2 comments about The Politics of Public Budgeting: Getting And Spending, Borrowing And Balancing.

1. Those of you who read Aaron Wildavsky's (1979) "Politics of the Budgetary Process" know the big debate over public budgeting between those who believe public budgeting process is politically incremental and, therefore, who focus mainly on the individual actors and their strategies, and those who propose a more comprehensive and global outlook that focus on dynamics in the larger environment, which subsequently affect and shape how individual actors behave and respond to episodes.

   Rather than approaching public budgeting from the narrow perspective of incremental view of public budgeting, which sees budgeting as negotiations among a group of routine actors, bureaucrats, budget officials, chief executives, and legislators, who meet each year and bargain to resolution, in "The Politics of Public Budgeting" Rubin (2000) develops what she calls "real-time budgeting" perspective, which refers to the continual adjustment of decisions in each stream to decisions and information coming from other streams and from the environment. Streams include:

   The Revenue Cluster: Revenue decisions include technical estimates of how much income will be available for the following year, assuming no change in the tax structures, and policy decisions about changes in the level or type of taxation. Will taxes be raised or lowered? Will tax breaks be granted, and if so, to whom, for what purpose. Which tax sources will be emphasized, which de-emphasized, with what effect on regions and economic classes, or on age groups?

   The Budget Process Cluster: The process cluster concerns how to make budget decisions. Who should participate in the budget deliberations? How influential should interest groups be? How much power should the legislature have? How should the work be divided, and when should particular decisions be made?

   The Expenditure Cluster: The expenditure cluster involves some technical estimates of likely expenditures such as for grants that are dependent on formulas and benefit programs whose costs depend on the level of unemployment. Policy relevant expenditure questions involve which programs will be funded at what level, who will benefit from public programs and who will not, and similar questions.

   The Balance Cluster: The Balance cluster concerns the basic budgetary question of whether the budget has to be balanced each year with each year's revenues, or whether borrowing is allowed to balance the budget, and if so, how much, for how long, and for what purposes.

   Budget Implementation Cluster: Budget implementation cluster concerns the basic budgetary questions of how close actual expenditures should be to the ones planned in the budget, how one can justify variation from the budget plan, and the budget can be remade after it is approved during the budget year.

   According to Rubin (2000), "budget outcomes are not solely the result of budget actors negotiating with one another in a free-for-all; outcomes depend on the environment, and on the budget process as well as individual strategies". "Individual strategies have to be framed in a broader context than simply perceived self-interest" (p. 33). What happens in the clusters consequentially is affected by the global environment of public budgeting and the perceptions and strategies of individual budget actors are adjusted accordingly. The clusters model of Rubin (2000) reminisces the "policy environments framework" (developed by Nakamura and Smallwood [1980]) that views public policy process as a simultaneously interaction among individual actors, elements of importance and arenas of power in three policy environments (policy formation, policy implementation and policy evaluation environments) with each environment having influence on the other ones with the help of communication linkages that let each actor in one environment the opportunity to send message to the others in the other environments. In Rubin's real-time budgeting view, each cluster is imbued with different questions and each cluster attracts a different characteristic set of actors and generates its typical pattern of politics (p. 27) and what happens in each cluster is influenced by the episodes in the larger policy environment.

   Based on the real-time view of public budgeting, Rubin (2000) organizes her book into nine major chapters, with each chapter explaining the clusters in detail and supporting arguments with didactic short case studies. In general, the book provides the reader with a dynamic and rich description of budgeting process in public sector.

   Having reviewed public budgeting process, Rubin (2000) recommends that a balance of power should be established and maintained between the executive and the legislature, so one can catch the other at bad practice-a recommendation running contrary to the argument that to solve federal budget deficit problem either the executive or the legislature has to be empowered.

