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Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It
When Bush came to office in 2001, the 10-year budget balance was officially projected to be at a surplus of $5.6 trillion. But after three big tax cuts, the bursting of the stock-market bubble, and the devastating effects of 9/11on the economy, the surplus has evaporated, and the deficit is expected to grow to $ 5-trillion over the next decade. The domestic deficit is only the half of it. Given our $500 billion trade deficit and our anemic savings rate, we depend on an unprecedented $2 billion of foreign capital every working day. If foreign confidence were to wane, this could lead to the dreaded hard landing.
Peter G. Peterson--a lifelong Republican, chairman of the Blackstone Group, and former secretary of commerce under Nixon--shatters the myths with hard facts and a harrowing view of the twin deficit's real impact. Republicans and Democrats alike have mortgaged America's future through reckless tax cuts, out-of-control spending and Enron-style accounting in Congress. And the situation will only get worse as the Baby Boom generation begins to retire, making unprecedented demands on entitlement programs like Social Security and Medicare. Despite what Bush says, we are on a path that could end in economic meltdown, and we simply cannot grow out of the deficit.
In Running On Empty , Peterson sounds the warning bell and prescribes a set of detailed solutions which, if implemented early, will prevent the need for draconian measures later. He takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country.
Peter G. Peterson--a lifelong Republican, chairman of the Blackstone Group, and former secretary of commerce under Nixon--shatters the myths with hard facts and a harrowing view of the twin deficit's real impact. Republicans and Democrats alike have mortgaged America's future through reckless tax cuts, out-of-control spending and Enron-style accounting in Congress. And the situation will only get worse as the Baby Boom generation begins to retire, making unprecedented demands on entitlement programs like Social Security and Medicare. Despite what Bush says, we are on a path that could end in economic meltdown, and we simply cannot grow out of the deficit.
In Running On Empty , Peterson sounds the warning bell and prescribes a set of detailed solutions which, if implemented early, will prevent the need for draconian measures later. He takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country.
242 pages, Hardcover
First published July 14, 2004
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251 people want to read
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Displaying 1 - 22 of 22 reviews
November 22, 2024
Even though this is a very old book it answers many questions of our current day affairs in politics, government,etc.
Please read this if you want change , love your children and maybe even the elders who got us in the situations we are in today.
We must educate ourselves first and demand more from our politicians and government. It’s time to change the conversation. Please read this if this last election didn’t bother you on any level!
Please read this if you want change , love your children and maybe even the elders who got us in the situations we are in today.
We must educate ourselves first and demand more from our politicians and government. It’s time to change the conversation. Please read this if this last election didn’t bother you on any level!
November 2, 2018
It is an interesting test for books on public policy to read them many years after their publication. Peter Peterson wrote Running on Empty in 2004, outlining the dire consequences of the unfunded commitments made in both Social Secuity and the Medicare programs. With the Baby Boomers set to retire ( from a 2004 perspective) and the declining birth rate, the impact on the federal budget was forecast to be cataclysmic.
Well here we are fourteen years later, and the preoccupation with US budget deficits and the ongoing battles to protect (Republican) tax cuts and (Democratic) social entitlements continues. The budget process in Congress remains chaotic, with threats of government shutdowns often on the horizon. So the essential diagnosis put forward by Peterson remains pertinent: the budget process is fundamentally flawed, and the political class remains in denial about the long-range consequences of deficit spending, overseas borrowing, and unfunded social programs.
By the same token, the Apocalypse has not arrived, at least not yet. Many people were burnt by the 2008 economic crisis and its impact on, amongst other things, retirement funds and individual savings. But Congress continues to muddle through, despite Peterson’s dire warnings. But he makes a compelling case that the Day of Reckoning will arrive one day.
One final remark which illustrates the hazards of forecasting: Peterson writes, “So far, the world has managed to avoid an all-out 1930s-style trade war. But with the rhetoric of “fair trade” and “America first” again on the rise, especially among Democratic politicians, many of the wiser heads are holding their breath.” Good prognosis, but he targeted the wrong party to ride the MAGA message!
Well here we are fourteen years later, and the preoccupation with US budget deficits and the ongoing battles to protect (Republican) tax cuts and (Democratic) social entitlements continues. The budget process in Congress remains chaotic, with threats of government shutdowns often on the horizon. So the essential diagnosis put forward by Peterson remains pertinent: the budget process is fundamentally flawed, and the political class remains in denial about the long-range consequences of deficit spending, overseas borrowing, and unfunded social programs.
By the same token, the Apocalypse has not arrived, at least not yet. Many people were burnt by the 2008 economic crisis and its impact on, amongst other things, retirement funds and individual savings. But Congress continues to muddle through, despite Peterson’s dire warnings. But he makes a compelling case that the Day of Reckoning will arrive one day.
One final remark which illustrates the hazards of forecasting: Peterson writes, “So far, the world has managed to avoid an all-out 1930s-style trade war. But with the rhetoric of “fair trade” and “America first” again on the rise, especially among Democratic politicians, many of the wiser heads are holding their breath.” Good prognosis, but he targeted the wrong party to ride the MAGA message!
October 2, 2007
Baby boomers and gen-Xers need to read this book. This is a nonpartisan issue that's seldom talked about and almost never acted on, but will have huge ramifications in our lifetimes.
