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Five Easy Theses: Commonsense Solutions to America's Greatest Economic Challenges
A business leader and esteemed economic thinker outlines simple solutions to America’s five most pressing public policy issues, from healthcare to education to inequality.
America today confronts a host of urgent problems, many of them seemingly intractable, but some we are entirely capable of solving. In Five Easy Theses, James M. Stone presents specific, common-sense solutions to a handful of our most pressing challenges, showing how simple it would be to shore up Social Security, rein in an out-of-control financial sector, reduce inequality, and make healthcare and education better and more affordable. The means are right in front of us, Stone explains, in various policy options that — if implemented — could preserve or enhance government revenue while also channeling the national economy toward the greater good. Accessible and thought provoking, Five Easy Theses reveals that a more democratic, prosperous America is well within our reach.
America today confronts a host of urgent problems, many of them seemingly intractable, but some we are entirely capable of solving. In Five Easy Theses, James M. Stone presents specific, common-sense solutions to a handful of our most pressing challenges, showing how simple it would be to shore up Social Security, rein in an out-of-control financial sector, reduce inequality, and make healthcare and education better and more affordable. The means are right in front of us, Stone explains, in various policy options that — if implemented — could preserve or enhance government revenue while also channeling the national economy toward the greater good. Accessible and thought provoking, Five Easy Theses reveals that a more democratic, prosperous America is well within our reach.
282 pages, Hardcover
First published May 3, 2016
31 people are currently reading
328 people want to read
About the author
James M. Stone
7 books5 followersJim M. Stone is the founder, Chairman and CEO of the Plymouth Rock group of companies. Jim. began his career by teaching economics, after earning a Ph.D. in economics at Harvard. He served as Massachusetts Insurance Commissioner from 1975 to 1979 and then as Chairman and Commissioner of the U.S. Commodity Futures Trading Commission for four years. On his return from Washington, he founded Plymouth Rock.
He is a former member of the Board of Directors of the Boston Globe, and currently serves as Vice Chairman of the Board of Directors of Global Post, a web-based international news service. Jim is a member of the Board of Directors of two non-profit organizations, Cold Spring Harbor Laboratory and Management Sciences for Health, for which he serves as Chairman of the Board. Jim has served as an advisor to governments in three developing countries, and he has authored a book and numerous articles on insurance and finance. Jim is married, the father of two children, and lives in Boston.
Jim’s upcoming book, titled Five Easy Theses: Commonsense Solutions to America’s Greatest Economic Challenges, will be published by Houghton Mifflin Harcourt and available May 3, 2016.
Visit the Five Easy Theses website: http://www.fiveeasytheses.com
Follow Jim on Twitter: https://twitter.com/unclecueball
Read Jim's blog: http://www.fiveeasytheses.com/blog/
He is a former member of the Board of Directors of the Boston Globe, and currently serves as Vice Chairman of the Board of Directors of Global Post, a web-based international news service. Jim is a member of the Board of Directors of two non-profit organizations, Cold Spring Harbor Laboratory and Management Sciences for Health, for which he serves as Chairman of the Board. Jim has served as an advisor to governments in three developing countries, and he has authored a book and numerous articles on insurance and finance. Jim is married, the father of two children, and lives in Boston.
Jim’s upcoming book, titled Five Easy Theses: Commonsense Solutions to America’s Greatest Economic Challenges, will be published by Houghton Mifflin Harcourt and available May 3, 2016.
Visit the Five Easy Theses website: http://www.fiveeasytheses.com
Follow Jim on Twitter: https://twitter.com/unclecueball
Read Jim's blog: http://www.fiveeasytheses.com/blog/
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Displaying 1 - 16 of 16 reviews
July 9, 2016
The financial sums at issue in this book are enormous; their cumulative effect is staggering:
--one trillion dollars are wasted in the US health care system every year, or 1/16th of our annual GNP at around 16 trillion dollars;
--the SS Trust Fund, currently valued at around 1.3 trillion dollars, will run out of funds in 2033, based on current forecasts;
--regarding the 60 trillion dollars that will be ‘inherited’ in the US over the next 55 years, there are so many tax loopholes pertaining to trusts and estates, that effectively, much of this will be ‘sequestered’ to succeeding generations tax-free, concentrating the wealth of the already moneyed few, and leading to something that may eventually look like a ‘Dark Ages feudal aristocracy’ in America (p64).