   Overall, Rubin's book is a well-written, clear, and descriptive account of public budgeting process, and, so entertaining and engaging that create a sense in the reader that s/he should read more about the subject to better comprehend the complexity and dynamism of public budgeting. I recommend "The Politics of Public Budgeting" as a powerful text to those who are interested in the subject. Also recommended are "Politics of the Budgetary Process" by Aaron Wildavsky (1979), "Public Budgeting Systems" by Robert D. Lee and Ronald W. Johnson (1998), "Public Budgeting in America" by Thomas D. Lynch (1995), and "The Federal Budget: Politics, Policy, Process" by Allen Schick (2000).




2. The book was delivered on time just as promised. The book was in the condition described (new). good text book.

2 comments about Public Budgeting Systems.

1. The book explains the topic in a clear manner. It creates understanding of the budgeting system even for non-finance people.



2. A step by step process of how a budget is really established. And hardly reduced. You'll be surprised at how this system works. And have all of your questions answered as to why certain policies in government can never change. A must read for anyone going into business management and politics.

5 comments about Mellon: An American Life (Vintage).

1. If you like history you'll love this book, it's long and "gets long winded in history" but try stop reading I couldn't, if your over 55 you will really love it. I still don't know how I feel about Andrew, Dick and Thomas Mellon. I found myself loving this book excellent read.



2. Though I can not claim to be altogether objective about the subject matter in much of this great book, I must congratulate Cannadine for a masterful study of what has been an extremely closed subject for a long, long time - most of all in the Mellon's home town of Pittsburgh. The late Paul Mellon must be given a lot of credit for breaking with family tradition - first for allowing the book "Thomas Mellon And His Times" to see the light of public day and then to let it all hang out with Cannadine with regard to sources and family papers.
   
   All of the business glories (one wonders at times if Andrew ever really enjoyed his successes), all of the personal agonies (it must have been excruciating on many levels), and much of the rancor between both Judge Thomas Mellon's as well as Andrew's detractors and adversaries are, for the first time, put into print for ALL of the public's perusal. It will be up to each individual reader to judge for themselves how they feel about this man and his father and family.
   
   It came as no suprise to me when Cannadine named my great-great grandfather as being one of the "vexatious litigation" principles who Judge Mellon would only refer to as "A", "B", or "C" in his autobiography. Cannadine is specific about the bad blood between the Negleys and the Mellons after the "eugenic" match (his words) and Pittsburghers specifically will find much new insight here.
   
   However, this long and comprehensive book never lets down as it explores all facets of the Mellon dynasty, how it was aquired (at times skirting legality and even morality), and he leaves very few stones unturned. What Cannadine might have missed was the fact that the rehabilitation of the Mellon name in Pittsburgh was undertaken by Andrew's nephew Richard K. Mellon (Richard Beatty Mellon's son) when "Renaissance I and II" which, along with the Allegheny Community Conference, cleaned up the city of Pittsburgh and made it livable again after over 150 years of take, take, and more take by men such as "A.W." and "R.B" among many others, including Andrew's buddy Henry Clay Frick.
   
   The mystery of "M..." will, I feel, eventually be solved but as was mentioned in a previous review, even as good a sleuth as Cannadine could not hazard even a guess (though I'll bet he had a guess). Notice that she becomes "Mrs. M---" on pg 259. I hardly believe that such a man would be so indiscreet as to write an entree with such a clue, or such an admission of a possible affair - but this entree IS followed by perhaps the most emotional outburst of his heart, "CRUEL", in uppercase.
   
