bubble
Easy Money
Not Enough "Skin in the Game" for American Home Buyers
Not Enough "Skin in the Game" for Mortgage Lenders
Way-Too-Exotic Mortgages for Borrowers
The Mortgage-Backed Securities Meltdown
The Collateralized Debt Obligations Credit Rating Debacle
A Flawed Insurance Market: Credit Default Swaps
Inflexible Bank Capital
Too Big to Fail: Last Rites for Financial Dinosaurs
A Fragmented and Sectoral Model of Regulation
Subsidies for Nonproductive Investment, Taxes for Productive Investment
The New Law as the End of the Beginning
How to Implement Our Seeds of Prosperity Policy Blueprint
Our Seeds of Destruction Problem
Our Seeds of Prosperity Solution
Conclusion
Index

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