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Steering clear : how to avoid a debt crisis and secure our economic future

Author: Peter G Peterson
Publisher: New York, New York : Portfolio/Penguin, 2015.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
""Despite clear danger and explicit warnings, the United States of America-distracted by short-term challenges and its own political dysfunction-is steaming toward its own collision, one with long-term debt." Philanthropist, businessman, and former secretary of commerce Peter G. Peterson argues that we can no longer ignore the long-term debt challenges facing our country, because our economic future depends on it.
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Document Type: Book
All Authors / Contributors: Peter G Peterson
ISBN: 9781591847809 159184780X
OCLC Number: 899949343
Notes: Includes index.
Description: x, 192 pages : color illustrations, charts ; 24 cm
Contents: Decline into debt : how the U.S. economy drifted off course --
Collision course : how America's longterm debt could damage our economy --
Strengthening and sustaining Social Security for generations to come --
Path to health : reforming U.S. healthcare to save lives, money, and our future --
Fighting for our future : getting more from every defense dollar --
Getting back on course : options for raising revenue --
Not just an economic or a fiscal crisis, but a political, cultural, and moral crisis.
Responsibility: Peter G. Peterson.

Abstract:

""Despite clear danger and explicit warnings, the United States of America-distracted by short-term challenges and its own political dysfunction-is steaming toward its own collision, one with long-term debt." Philanthropist, businessman, and former secretary of commerce Peter G. Peterson argues that we can no longer ignore the long-term debt challenges facing our country, because our economic future depends on it. The gross federal debt now exceeds $17 trillion and it is expected to rise rapidly in the decades to come. If the growing gap between projected spending and revenues continues to widen, our federal debt is projected to soar to the highest levels in our nation's history-more than four times its average over the past forty years. This growing debt and the associated interest costs divert resources away from important public and private investments that are critical to our global competitiveness, threatening our future economy. Peterson has made it his life's work to bring awareness to America's key economic and fiscal challenges. He makes clear that if we continue to ignore America's long-term debt, we will diminish economic opportunities for future generations, weaken our ability to protect the most vulnerable, and undermine the competitive strength of our businesses globally. The drama-filled, economically damaging budget battles of the last few years have focused almost entirely on the short term-putting aside the more difficult, but much more important, long-term issues. Peterson offers nonpartisan analysis of our economic challenges and a robust set of options for solving our long-term debt problems. He looks at the impact of aging baby boomers, growing healthcare costs, outdated military spending, a flawed tax code, and our divided political system. And he offers hopeful, durable, and achievable solutions for improving our fiscal outlook through a mix of progrowth reform options that would reduce government spending and increase revenue, and could be phased in gradually in the years to come. There's still time to restore the United States as a land of opportunity. Peterson's diagnosis and recommendations can help us confront our fiscal reality, address our long-term debt, and steer the country safely toward a more secure and dynamic economic future"--

"Philanthropist, businessman, and former Secretary of Commerce Peter G. Peterson argues that America must address its long-term debt in order to build a strong economy, today and in the future. If we continue to ignore America's unsustainable fiscal challenges, we are steering our country towards a collision with long-term debt that will diminish economic opportunities for the next generation, weaken our ability to protect vulnerable people, and undermine the competitive strength of our businesses in a vastly more global and technological world. The gross federal debt now exceeds $17 trillion, and it is projected to soar in coming decades, diverting resources from the critical private and public investments we need to make in education, R & D, and infrastructure to secure our economic future and Americans' well-being. Yet Washington is gridlocked, risking a crippled economy for our children and grandchildren. Peterson offers a non-partisan analysis of our dilemma and a robust set of options for solving our long-term debt problem. He looks at the impact of aging baby boomers, growing health care costs, outdated military spending, our flawed tax code, and our divided political system. And he shows how we can improve our fiscal outlook through a mix of pro-growth reforms that would reduce government spending and increase revenue, which could be phased in gradually in the years to come once our economy has recovered"--

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