   A flawed man, as are all men, and obviously a tortured one for much of his life, this book will give everyone the chance to weigh the evidence and decide for themselves the verdict which until now was impossible to consider to to lack of full factual disclosure. I found it fascinating the whole way from beginning to end. The source notes are a gem in and of themselves.
   I would also recommend both books by father and son for a comprehensive look at all three men, and how wealth, acquisition, and the drive and pressures of both shaped them.
   "Thomas Mellon And His Times"
   "Reflections In A Silver Spoon"



3. What I found interesting about this book is that is a history lesson in American business and early regulatory policies that shaped the landscape we see today. At the same time, it is a story of classic love and betrayal. I found the author doing a great job when the story focused on Mellon's marriage and the demise of such, but he tended to become a bit lost in the details when describing all of the political ups and downs. Overall, a fine book and great American story



4. Cannadine exceeded expectations on a number of fronts with this definitive biography of Andrew Mellon. It has everything you'd expect from a grade-A biography, laying out where Mellon's family came from (both physically and philosophically), how Mellon grew up, his rise, peak, eventual fall from grace, death and legacy. Not only that, but Cannadine does all of this exceedingly well, giving his reader a sense of the nuances and subtleties of Mellon's personality and life. If Cannadine had done nothing else, he'd still have written a five-star book.
   
   This book goes beyond most rock-solid biographies that I've read in Cannadine's sensitivity to the larger meaning of the events in Mellon's life, his place in history and his impact even after his death. While this sensitivity is present throughout Cannadine's book, it really comes together in in his three-part epilogue, which you will absolutely not want to miss, it is the highlight of the book.
   
   The first point Cannadine develops is that Mellon's life straddled the line between two different eras in American history. He shows how Mellon, without changing his behaviors, was perceived one way for much of his life, then a totally different way at the end of his life. Through his awareness of this point, Cannadine really demonstrates to the reader how radical the shift in sentiment was in America in the 1930s.
   
   The second point Cannadine is aware of, as any successful biographer of a great historical figure must be, is the idea that Mellon was a human being with some great strengths and some great flaws. In my experience, people who have the strengths to accomplish the most often have corresponding weaknesses to go with them; Cannadine really makes this point clear in his epilogue, doing a "balance sheet" of positives and negatives of Mellon's character and accomplishments. I've never seen an author take even-handed analysis to a similar place, and it really helped bring together the books ideas at the end.
   
   Finally, Cannadine captures a truth about life, society and politics that imbues the book with a sense of sadness. It becomes obvious that many (though certainly not all) of the good things that happen to Mellon happen out of chance. Similarly, when bad things happen to Mellon, most (again, not all... his divorce comes to mind as an obvious exception) of them are undeserved. Mellon dies near the low point of his public popularity, suffering primarily for sins he did not commit.
   
   I highly recommend this book for lovers of biography and history, it is truly a step beyond a really good biography.



5. This beautifully written and fascinating portrait of Andrew Mellon is the single most compelling biography I can ever remember reading, as well as the most interesting history lesson I've ever had. An amazing piece of work.

5 comments about Free Money to Change Your Life.

1. This book has a tremendous amount of information on how to obtain money and it could possibly change your life. However a lot of the programs or information are state specific or in a special category, meaning not all programs are available to every state or to every individual for that matter. If you can find a program that you fit into and it works then great! Otherwise this book gives you other options about different things you can do to obtain "Free Money to Change Your Life" including possibly moving to another state or changing your profession.



2. This book was absolutely NO HELP at all. It's mainly about getting grants from the government and you have to be within a certain income bracket to do so. If you're middle class, FORGET IT! :(



3. As a successful grant writer I know how hard it is to get into the spirit of writing a good document. I'd highly suggest getting books that are more realistic like "Government Funding and You" or the "Grant Workbook". Both of these books walk you through realistic scenarios to get grants and they simply aren't hype books like this one!
   
   Kelli



4. I work for an organization listed in the book, and we do not distribute "Free Money". We provide small business loans at a rate between a mortgage and a credit card, and I honestly feel bad for the people who contact me because they found me in this book.
   
   If you're looking for resources for a small business, there are plenty of names you can get without spending whatever this book costs. [...]
   
   This book must provide incomplete information, given that 90% of the inqueries I receive do not qualify due to location. As a neighborhood based group in an north-east inner city, we focus on our neighborhood and do not lend outside of city limits, let alone Tennessee.
   
