Seeds of Destruction : Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2010-08-13
  • Publisher: FT Press

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"Seeds of Destructionis everything that Washington policymaking is not: sober, lucid, reasoned, timely, bipartisan, and constructive." Douglas Holtz-Eakin, President of the American Action Forum and former Director of the Congressional Budget Office (2003-2005) "Glenn Hubbard and Peter Navarro combine their unique experiences in government and politics with their crystal-clear economic insights to produce a lively and compelling account of the origins of the financial crisis and the problems now plaguing the American economy. The book convincingly explains how government policy planted the seeds of destruction and how a change in government policy can root them out and plant the seeds of prosperity. Their diagnoses and remedies should be read, studied carefully, and applied." John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University, and former Undersecretary of the Treasury for International Finance "A thoughtful and politically provocative diagnosis of Americars"s economic ills." Kenneth S. Rogoff, coauthor,This Time is Different, and Thomas D. Cabot Professor of Public Policy, Harvard University "This book is a ls"must-readrs" for all persons who are concerned about our economic future. It shows the disastrous folly of our current economic policies and, more important, it lays out the proper policies to achieve a sound and prosperous economic future." John Cogan, Professor at Stanford University and former Deputy Director of the Office of Management and Budget "In this dramatic nonpartisan book, Glenn Hubbard and Peter Navarro lay out the true roots of the current troubles. They then open their hands and show ls"seeds of prosperity,ls" a new set of policies that can, if planted, make the economic garden grow even more dramatically than it did in the past. No pair of authors is more qualified than these to undertake this." From the Foreword by Amity Shlaes, bestselling author ofThe Forgotten Man: A New History of the Great Depression Government policy and the Obama administration are driving the American economy straight toward catastrophe. Now, two respected economistsone a Republican, one a Democratexplain why these policies are so dangerous and offer a bipartisan, common-sense blueprint for reversing Americars"s economic decline. Glenn Hubbard and Peter Navarro explain why sustained growth is the only long-term solution, outline the elements of a vibrant economy, and explain why current policies are failing on every level. They reveal how we can finally restore the critical U.S. manufacturing basehellip;return to our tradition of sound money hellip;transform tax policy into an engine of growth and innovationhellip;save Social Security and Medicare with "tough love"hellip;use market-based solutions to achieve real energy independencehellip;reform antique financial regulations without making matters worse...and balance our burgeoning budget deficits with strong economic growth rather than through punitive taxation. Whatever your politics, if yours"re frightened about the future, you should be. This book shows how we can grab the steering wheel, veer away from the cliff, and build a brighter economic future for everyone. Short-term stimulus, long-term disaster

Author Biography

Glenn Hubbard, Dean of Columbia Business School, served in the Bush White House from February 2001 until March 2003 as the Chairman of the Council of Economic Advisers and the OECD’s Economic Policy Committee. He also was the Deputy Assistant Secretary of the U.S. Treasury Department for Tax Analysis from 1991 to 1993. His commentaries appear frequently in the “Nightly Business Report,” “Marketplace,” The Wall Street Journal, and the Financial Times.

Peter Navarro is a business professor at UC Irvine, CNBC contributor, and a widely sought-after speaker. He has appeared on Bloomberg TV and radio, CNN, NPR, and 60 Minutes. His books include Always a Winner and The Coming China Wars. His Web site is www.peternavarro.com.

