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

In this book, a top Republican and Democratic economist explain why Obama’s economic policies are failing…and offer a commonsense blueprint for re-igniting long-term growth and prosperity for all Americans. They show how to overhaul the tax system, increase business investment, slash government spending, control entitlements, and even rebuild American manufacturing. Library Journal Hubbard (dean, Columbia Business Sch.; former chair, U.S. Council of Economic Advisors) and Navarro (business, Univ. of California-Irvine) are deeply concerned about America's economy. Here they intentionally aim at positive economics (what is) and normative economics (what should be) as they translate their apprehensions into concrete policy proposals. Description of basic macroeconomic theory is followed by prescription for reversing course from "the path to economic ruin," which they unabashedly ascribe to Washington's bad economic policies. Many writers criticize the U.S. stimulus efforts and the staggering shortfalls of the entitlement programs or assign blame for the recent housing bubble, but Hubbard and Navarro propose a set of realistic solutions. The authors bring their vast academic and policy experience to bear on weighty issues such as U.S. oil dependence, health-care reform, Medicare, and housing imbalances. Their solutions have a distinctly bipartisan flavor, with smaller government and lighter taxes for tastes of the Right and interesting new oil import taxes that should appeal to the Left. VERDICT Recommended for a general audience with marginal interest in economic policy; required reading for those crafting U.S. economic policy.—Jekabs Bikis, Dallas Baptist Univ. If you think the current administration is mismanaging the economy straight towards disaster, you're not alone: so do two top economists from both sides of the political aisle. In Seeds of Destruction , former Bush chief White House economist R. Glenn Hubbard and well-known CNBC commentator Peter Navarro explain why current economic policy is a catastrophic failure. Then, they offer a comprehensive, bipartisan blueprint for reversing the decline of America's currency, manufacturing base, and standard of living - setting the stage for the epic policy debates that will precede the 2010 elections. Hubbard and Navarro begin with a "checklist" of what it takes to be a prosperous, democratic nation - and show why Obama's policies (some of Bush's also) fail on every level. They explain why the activist Federal Reserve and Obama fiscal stimulus policies are doing far more harm than good... why we must restore the U.S. manufacturing base, whatever China says about it... how to transform tax policy into an engine of growth and innovation... how to apply the "tough love" needed to save Social Security, Medicare, and Medicaid... why America must resign the job of world policeman... how market-based solutions can finally deliver real energy independence... how to reform our antique financial regulatory system without imposing heavy-handed rules that cause even more trouble. Getting from seeds of destruction to seeds of prosperity America's four growth drivers stall and our economy stagnates How to lift up the American economy with the "10 levers of growth" Fixing america's destructive duo-monetary and fiscal policy Why the Fed's easy money street is a dead end Why you can't stimulate your way to prosperity Getting the "big three" right tax, trade, and energy policy Why raising taxes lowers America's growth rate Why the best "jobs program" may be trade reform Also, which one comes first Why America's foreign oil addiction stunts our growth Good politics usually makes for bad economics Why we must cut the Gordian knot of entitlements reform Why ObamaCare makes our economy sick The American economy at a crossroads How to prevent another financial crisis How to implement our "seeds of prosperity" policy blueprint Special feature #1: an interview with Glenn Hubbard on his days in the Bush White House Special feature #2: how to become your own economic forecaster using the GDP growth driver approach. "Government policy and the Obama administration are driving the American economy straight toward catastrophe. Now, two respected economists, one a Republican, and one a Democrat, explain why these policies are so dangerous and offer a bipartisan, common-sense blueprint for reversing American's economic decline."--[book jacket]