   Save your money. Please do not buy this book. It will only make you look foolish to those you tell about it.



5. Okay, so Matthew Lesko has the selling ability on his infomercials, but there's nothing to this book, if you don't get it immediately after it comes out from the publisher. He's got a disclaimer right in the front of the book that all the information in the book is outdated by the time it's published.
   
   It may not be his fault as I've written about 100 different agencies and organizations looking for money along with information just for information for anything from vehicle seizures to government giveaways.
   
   Out of all of those wasted man-hours, letters, and stamps I got 4 or 5 actual responses,...the rest came back "no such address" or "no such person, business" etc. Granted (pun intended) I was looking mostly for free government money for businesses among other stuff but this shouldn't be impossible to do.
   
   I've heard from various sources that these Government office's tend to close up and move every six to nine months, so they don't have to give the citizens "free-money" so like I said I don't blame Matthew Lesko for that bit as it's nigh on impossible to chase a "running papertrail" unless you've already got money and know your way around Washington DC.

No comments about Public Finance.

4 comments about Fiscal Administration.

1. Public Budgeting Systems by Robert D. Lee, Philip G. Joyce, and Ronald Wayne Johnson is written more clearly... if you have a choice, buy this book. The problem with Mikesell is that he has to write 200 pages (six chapters) to explain the concept of revenues in the budget process. Too many trees were wasted in the development of this book. Lee, Joyce, and Johnson can do this in 40 pages.
   
   The greater majority of my Public Budgeting Systems class at George Mason University feels that the Mikesell book is written in a manner to lull oneself to sleep... the benefit is that one could read the book rather than using drugs to induce sleep.
   
   However, if you are required to purchase the Mikesell book, you should go to the Amazon UK web site and complete your transaction there... you can save yourself about 70 to 80 dollars.



2. Although big (and pricey) this book contains very good illustrations and explanations of financial and budgeting concepts and principles. A must have for serious students in graduate programs.



3. This book is written so poorly I can barely get through it. Mikesell goes on and on with run-on sentences, excessive details that get in the way of the concepts, and very poor organization of the concepts. He shifts styles, meanders off topic, and fails to get to the point. He also uses very few graphs or illustrations. Instead, he includes large tables of numerical data (rather than a chart, like a pie, line, or bar graph, that would bring out the important message).
   
   Even though it's in the 7th edition, it reads like a rough first draft. It needs major revision. In order to get through it, I skim for the ideas and skip a lot of the text. When I try to "read" it (i.e. every word), I get so bogged down, I can't move forward and I don't retain much. Mikesell obscures the main concepts in a haze of excess words, unhelpful information, and pervasive use of the passive voice.
   
   Unfortunately, I have to use this book for my graduate Public Financial Management course. If you have the choice, find something better.



4. Almost perfect!The book is new,and reaches me on time.
   I find that the question marks printed in the book are all inverted,anyway, it doesn't affect reading.

2 comments about Public Finance and Public Policy.

1. My Dad's book is awesome! Maybe I'm getting ahead of myself. My name is Sam Gruber, and my Dad is Jonathan Gruber. Seriously. I'm not kidding. I swear. If you don't believe me, ask him. Anyway, the reason I liked this book is because he used my name in it 25 times! (he counted.) I also liked the colors. I really like the cover, because I helped my Dad pick it. All in all, my Dad can write very well, and if he doesn't write another book, well, I'll make him.



2. An excellent textbook for an upper level course for economics majors. There is a lot of inertia in textbook choice, but I was finally convinced to adopt Gruber's book when I served as the Lecturer for Stanford University's upper-level seminar in Public Economics. The textbook has high production values and of particular note is its timeliness in covering both current policy issues (Social Security Reform, Fundamental Tax Reform, Education, etc.) and current public economics research (Political Economy, Behavioral Economics, Contract Theory, etc). Most textbooks on the market offer a very dated view of Public Economics, especially in terms of current research. The book explains the findings using intuition and graphs, but provides mathematical detail in mathematical supplements for the ambitious reader. The accompanying website also provides impressive PowerPoint slides. The student response to the textbook was uniformly positive.
   
