Summary: Running On Empty E-Book

BusinessNews Publishing

• Herausgeber: Political Book Summaries
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 21

Veröffentlichungsjahr: 2017

Beschreibung

The must-read summary of Peter G. Peterson's book: “Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It”.

This complete summary of "Running on Empty" by Peter G. Peterson, an American businessman and investment banker, presents his argument that runaway deficits have an impact on our economic future and offers solutions to the American government as to how to ensure our children's economic future. 

Added-value of this summary:
• Save time
• Understand the deterioration of American finances in the run-up to the 2008 financial crisis
• Expand your knowledge of American politics and economics

To learn more, read "Running on Empty" and discover the factors that contributed to one of the worst financial crises America has ever seen.

Leseprobe

Book Presentation: Running On Empty by Peter G. Peterson

Book Abstract

Praised by a range of prominent people including Senator John McCain, NBC News’ Tom Brokaw and billionaire investor Warren Buffett, Running On Empty is a nonpartisan work aimed at alerting the American people of the real impact being caused by the runaway deficits the United States is creating.

In Running On Empty, Peterson goes behind what he believes are political smoke-and-mirror games and explains what Americans must do to rescue the future of the country from this economic crisis. Peterson explains why the deficits do matter to the future of our country, how both political parties created this problem and what steps need to be taken to get us out of this mess.

About the Author

Peter G. Peterson is a lifelong Republican and former secretary of commerce under President Nixon. He is chairman of The Blackstone Group, chairman of the Council on Foreign Relations and former chairman of the Federal Reserve Bank in New York. The author of several other books, Peterson is also the founding president of The Concord Coalition.

Summary of Running On Empty (Peter G. Peterson)

How Big Is the Problem?

The numbers are staggering. When President George W. Bush entered office, the 10-year budget balance was officially projected to be a surplus of $5.6 trillion. Soon hit by recession together with the bursting of the stock market bubble and then by 9/11, the surplus fell. When Bush went ahead with two large and heavily back-ended tax cuts in 2001 and 2002, they fell much further. By the end of 2002, all but $1 trillion of the 10-year surplus had vanished. Unfazed by this turnaround, the Bush Administration pushed a third tax cut through Congress in the spring of 2003 – this was done despite new fiscal demands, which included a war in Iraq and an urgent “homeland security” agenda. By August 2003, the Congressional Budget Office officially projected the 10-year fiscal balance at a deficit of $1.4 trillion.