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The cost of servicing US debt has surged. With solutions to the problem seemingly trapped in political gridlock, kicking the can down the road has been the norm. But at some point, failure to tackle the US’s large and growing budget deficit is going to hit the wallets of ordinary Americans.

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In just a few short years, federal budget deficits and the national debt rose from obscurity to become America’s newest obsession. Unfortunately, while interest in the issue has grown, rigid ideology and an increasingly vitriolic and entrenched public dialogue have crowded out thoughtful discourse, preventing even basic education on budgets, the deficit, and the role of government.

Fiscal Therapy is an antidote to the demagoguery and half-truths. It explains the scope and nature of the deficit problem facing the United States and offers sensible, balanced, workable solutions in clear language, drawing on national history, the experiences of other countries, and economic analysis. According to William G. Gale, senior fellow at the Brookings Institution and codirector of the Urban-Brookings Tax Policy Center, what is at stake in solving the deficit problem is the social contract that governs how Americans interact with their government.

Restructuring government and balancing the long-term budget are monumental tasks. While Americans need not and should not abandon their fundamental values, the required actions will be profound. No country makes such changes easily or quickly, but failure to act will ultimately guarantee long-term economic ruin.

Gale proposes a set of policies to restore fiscal balance through shared sacrifice. His proposal would restructure taxes and spending programs, cut overall government outlays, raise revenues, and put the economy and the budget on sound footing.

Contents 1. Introduction

2. How We Got Here

3. Where We’re Heading

4. Why the Deficit Is a Problem?

5. Fixing the Problem

America’s Fiscal Constitution: Its Triumph and Collapse (PublicAffairs, April 1, 2014) tells the remarkable story of federal leaders who imposed clear limits on the use of federal debt. For almost two centuries those limits allowed the federal government to borrow for only four purposes. That traditional fiscal constitution collapsed in 2001, when federal elected officials broke the traditional link between federal tax and spending policies. For the first time in history, the federal government cut taxes during war, funded permanent new programs entirely with debt, and became dependent on foreign creditors.
With insights gained from original scholarship and an unusual breadth of experience in finance and government, Bill White distills practical lessons from the nation’s five previous spikes in debt. America’s Fiscal Constitution is an entertaining and objective guide for people trying to make sense of the current and most dangerous debt crisis.

Winner of the Margaret Mead Award of the Society for Applied Anthropology

The farm crisis of the 1980s was the worst economic disaster to strike rural America since the Depression—thousands of farmers lost their land and homes, irrevocably altering their communities and, as Kathryn Marie Dudley shows, giving rise to devastating social trauma that continues to affect farmers today. Through interviews with residents of an agricultural county in western Minnesota, Dudley provides an incisive account of the moral dynamics of loss, dislocation, capitalism, and solidarity in farming communities.

A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead.

The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists.

By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s.

Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.

Winner of the Margaret Mead Award of the Society for Applied Anthropology

The farm crisis of the 1980s was the worst economic disaster to strike rural America since the Depression—thousands of farmers lost their land and homes, irrevocably altering their communities and, as Kathryn Marie Dudley shows, giving rise to devastating social trauma that continues to affect farmers today. Through interviews with residents of an agricultural county in western Minnesota, Dudley provides an incisive account of the moral dynamics of loss, dislocation, capitalism, and solidarity in farming communities.

You might be thinking everything’s okay: the stock market is on the rise, jobs are growing, the worst of it is over.

You’d be wrong.

In The Real Crash, New York Times bestselling author Peter D. Schiff argues that America is enjoying a government-inflated bubble, one that reality will explode . . . with disastrous consequences for the economy and for each of us. Schiff demonstrates how the infusion of billions of dollars of stimulus money has only dug a deeper hole: the United States government simply spends too much and does not collect enough money to pay its debts, and in the end, Americans from all walks of life will face a crushing consequence.

We’re in hock to China, we can’t afford the homes we own, and the entire premise of our currency—backed by the full faith and credit of the United States—is false. Our system is broken, Schiff says, and there are only two paths forward.  The one we’re on now leads to a currency and sovereign debt crisis that will utterly destroy our economy and impoverish the vast majority of our citizens.  

However, if we change course, the road ahead will be a bit rockier at first, but the final destination will be far more appealing.  If we want to avoid complete collapse, we must drastically reduce government spending—eliminate entire agencies, end costly foreign military escapades and focus only on national defense—and stop student loan or mortgage interest deductions, as well as drug wars and bank-and-business bailouts. We must also do what no politician or pundit has proposed: America should declare bankruptcy, restructure its debts, and reform our system from the ground up.

Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don’t. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.