Truth About the National Debt: Five Myths and One Reality

By Francis X. Cavanaugh

Book Overview

The Truth About the National Debt shatters five long-held myths and highlights one reality about what is now a $5 trillion national debt. Drawing on more than 30 years at the U.S. Department of the Treasury, where he served seven presidents, Cavanaugh argues that public debt is not all bad news. Instead, the problem is undisciplined government expenditures-whether financed by debt or taxes. He also outlines the real effects of the debt on future generations, private investment, interest rates, social security, and foreign investment and proposes a redefinition of the federal deficit to restore discipline and confidence in the management of the government's finances.

• Format: Hardcover
• Language: English
• ISBN: 087584734X
• ISBN13: 9780875847344
• Release Date: September 1996
• Publisher: Harvard Business Review Press
• Length: 172 Pages
• Weight: 1.06 lbs.
• Dimensions: 0.8" x 6.4" x 9.5"

Customer Reviews

Great book for anyone that wants to know how public finance actually works!

This is a great book for anyone that wants to know how public finance actually works. After having studied economics for many years, it always gets to me when I hear stupid members of Congress or their political people say that spending is destroying the nation. First, if that were true, maybe they (Congress) should stop spending. Although the stats are a few years behind, it is the facts about the debt that are important.

A must read

This is a must read for anyone who wants to know about the national debt and its significance, or as you will find out in the book, its lack thereof. The only point I disagree with is his argument of the insignificance of foreign debt. I feel this is still a major issue. Also, he tries to go into other aspects of government funding that are problematic, but I found it very difficult to understand.