Everyone knows things in the economy are already shaky. They are about to get even worse, barring some unforeseen political and economic miracles (the 'commonsense solutions' evoked in the title? Not a chance!). If this were a horror/thriller piece of fiction, at least it would come to an end. In economic reality, there’s no end in sight. Stone puts a human scale on the dire economic scenarios he portends for the middle class, that includes myself and everyone I know.
Five Easy Theses takes its literary cue from Charles Dickens: warned by the Ghost of Christmas Yet to Come, our nation will take the appropriate actions in time to assure a salutary outcome. Stone's humor sometimes rankles (starting with his title, a riff on the 1970 Jack Nicholson flick ‘Five Easy Pieces’). It’s a luxury he can afford, since he and his immediate descendants will be spared economic calamities that will befall the rest of us unless drastic measures are taken, and soon. As CEO of Plymouth Rock Assurance Group, he freely admits the temptation of money offered through government’s largess. At the same time, he’s no slacker. Trained at Harvard as a statistician, he would know better than most about the wasted trillions here and there, and how that will affect all of us.
--one trillion dollars are wasted in the US health care system every year, or 1/16th of our annual GNP at around 16 trillion dollars;
--the SS Trust Fund, currently valued at around 1.3 trillion dollars, will run out of funds in 2033, based on current forecasts;
--regarding the 60 trillion dollars that will be ‘inherited’ in the US over the next 55 years, there are so many tax loopholes pertaining to trusts and estates, that effectively, much of this will be ‘sequestered’ to succeeding generations tax-free, concentrating the wealth of the already moneyed few, and leading to something that may eventually look like a ‘Dark Ages feudal aristocracy’ in America (p64).
Everyone knows things in the economy are already shaky. They are about to get even worse, barring some unforeseen political and economic miracles (the 'commonsense solutions' evoked in the title? Not a chance!). If this were a horror/thriller piece of fiction, at least it would come to an end. In economic reality, there’s no end in sight. Stone puts a human scale on the dire economic scenarios he portends for the middle class, that includes myself and everyone I know.
Five Easy Theses takes its literary cue from Charles Dickens: warned by the Ghost of Christmas Yet to Come, our nation will take the appropriate actions in time to assure a salutary outcome. Stone's humor sometimes rankles (starting with his title, a riff on the 1970 Jack Nicholson flick ‘Five Easy Pieces’). It’s a luxury he can afford, since he and his immediate descendants will be spared economic calamities that will befall the rest of us unless drastic measures are taken, and soon. As CEO of Plymouth Rock Assurance Group, he freely admits the temptation of money offered through government’s largess. At the same time, he’s no slacker. Trained at Harvard as a statistician, he would know better than most about the wasted trillions here and there, and how that will affect all of us.
July 21, 2016
My original Five Easy Theses audiobook review and many others can be found at Audiobook Reviewer.
James Stone’s book Five Easy Theses: Commonsense Solutions to America’s Greatest Economic Challenges deserves a listen. The “easy” in title refers to the availability of practical solutions to five overarching economic problems in the United States: fiscal balance, inequality, education, health care, and financial sector reform. The author, well regarded and highly accomplished in the private and public sector, provides clear answers that might be palatable to both sides of the aisle. Rather than a static lecture on what might seem tired problems that have defeated resolution, Stone engages with well-crafted narrative. The subtitle is apt, as he takes us step-by-step through the solutions; the answers seem to add up.
As with most change, his solutions, while plausible and well grounded, would meet with significant opposition from those who would be on the losing side of his proposals, even though he does come from a very middle ground. However, the “commonsense” part of his arguments and lucid logic make these defeated ideas less about whether they would ever work, but the initial warmth that someone has proposed well researched solutions.
What qualifies stone to propose answers to five of the most difficult problems the United States has? He’s a CEO with a background in teaching economics at the highest university level and public work in insurance. More so, his company mirrors the principles from which he articulates his argument. It’s worth a read if only to become a more informed citizen as the November election approaches. After the book, one clearly understands how the candidates could propose solutions to these major problems, and contrast their solutions to Stone’s.
The Narrator
Christopher Grove adds an authoritative, yet logical voice. Though the material is academic complex, his narration is not professorial, but more like the conversational economists Steven D. Levitt and Stephen J. Dubner of Freakonomics fame. Grove adds a youthful energy to Stone’s ideas. His voice work punctuates the contrast between the commonsense solutions available to these five giant problems, and the frustration readers must feel knowing their legislators will be long in implementing them, if at all. Grove works as more than just a good narrator, it’s a well-matched voice talent/author fit.
