I’m in the process of re-reading a book for the third or fourth time.. the first time was back in the early 90’s .. when it was first published..
The name of the book is BANKRUPTCY 1995 ( The coming collapse of American and how to stop it )
The author ( Gerald J Swanson, Ph.D.) was on the Grace Commission during the Regan Administration.. another group that was suppose to provide suggestions of how the bureaucrats can save the government from going into bankruptcy… and their report was shelved… like all other similar reports over the years.
While Dr Swanson’s timetable was a little bit off.. in re-reading this book.. there are many things stated in the book as the “final straw” are now current financial problems. Of course, this was written before there was such a thing as Part D & Obamacare.. that is or will be a financial drag on the federal/state budgets.
There are things that he did not anticipate .. like the Federal Reserve keeping the interest rate near ZERO !… Which has done much to stall off which may yet be our fate… and he anticipated that the nation’s debt would build up at a much more rapid pace during the mid-late 90’s.. although we have now – or will soon – reached the point where he said that many problems/crisis would happen.
It my opinion, it makes a interesting read.. and if you are following the finances of our country.. many things seem quite current.
Filed under: General Problems
According to today’s Washington Times our government is borrowing 46 cents of every dollar spent so far this fiscal year. Scary.