Category Government and Business

America’s Fiscal Constitution

America’s Fiscal Constitution
By Bill White
Public Affairs
Retail Price $35.00
Amazon Price: $25.37

Book Description: 

America’s Fiscal Constitution: Its Triumph and Collapse (PublicAffairs, April 1, 2014) tells the remarkable story of federal leaders who imposed clear limits on the use of federal debt. For almost two centuries those limits allowed the federal government to borrow for only four purposes. That traditional fiscal constitution collapsed in 2001, when federal elected officials broke the traditional link between federal tax and spending policies. For the first time in history, the federal government cut taxes during war, funded permanent new programs entirely with debt, and became dependent on foreign creditors.
With insights gained from original scholarship and an unusual breadth of experience in finance and government, Bill White distills practical lessons from the nation’s five previous spikes in debt. America’s Fiscal Constitution is an entertaining and objective guide for people trying to make sense of the current and most dangerous debt crisis

Review

This is a great taking a look at the state of America’s financial affairs.  The author comes at the topic from a historical perspective on what has worked, what will work and what, in his opinion, won’t work.  He clearly defines when debt is necessary and how to justify and pay back in a systematic fashion.  While White doesn’t point fingers, he aptly defines a thorough history (that we need to pay attention to) on what does work when applying basic sound economic principles.  As a nation, we need to take notice.  The book is written in an exceptionally clear and lively way, making it an interesting read.  I cannot recall a book in this or any related genre that used the active voice so predominantly.

~Reviewed by Dennis V.

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