Audiobook was provided for review by the publisher.
James Stone’s book Five Easy Theses: Commonsense Solutions to America’s Greatest Economic Challenges deserves a listen. The “easy” in title refers to the availability of practical solutions to five overarching economic problems in the United States: fiscal balance, inequality, education, health care, and financial sector reform. The author, well regarded and highly accomplished in the private and public sector, provides clear answers that might be palatable to both sides of the aisle. Rather than a static lecture on what might seem tired problems that have defeated resolution, Stone engages with well-crafted narrative. The subtitle is apt, as he takes us step-by-step through the solutions; the answers seem to add up.
As with most change, his solutions, while plausible and well grounded, would meet with significant opposition from those who would be on the losing side of his proposals, even though he does come from a very middle ground. However, the “commonsense” part of his arguments and lucid logic make these defeated ideas less about whether they would ever work, but the initial warmth that someone has proposed well researched solutions.
What qualifies stone to propose answers to five of the most difficult problems the United States has? He’s a CEO with a background in teaching economics at the highest university level and public work in insurance. More so, his company mirrors the principles from which he articulates his argument. It’s worth a read if only to become a more informed citizen as the November election approaches. After the book, one clearly understands how the candidates could propose solutions to these major problems, and contrast their solutions to Stone’s.
The Narrator
Christopher Grove adds an authoritative, yet logical voice. Though the material is academic complex, his narration is not professorial, but more like the conversational economists Steven D. Levitt and Stephen J. Dubner of Freakonomics fame. Grove adds a youthful energy to Stone’s ideas. His voice work punctuates the contrast between the commonsense solutions available to these five giant problems, and the frustration readers must feel knowing their legislators will be long in implementing them, if at all. Grove works as more than just a good narrator, it’s a well-matched voice talent/author fit.
Audiobook was provided for review by the publisher.
September 26, 2016
Smart, lucid, and persuasive - the book and the author. If only some of his solutions would be adopted, and earlier not later. If only...
June 3, 2019
Really detailed, clear and for the most part common-sense proposals for economic problems in the U.S. The author seems principled, pragmatic and self-deprecating.
Summary:
Fiscal Balance
- Problem description: U.S debt as percentage of GDP is increasing steadily. We’ll spend a ton servicing the debt if interest rates ever increase.
- Eliminate tax deduction for interest on mortgages and corporate debt
- Tie retirement age to life expectancy to maintain a constant number of years of social security benefits per person
- Raise cap on taxable income for Social Security
- Move from pensions government pensions to 401(k)s
Inequality
- Problem description: Intergenerational wealth transfer is turning America into an aristocracy rather than a meritocracy.
- Institute a wealth tax on unrealized gains of assets like stocks (we already do this with property tax on houses)
- Institute a consumption tax, which can be made progressive by having higher rates for luxury goods
- Remove inheritance tax loophole that forgives tax on unrealized gains of inherited assets.
- Severely weaken the tax-shielding ability of trusts
Education
- Problem description: Primary and secondary schools have worse performance in America than other countries. College is expensive might not be worth it for a lot of people.
- Make early education (kindergarten and pre-K) mandatory, and make the school day longer
- Add a vocational track for students who aren’t college bound rather than saddling them with debt they won’t be able to pay off.
- Introduce mandatory 1-2 years of national service to provide work experience for youth plus infrastructure benefits for the country.
Health Care
- Problem description: America pays way more for healthcare than its peers but gets worse results.
- Create single payer system to reduce administrative costs, increase negotiating power
- Don’t pay doctors as percentage of cost so they’re not incentivized to overprescribe tests and treatment
- Use co-pays rather than deductibles or premiums to discourage overconsumption
- Collect and honor end-of-life care preferences to avoid excessive spending on those who don’t want it
- Close loopholes that stop generic drugs from being sold (e.g. stop patent owners from tweaking formula to renew patent)
Financial Sector Reform
- Problem description: 2008 financial crisis brought us close to another great depression
- Cap the allowed size of banks to avoid too-big-to-fail
- Regulate hedge funds like we regulate mutual funds (require transparency)
- Require banks keep some small percentage reserve of capital to back hedged positions.
Summary:
Fiscal Balance
- Problem description: U.S debt as percentage of GDP is increasing steadily. We’ll spend a ton servicing the debt if interest rates ever increase.