   The only downsides are the hefty price tag, worsened by the limited secondary market, and for those who want a more mathematically rigorous treatment in courses that require calculus and optimization, the included supplements were helpful, but still limited.

5 comments about The Only Grant-Writing Book You'll Ever Need: Top Grant Writers and Grant Givers Share Their Secrets.

1. Notice of multiple shipping charges for more than one purchase, at the discription of items... "Each item purchased will have an seperate shipping charge"



2. I'm studying grant writing and have been picking up all these grant writing books. By far, this was the easiest for me to delve into. I thought that odd as I expected the Idiot's and Dummy's guides to be easier and quicker, but the narrative in this book is a pleasant read and the grant writing process just makes so much sense the way the authors present the information. Good job!



3. The authors know their ins and outs of grant writing. Great data bases for finding RFPs. Has sound advice even for experienced grant writers.



4. This is the very best publication for grant writing I have ever read. It gives you common sense and practical advice and explains what the grantors are thinking. If you want your proposals to have merit, please read this to be far ahead of the rest of the crowd.



5. This is a fantastic book on how to write grants. I am still reading it, but it tells you every detail that you need for the chore of writing a grant. Very well done.

5 comments about The Second Great Depression.

1. I like this book but for me half of the book was useless statistics and charts and tables. I am more interested in ideas. Mr. Brussee is a very smart man and I agree with him and I went though this well researched book and took my trusty high-light marker and marked some important statements and ideas. However, I just don't see who in their right mind would buy Government Paper. TIPS and Federal Bonds and Treasury Bonds are the problem. A government bond is a paper that's backed up by a promise which is backed up by nothing stronger than a toot in the wind several years down the road. There is so much of this stuff floating around the world that it's not even paper any more! It's electronic. It's a book keeping entry. I buy my children physical silver coins. Lots of them. My concern is that when all of your paper promises and electronic accounting vanish, angry mobs and the Federal Government will come looking for my coins. I agree with Mr. Brussee. The Next Great Depression is coming, however, it's not the Second. He forgets the American Depression of 1845-1850, and he also forgets 1873. I hope we can make it until 2010-2012 before the wheels start coming off the little red wagon. Regards, Keith Renick, Peachtree City, Ga.



2. 
   I wonder whether some of the people who wrote reviews of this book in 2006 would have been more generous with their praise if they were writing their reviews today.
   
   I was just reading through his chapter 4 on what the depression will look like and the predictions he made for the present time frame are a virtual carbon copy of the actual headlines in the financial news of this year.
   
   Some criticized his great specificity of predictions. That is indeed a very risky thing to do. I would be satisfied with a book that made predictions of a much more general nature if I found that it had done a decent job of anticipating the general trends in the economy.
   
   But Mr. Brussee insisted on making a whole slew of very specific predictions. And guess what, the vast majority of what he predicted for the present time frame has come to pass!
   
   
   Brussee appears to me to be one of a number of people who have independently come to similar conclusions about where the economy is headed. Although there is a great deal of commonality in the beliefs of these people (e.g., the central role that an ever-expanding spiral of debt has in creating the economic woes we now face), I find it interesting that this what now probably should be referred to as a "contemporary school of economic thought", did not arise from a bunch of inbred cronies in some ideologically-permeated academic institutions, but instead has emerged from a bunch of disparate individuals within our society who share one common characteristic- an unwillingness to accept the spoon-fed economic notions of the "don't worry be happy" (DWBH) school of economics that dominates the financial media, an establishment epitomized by the likes of Larry "King Dollar" Kudlow.
   