Table of Contents

Forewordp. xii
About the Authorsp. xviii
Introduction: The White House Plants Its Seeds of Destructionp. 1
Getting from Seeds of Destruction to Seeds of Prosperityp. 7
America's Four Growth Drivers Stall and Our Economy Stagnatesp. 9
The GDP Growth Drivers Equationp. 11
GDP Growth Has Been Well Below Potential Growthp. 12
The American Consumer's Roller Coasterp. 15
Where Has All the Business Investment Gone?p. 19
There's Too Much Government Spendingp. 21
Net Exports Are a Net Negativep. 25
Conclusionp. 27
How to Lift the American Economy with the Ten Levers of Growthp. 29
Free Markets Free of Corruption and Monopoly Best Promote Growthp. 29
Free and Fair Trade Helps All Countries Growp. 31
Entrepreneurship Is the Linchpin of Long-Term Growthp. 33
Without Savings, There Can Be No Investment and Growthp. 34
Without a Stable Banking System and Strong Financial Markets, Savings Can't Be Transformed into Investmentp. 35
Innovation and Technological Change Matter More Than Machines and Workersp. 36
"Human Capital" Matters as Much as Physical Capitalp. 38
Oil Price Shocks Stunt the Growth of Oil-Import-Dependent Nationsp. 39
A Healthy Nation Is a Productive and Prosperous Nationp. 40
A Solid Manufacturing Base Makes for a Strong Economyp. 41
Fixing America's Destructive Duo: Monetary and Fiscal Policyp. 47
Why an Easy-Money Street Is a Dead Endp. 49
The Return of Fed Activismp. 52
The Maestro or a Bubble Maker?p. 53
President Obama Crosses the Activist Rubiconp. 54
The Road to American Prosperity Cannot Be Paved with a Cheap Dollarp. 57
Where Have You Gone, William McChesney Martin?p. 60
Why You Can't Stimulate Your Way to Prosperityp. 63
From John Maynard Keynes to the Kennedy Tax Cut Revolutionp. 66
Getting the "Big Three" Right: Tax, Trade, and Energy Policyp. 83
Why Raising Taxes Lowers America's Growth Ratep. 85
Ideological Gridlock Over Broad-based Tax Reformp. 88
From a "Class Tax" to a "Mass Tax"p. 91
From Double Taxation to Double Whammiesp. 93
Income Tax Evolution or Consumption Tax Revolution?p. 95
Meeting on the Middle Groundp. 97
Why the Best "Jobs Program" May Be Trade Reformp. 101
The 2000s: A Decade of Large and Chronic Trade Deficitsp. 103
America's Trade Deficits Cause Inflation and Loss of Political Sovereigntyp. 104
The World's Poster Child for the Modern Protectionist-Mercantilist Statep. 104
China's Great Wall of Protectionismp. 106
China's Eighteenth Century Mercantilismp. 111
Why America's Foreign Oil Addiction Stunts Our Growthp. 125
How Does America's Oil Import Addiction Harm Our Economy? Let Us Count the Waysp. 128
Risky Businessp. 130
Moving Toward Forging a Political Consensus on Reducing Oil Import Dependencyp. 132
The Smart Path Embraces Both Soft- and Hard-Path Optionsp. 133
The Folly of Energy Independence Reduxp. 136
Achieving a Targeted Reduction in Oil Dependencep. 137
Why This Proposal Has Economic and Political Meritp. 140
The Thorny Politics of Oil Import Feesp. 142
Good Politics Usually Makes for Bad Economicsp. 147
Cutting the Gordian Knot of Entitlementsp. 149
The Imperative of an Economic Rather Than Accounting Solutionp. 151
Why Social Security Is Easier to Fix Than Medicare and Medicaidp. 153
Saving Social Security in Two Easy Piecesp. 154
Closing the Social Security Spending Gap: What Won't Workp. 158
Closing the Social Security Spending Gap: What Can Workp. 161
Forging a Political Consensusp. 165
Saving Medicare and Medicaid: Mission Impossible?p. 167
A Flexible and Focused Way Forwardp. 168
Why ObamaCare Makes Our Economy Sickp. 173
The Big Health Care Picturep. 174
Are We Getting What We Are Paying For?p. 176
ObamaCare Puts the Coverage Cart Before the Cost Horsep. 178
ObamaCare Provides a Far-Too-Sweet Entitlementp. 180
Truth or Consequencesp. 181
ObamaCare and the Law of Unintended Consequencesp. 183
Toward a More Market-Driven Health Care Systemp. 184
What Can Be Done?p. 191
Conclusionp. 192
The American Economy at a Crossroadsp. 197
How to Prevent Another Financial Crisis-and Housing Bubblep. 199
Easy Moneyp. 201
Not Enough "Skin in the Game" for American Home Buyersp. 202
Not Enough "Skin in the Game" for Mortgage Lendersp. 203
Way-Too-Exotic Mortgages for Borrowersp. 205
The Mortgage-Backed Securities Meltdownp. 208
The Collateralized Debt Obligations Credit Rating Debaclep. 211
A Flawed Insurance Market: Credit Default Swapsp. 213
Inflexible Bank Capitalp. 216
Too Big to Fail: Last Rites for Financial Dinosaursp. 218
A Fragmented and Sectoral Model of Regulationp. 219
Subsidies for Nonproductive Investment, Taxes for Productive Investmentp. 221
The New Law as the End of the Beginningp. 222
How to Implement Our Seeds of Prosperity Policy Blueprintp. 229
Our Seeds of Destruction Problemp. 230
Our Seeds of Prosperity Solutionp. 231
Conclusionp. 248
Indexp. 251
Table of Contents provided by Ingram. All Rights Reserved.

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