- Eliminate tax deduction for interest on mortgages and corporate debt
- Tie retirement age to life expectancy to maintain a constant number of years of social security benefits per person
- Raise cap on taxable income for Social Security
- Move from pensions government pensions to 401(k)s
Inequality
- Problem description: Intergenerational wealth transfer is turning America into an aristocracy rather than a meritocracy.
- Institute a wealth tax on unrealized gains of assets like stocks (we already do this with property tax on houses)
- Institute a consumption tax, which can be made progressive by having higher rates for luxury goods
- Remove inheritance tax loophole that forgives tax on unrealized gains of inherited assets.
- Severely weaken the tax-shielding ability of trusts
Education
- Problem description: Primary and secondary schools have worse performance in America than other countries. College is expensive might not be worth it for a lot of people.
- Make early education (kindergarten and pre-K) mandatory, and make the school day longer
- Add a vocational track for students who aren’t college bound rather than saddling them with debt they won’t be able to pay off.
- Introduce mandatory 1-2 years of national service to provide work experience for youth plus infrastructure benefits for the country.
Health Care
- Problem description: America pays way more for healthcare than its peers but gets worse results.
- Create single payer system to reduce administrative costs, increase negotiating power
- Don’t pay doctors as percentage of cost so they’re not incentivized to overprescribe tests and treatment
- Use co-pays rather than deductibles or premiums to discourage overconsumption
- Collect and honor end-of-life care preferences to avoid excessive spending on those who don’t want it
- Close loopholes that stop generic drugs from being sold (e.g. stop patent owners from tweaking formula to renew patent)
Financial Sector Reform
- Problem description: 2008 financial crisis brought us close to another great depression
- Cap the allowed size of banks to avoid too-big-to-fail
- Regulate hedge funds like we regulate mutual funds (require transparency)
- Require banks keep some small percentage reserve of capital to back hedged positions.
March 19, 2021
"Commonsense solutions to America's greatest economic challenges"
The author tries to explain five possible solutions to an equal amount of problems that are leading to the inequality and paralysis of our world economy. He says that the state we are in right now is unacceptable and we need to do something about it.
The five issues are:
Fiscal balance: Stop committing to more debt, and expand the Social Security benefits.
Inequality: Create a revolutionary taxation system of unrealized gains resulting from investment asset appreciation, and heavily tax inheritances.
Education: Repair and reform the grade school systems, and revise the high cost of college.
Health Care: Create a single-payer, single-negotiator, single-regulator framework to bring down the gauging of the costs.
Financial Sector Reform: Downsize banks; eliminate hedge funds, and back up derivatives trading with reserves that would substantially reduce its volume.
This is the cover and editorial information of the book I read:
A fragment of the interesting introduction:
The table of contents:
Some simple explanations:
Concluding remarks and the summary of the proposed solutions:
What I liked the most of this book was the clear language and the easiness of reading. It is important to be aware of these topics and opinions, and it was nice to have the opportunity to read about such issues without feeling that every concept flies over my head.
September 24, 2024
Worth a try
His theses make sense, especially in the current era (2024-25). It all could have been “dumbed down” better to help understand the “how” and “why”. The book is 8+ years old but stands true.
His theses make sense, especially in the current era (2024-25). It all could have been “dumbed down” better to help understand the “how” and “why”. The book is 8+ years old but stands true.
May 1, 2023
Interesting read to understand some of the policies going on in our country
September 25, 2016
The author presents suggestions to the major issues facing American economic success. The major area addressed are: Federal deficits, Imbalance of wealth, Education, Health costs, Financial structure. He takes the reader through the issues and has reasonable alternatives to the present culture of stalemate that exists in Washington. Each of his solutions could be implemented but the question is whether our democratic process has the will to overcome the extreme political environment that makes compromise a dirty word.
It was reassuring to see solutions presented in a logical and reasonable fashion.
It was reassuring to see solutions presented in a logical and reasonable fashion.
August 8, 2016
Stone is an excellent writer. His background is Insurance Company executive and Economist. He is what I would call a Stieglitz economist. Modern market economist. His presentations of some of America's current problems are stated contextually. He is not a Trumpster who sees this as the worst of times. He is focused and analytical about government spending, tax loopholes, medical care, education and the power of the finance industry. I enjoyed his unemotional analytical approach to our problems and their realistic solutions. You will not close this book as a zealot for change , but you be much wiser for having read it.