   I am very pleased that the renegades have a wonderful media outlet for their particular perspective, namely Jim Puplava and John Loeffler's financialsense.com. (and, financialsense also provides an outlet for a considerable diversity of views, although you won't see many articles posted there by adherents to the DWBH school of economics, but no need for that since they have the entire rest of the financial media to get their point of view out.
   
   There is a lot of financial commentary today by the "renegades" (perhaps the best term for them is the "sound money" advocates, alhthough that is only one attribute of this economic philosophy, it seems to be the one most consistently a part of those in this (loosely-defined) group.)
   
   However, one thing to keep in mind with Mr. Brussee's writing:
   
   HE WROTE THIS BACK IN 2004, FOR GOD'S SAKE!
   
   
   I was not following the financial writings back then that I am today, but I am confident that there was very little being written at that time with the clarity, detail, and foresight, of this book.
   
   
   When I think about: "What have I learned from this book that is new?"
   
   The concept that Brussee espouses that is most new to me is the contention that the credit crisis has been building for the past couple of decades and that the US would have been in a depression in the 1990's if it had not been for the artificial stimulus of consumer debt expansion.
   
   I always thought our current economic crisis began with the tech bubble.
   
   But I find Brussee's hypothesis on the matter to be persuasive.
   
   
   Now there have been reviews complaining about the latter part of the book and all the graphs and stuff. Thank you for those reviews. I think I will probably not bother to read the rest of the book.
   
   So how can I give it 5 stars? Because part I of the book, if it were a standalone book, would be worthy of 5 stars. If you feel you must judge the entire book, I encourage you to tear out pages 85 and beyond first and then judge the full book.
   
   
   The one other substantive matter I wanted to bring up is that some reviews commented on the lack of investment advice in how to deal with the depression, and also the author's affinity for treasury protected securities.
   
   I don't feel there is any obligation for such a book to include investment advice. The opposite extreme I guess would be the book "Profit from the Peak" about peak oil, which is really a tutorial about peak oil much more so than a guide to investing in a peak oil world.
   
   (by the way, the author's foresight was evident also in the chapter "What Else May Trigger the Depression" which included a very prescient discussion of the risk of high energy prices.)
   
   
   Where was I? Oh yes, treasury protected securities. Unless the author discusses it in part II, one thing he does not assert in the book is the belief held by most SM advocates that the government's formulas for inflation tend to understate what would be calculated under a more meaningful and relevant definition of inflation. Hence, treasury protected securities are probably nearly as worthless garbage as regular treasury bonds.
   
   So, there are my two criticisms of the book:
   
   1). Part II looks so dry, and I have been forewarned about it, that I am not even going to read it.
   
   2). Author does not express contempt for the government's inflation numbers.
   
   
   Other than that, this was in my view one OUTSTANDING book.
   
   
   One other thought about the question of investment advice: If the author indeed has done a good job of predicting the economic trends going into 2020, then it should be possible for one to translate that into specific investment decisions without explicit advice on what to invest in.
   
   In fact, specific investment advice may be risky. In the book "Profit from the Peak" the authors for example recommend US oil refiners who can handle heavy sour crude. However, oil producing nations like Saudi Arabia whose new production will increasingly be of the lower grade "heavy sour" variety are interested in building refineries themselves so that they can generate more of the revenue from their oil and provide more domestic jobs.
   
   But, I do have one piece of investment advice which is forget about Treasury Protected Securities as any sort of safe haven in an inflationary depression.



3. What a cop out! Now that his 2007-2020 Second Great Depression has failed to materialize with 2008 2/3rds over, it is being repackaged as a newly titled "debt" book. A warm welcome Warren to the rather full club of authors who predicted disaster on a timeframe that didn't happen. You failed simply because you ignored the greatest force in the economy - the consumer. Every economist knows that the GDP is made up 90%+ by consumer spending - 60-70% directly plus government spending of the 28% of income they take in taxes. In other words GDP is ALWAYS driven by demographics over the longterm. There IS a monstrous crisis coming based on demographics however - go read Arnold's The Great Bust Ahead (published 2002), in which all his predictions have come to pass so far and the "big one" left is yet to come on his 2010-2012 schedule.