August 1, 2016
Explains federal budget deficits, how they got continually worse, how they impact future generations, and actions that can be taken to put the country back on a sustainable path. Extremely nonpartisan and well written.
Read
December 31, 2019Tres interesting and very telling!
There's enough blame to go around (Democrats, Republicans and the public) and the longer we wait and do nothing, the worse and more irreparable the federal deficit with Social Security and Medicaire problems will be, if it is not already there! The public IS the key; we have to be more informed - not feel the government will take care of it- and become more involved in what our representatives do ... even to the point of voting out representatives who don't clearly work n our, and our children's best interests!
That means that we need to stop being mindless consumers, discern through the spin what (in fact) the problem is basically outlined in this book, and bite the bullet and get people in office to make the country fiscally responsible and balanced for us and our children.
There's enough blame to go around (Democrats, Republicans and the public) and the longer we wait and do nothing, the worse and more irreparable the federal deficit with Social Security and Medicaire problems will be, if it is not already there! The public IS the key; we have to be more informed - not feel the government will take care of it- and become more involved in what our representatives do ... even to the point of voting out representatives who don't clearly work n our, and our children's best interests!
That means that we need to stop being mindless consumers, discern through the spin what (in fact) the problem is basically outlined in this book, and bite the bullet and get people in office to make the country fiscally responsible and balanced for us and our children.
September 8, 2017
Surprised Jackson Browne wasn't mentioned even once...
Want to read
December 14, 2013 As a Republican he immediately establishes credibility reviewing the economic mistakes/betrayals of Nixon, Reagan, and Bush. If he could not see past party ideology, he would be too stupid to read. He does not ignore Clinton and Democrats either.
"The American people don't see statesmen working together and don't hear voices of moderation and common sense. Instead, they are accosted by ideologues and operators who play on fears and resentments, making big problems out of small ones and small problems out of big ones." This essence of our problem is right up front. Too many people are suckered in by small issues blown up to win campaigns, and won't raise out of their torpor when the big issues are ignored. That was just the preface. (BTW those of you who want to forgive republicans everything by saying Obama is worse, this book is from 2004.)
"The American people don't see statesmen working together and don't hear voices of moderation and common sense. Instead, they are accosted by ideologues and operators who play on fears and resentments, making big problems out of small ones and small problems out of big ones." This essence of our problem is right up front. Too many people are suckered in by small issues blown up to win campaigns, and won't raise out of their torpor when the big issues are ignored. That was just the preface. (BTW those of you who want to forgive republicans everything by saying Obama is worse, this book is from 2004.)
December 9, 2007
I think this is the best book on current affairs I ever read. It's about the multiple impending fiscal/economic crises (Medicare, Medicaid, Soc Sec., prescription drugs, trade deficit, etc.) and the failure of the public and of both parties to even discuss them in a forthright way. It is very convincing. It was originally published in 2004, and it's effect on the political debate in that year (nil) reinforces its thesis that US is in deep denial.
December 28, 2009
Peterson has an interesting perspective on what is wrong with American politics, not so much the issues with either party. Running on Empty is an interesting read, but the middle of the book can be quite boring. It would have made an excellent essay composed of the intro and an abbreviation of the last thirty pages – but that is hardly marketable when compared to a book. If you like politics it’s worth a read.
September 26, 2011
Another book in my plan for self-education on America's economy. To paraphrase...three people really understand (understood) it: one forgot, one died, and the other went insane. It was a mostly-fair attack on the blunders of both parties. He is very anti-supply-side. He provides a plausible fix for Social Security. Since the late sixties and seventies were a blur of college and kids, I appreciate the explanation of what was really going on in government during those years.
February 12, 2008
Great look at social security, our nation's debt, welfare, etc. I am not a fan of our current two party system. Bi-partisan politics assumes all of us are either strong liberals or strong conservatives. What about those of us who sit on the fence on so many issues. I don't think this should be considered weak or indecisive. We have a voice!
May 3, 2009
This book wound up being a veiled attack on "supply side" economic theory(capitalism). The author makes unfounded assertions ; an example being that "supply side" doesn't work because Republicans lowered taxes and increased spending. Republicans acting like Democrats doesn't invalidate free market capitalism. I finished the book, but it wasn't worth it.
April 15, 2010
Written by ex-Treasury officer, Blackstone co-founder and CFR alum, the book is expertly written. The research is thorough and logically laid out. However, the voice is weak and the tone is dismal. Listening to an elder-statesmen warning his grandchildren of the looming debt they inherit isn't a page-turner. If you're in economics or government, read it.
October 14, 2009
I brushed up on this book recently because I found it spooky how it predicted our current financial crisis back in 2004, without clouding the issues with party bias. Wish more people had read and understood this book back then!
January 7, 2008
The book is so dead-on!
April 24, 2008
I coulda told you that! Okay...maybe not in so much detail
August 2, 2008
Very informative!! A must read book to anyone interested in our future gov't.
October 30, 2008
Opened my eyes to the fiscal reality the country is facing over the next few decades.
January 18, 2010
Good book regardless of political affiliation.
December 11, 2010
Slow reading but good substance.
June 24, 2012
A moderate Republican making reasonable points and recommendations on deficits, social security and health care.
March 16, 2016
Read this if you pay taxes.
Displaying 1 - 22 of 22 reviews