August 17, 2016
Reading this made me feel like I was in grad school again. I appreciate the author's point of view and his optimism in approaching gigantic problems like education and health care. He breaks some pretty overwhelming and almost mind-numbing concepts down for the attentive reader to understand better. He is self-deprecating and kind of funny with his admission that he wasn't able to convince anyone of his ideas while he worked in the public sector. But you gotta admire his care and persistence, as he pushes his five ideas in this book.
August 7, 2017
This was good. Stone has a highly credible set of career experiences so he has the right authority to back up his theses. He belabors his points in several sections and, while he does back up his contentions with statistics in some cases, he launches away from facts to opinions in too many sections. NOW SPOILER ALERT - I found that the nub of his five well-founded theses are summarized in the last three pages. I wish I would have started there.
July 4, 2016
Small parts of this did not read as "easy" economics, but overall a well worthwhile read. It's one of those books I think should be required reading for any congressperson. Each chapter defines the problem and then offers a common sense guideline. It seems rather intuitive, but as the author readily admits not likely to happen.
January 19, 2017
Interesting book with several good ideas. the huge exception is he gives a very detailed program for taking more taxes through programs and confiscation, but no ideas on how to distribute although the income disparity is discussed a l0t. I tried to reach him to ask and received no answer.
August 2, 2016
Somewhat a liberal point of view, but Mr. Stone's theses make incredible sense.
December 15, 2016
Interesting read. Some thoughts about five political issues and potential ways to deal with them. You may or may not agree, but it was thought provoking.
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April 9, 2017
My non-fiction review for audiobookreviewer.com: James Stone’s book Five Easy Theses: Commonsense Solutions to America’s Greatest Economic Challenges deserves a listen. The “easy” in title refers to the availability of practical solutions to five overarching economic problems in the United States: fiscal balance, inequality, education, health care, and financial sector reform. The author, well regarded and highly accomplished in the private and public sector, provides clear answers that might be palatable to both sides of the aisle. Rather than a static lecture on what might seem tired problems that have defeated resolution, Stone engages with well-crafted narrative. The subtitle is apt, as he takes us step-by-step through the solutions; the answers seem to add up.
As with most change, his solutions, while plausible and well grounded, would meet with significant opposition from those who would be on the losing side of his proposals, even though he does come from a very middle ground. However, the “commonsense” part of his arguments and lucid logic make these defeated ideas less about whether they would ever work, but the initial warmth that someone has proposed well researched solutions.
What qualifies stone to propose answers to five of the most difficult problems the United States has? He’s a CEO with a background in teaching economics at the highest university level and public work in insurance. More so, his company mirrors the principles from which he articulates his argument. It’s worth a read if only to become a more informed citizen as the November election approaches. After the book, one clearly understands how the candidates could propose solutions to these major problems, and contrast their solutions to Stone’s.
The Narrator
Christopher Grove adds an authoritative, yet logical voice. Though the material is academic complex, his narration is not professorial, but more like the conversational economists Steven D. Levitt and Stephen J. Dubner of Freakonomics fame. Grove adds a youthful energy to Stone’s ideas. His voice work punctuates the contrast between the commonsense solutions available to these five giant problems, and the frustration readers must feel knowing their legislators will be long in implementing them, if at all. Grove works as more than just a good narrator, it’s a well-matched voice talent/author fit.
As with most change, his solutions, while plausible and well grounded, would meet with significant opposition from those who would be on the losing side of his proposals, even though he does come from a very middle ground. However, the “commonsense” part of his arguments and lucid logic make these defeated ideas less about whether they would ever work, but the initial warmth that someone has proposed well researched solutions.
What qualifies stone to propose answers to five of the most difficult problems the United States has? He’s a CEO with a background in teaching economics at the highest university level and public work in insurance. More so, his company mirrors the principles from which he articulates his argument. It’s worth a read if only to become a more informed citizen as the November election approaches. After the book, one clearly understands how the candidates could propose solutions to these major problems, and contrast their solutions to Stone’s.
The Narrator
Christopher Grove adds an authoritative, yet logical voice. Though the material is academic complex, his narration is not professorial, but more like the conversational economists Steven D. Levitt and Stephen J. Dubner of Freakonomics fame. Grove adds a youthful energy to Stone’s ideas. His voice work punctuates the contrast between the commonsense solutions available to these five giant problems, and the frustration readers must feel knowing their legislators will be long in implementing them, if at all. Grove works as more than just a good narrator, it’s a well-matched voice talent/author fit.
Displaying 1 - 16 of 16 reviews