4. With all of the doom and gloom in our financial markets, I wanted to take in a few authors opinions and try and come to my own conclusion. (Cramer is not my fortune teller) With that said, the author lays out a lot of the structural problems in the financial industry and predicts what he think will become of it. He has updated the original version to include some of the latest information as well gloat (rightfully so) over being right on about 80% of his predictions.
   
   The more I read the book and realize that this guy has been quite accurate, the more I realize how dire our financial system is and how close to collapse we are. I applaud the author for his predictions but am not happy with his predictions for the future. So far, the best and most accurate doom and gloom book I've read.



5. One would expect a substantial number of facts and figures with a work like this. But in the opinion of this reviewer, the preponderence of same actually bogged this vital book down. Not for the average reader who lacks a basic understanding of economics. An aptitude for mathematics would also help someone to digest this material.

5 comments about Where Does the Money Go?: Your Guided Tour to the Federal Budget Crisis.

1. This is an excellent book which describes in understandable terms the problems with the federal budget deficits and growing national debt



2. Even as a CPA, I had never really thought about what the country's national debt (over $9 trillion and climbing) meant to me and future generations.
   
   You don't have to be a CPA to get something out of this book; it is written in a manner that provides nice summaries of complicated issues. Even better, it provides references so you can learn more. The book is balanced and does not appear to have a political slant.
   
   As increasing Federal deficits affect every American, I can't recommend this book enough, especially in an election year.



3. This book makes these very complex topics easy reading. As other reviewers here mention, the book spends a disproportionate amount of time on SS and Medicare, and almost no time on Defense. (My guess is because this a bi-partisan effort, and people on opposite sides of the fence tend to disagree strongly in the area of defense.) Regardless, this is a wonderful book and helped me to better understand how a lot of this stuff works. I especially enjoyed the chapter on "pork" spending -- and how it amounts to perhaps 4% of the federal budget. READ THIS BOOK before the presidential debates begin! Educate yourself so you can decide which candidates actually know what they're talking about, and which ones are blowing smoke. Our country is facing serious fiscal problems and they are not going to just magically go away.



4. The awful truth is that we have been fooling ourselves and we have let ourselves be fooled, both voters and politicians themselves. Fooled ourselves into thinking that the finances of the United States are just fine.
   
   This book tells us what a financial disaster awaits us the next few decades. The worst thing is, apparently it is not even a major theme in the current presidential election, because we have picked presidential candidates that are not strong in economics. Another four years from now, we will pick someone who is strong on economics, and then start doing something about it.
   
   The book is mainly making us aware of roughly what are the issues. That is accomplished in the very beginning, and after that the authors keep repeating the same points in different words, which I thought was somewhat boring. Yet, it is nicely written, it's got nice anecdotes here and there, and in the end there is more information on what our options are. It would have been nice if they went a little bit deeper into the matter, to explain even more about how things work, etc. But the authors kept it simple and easy to understand, and maybe, as voters, we only need to know a simple thing that the government needs to do, and we already knew this for ourselves: When in debt, you need to get more money and spend less!
   
   The most difficult thing will be to actually vote for a candidate who dares to talk about tough financial issues, as opposed to most candidates who seem to be all charisma and vague promises, and when elected, let the next president clean up the mess.



5. This book is a great place to start for learning about the long-term crisis the federal government is facing. It is entertaining, with a great narrative style, some fun stories, and tons of informative graphs. Further, it is thoroughly researched, with helpful citations addressing the critical arguments our nation's leaders will face as they try to solve this. It is scrupulously non-partisan and fact-based, a real breath of fresh air. This is THE book to start with. It dovetails nicely with the new movie, I.O. U.S.A. I've bought a half-dozen copies of this book and given them to others interesting in public policy. HIGHLY recommended.