The Truth About the National Debt: Five Myths and One Reality

As the election-year rhetoric on balancing the federal budget heats up, this contrarian book-written by a long-time Washington insider-will lead the debate. Drawing on more than 30 years of experience in the government, the author shatters five long-held myths and upholds one reality about what is now a $5 thrillion national debt-essentially revealing that the public debt is not all bad news, but that spending control should be an imperative for the leaders of tomorrow. Arguing that political leaders from both the left and the right use scare tactics to prey on our fears about the national debt, the author maintains that the problem is undisiplined government expenditures, not the way of paying for them-whether through increasing the debt or raising taxes. He proposes a redefinition of the federal deficit to restore discipline and confidence in the management of the government's finances. He also explains the effects of the debt on future generations, private investment, interest rates, social security, and foreign investment, and renews the call for a balanced federal budget.