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- Herausgeber: Political Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of Tom A. Coburn's book: “The Debt Bomb: A Bold Plan to Stop Washington From Bankrupting America”.
This complete summary of "The Debt Bomb" by Tom A. Coburn, an American politician, presents his explanation that the greatest threat America is facing is the unsustainable borrowing and spending of the government. He argues that America was going bankrupt long before the economic downturn and calls for action and structural reforms.
Added-value of this summary:
• Save time
• Understand the American fiscal crisis and borrowing habits
• Expand your knowledge of American politics and economics
To learn more, read "The Debt Bomb" and discover the threat posed by the American government's uncontrolled borrowing and spending habits.
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Seitenzahl: 24
Veröffentlichungsjahr: 2017
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Book Presentation: The Debt Bomb by Tom A. Coburn
Book Abstract
John Adams famously stated: “Democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” America today faces one of the greatest threats which have arisen since this nation’s founding – the unsustainable spending of our own government. Sooner rather than later, this nation’s “debt bomb” will go off. In fact, if we don’t change course in the next two or three years, the America of the future will only be a hollow shell of its former self.
To defuse this debt bomb and position the nation to move forward, three immediate measures will be required followed by some intense and adult debate about needed long-term structural reforms:
There must be a bipartisan approach to revamping our safety net.The United States must upgrade and modernize its tax code.Lower-priority spending in all areas of government must be reduced or eliminated.“The big question facing America now, and in the foreseeable future, is not who is going to win the next election but whether we are going to defuse a debt bomb that has put our very survival at risk. The battle is upon us now. Neither side can afford to be idle until a perfect political moment—or moment of total victory—that will never arrive. I’m confident we can find a way to defuse our debt bomb because America, as a nation, and as individuals, is courageous. We’ve proven it time and time again.”
About the Author
Tom Coburn is a United States Senator, business owner and physician. He was elected to the U.S. House of Representatives in 1994 and left in 2001 to honor his self-imposed term limits pledge. He returned to public service in 2005 by being elected as a Senator from Oklahoma. He plans to leave in 2016 after having served two terms.
Summary of The Debt Bomb (Tom A. Coburn)
The Problem – Where We Are Now and How We Got Here
“America is already bankrupt. We may not believe it. We may not yet feel its full effects. But we are effectively bankrupt. Our debt now exceeds the size of our entire economy. Our payments on our obligations—our unfunded liabilities—exceed our income as far as the eye can see. No amount of obtainable growth or tax revenue will be enough. There simply is no possible way we can finance our long-term liabilities without fundamentally reimagining what government can do in the twenty-first century.”
The uncomfortable yet undeniable facts about the debt crisis facing the United States at the present time are:
The national debt has already reached a tipping point
