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Full Description
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.
Contents
Foreword . . . xiiAbout the Authors . . . xviiiIntroduction: The White House Plants Its Seeds of Destruction . . . 1Part I Getting from Seeds of Destruction to Seeds of Prosperity . . . 7Chapter 1 America's Four Growth Drivers Stall and Our Economy Stagnates . . . 9The GDP Growth Drivers Equation . . . 11GDP Growth Has Been Well Below Potential Growth . . . 12The American Consumer's Roller Coaster . . . 15Where Has All the Business Investment Gone?. . . 19There's Too Much Government Spending . . . 21Net Exports Are a Net Negative . . . 25Conclusion . . . 27Chapter 2 How to Lift the American Economy with the Ten Levers of Growth . . . 29Lever One: Free Markets Free of Corruption and Monopoly Best Promote Growth . . . 29Lever Two: Free and Fair Trade Helps All Countries Grow . . . 31Lever Three: Entrepreneurship Is the Linchpin of Long-Term Growth . . . 33Lever Four: Without Savings, There Can Be No Investment and Growth . . . 34Lever Five: Without a Stable Banking System and Strong Financial Markets, Savings Can't Be Transformed into Investment . . . 35Lever Six: Innovation and Technological Change Matter More Than Machines and Workers . . . 36Lever Seven: "Human Capital" Matters as Much as Physical Capital . . . 38Lever Eight: Oil Price Shocks Stunt the Growth of Oil-Import-Dependent Nations . . . 39Lever Nine: A Healthy Nation Is a Productive and Prosperous Nation . . . 40Lever Ten: A Solid Manufacturing Base Makes for a Strong Economy . . . 41Part II Fixing America's Destructive Duo: Monetary and Fiscal Policy . . . 47Chapter 3 Why an Easy-Money Street Is a Dead End . . . 49The Return of Fed Activism . . . 52The Maestro or a Bubble Maker? . . . 53President Obama Crosses the Activist Rubicon . . . 54The Road to American Prosperity Cannot Be Paved with a Cheap Dollar . . . 57Where Have You Gone, William McChesney Martin? . . . 60Chapter 4 Why You Can't Stimulate Your Way to Prosperity . . . 63From John Maynard Keynes to the Kennedy Tax Cut Revolution . . . 66Part III Getting the "Big Three" Right: Tax, Trade, and Energy Policy . . . 83Chapter 5 Why Raising Taxes Lowers America's Growth Rate . . . 85Ideological Gridlock Over Broad-based Tax Reform . . . 88From a "Class Tax" to a "Mass Tax" . . . 91From Double Taxation to Double Whammies . . . 93Income Tax Evolution or Consumption Tax Revolution? . . . 95Meeting on the Middle Ground . . . 97Chapter 6 Why the Best "Jobs Program" May Be Trade Reform . . . 101The 2000s: A Decade of Large and Chronic Trade Deficits . . . 103America's Trade Deficits Cause Inflation and Loss of Political Sovereignty. . . 104The World's Poster Child for the Modern Protectionist-Mercantilist State . . . 104China's Great Wall of Protectionism . . . 106China's Eighteenth Century Mercantilism . . . 111Chapter 7 Why America's Foreign Oil Addiction Stunts Our Growth . . . 125How Does America's Oil Import Addiction Harm Our Economy? Let Us Count the Ways . . . 128Risky Business . . . 130Moving Toward Forging a Political Consensus on Reducing Oil Import Dependency. . . 132The Smart Path Embraces Both Soft- and Hard-Path Options . . . 133The Folly of Energy Independence Redux . . . 136Achieving a Targeted Reduction in Oil Dependence . . . 137Why This Proposal Has Economic and Political Merit . . . 140The Thorny Politics of Oil Import Fees . . . 142Part IV Good Politics Usually Makes for Bad Economics . . . 147Chapter 8 Cutting the Gordian Knot of Entitlements . . . 149The Imperative of an Economic Rather Than Accounting Solution . . . 151Why Social Security Is Easier to Fix Than Medicare and Medicaid . . . 153Saving Social Security in Two Easy Pieces . . . 154Closing the Social Security Spending Gap: What Won't Work . . . 158Closing the Social Security Spending Gap: What Can Work . . . 161Forging a Political Consensus . . . 165Saving Medicare and Medicaid: Mission Impossible? . . . 167A Flexible and Focused Way Forward . . . 168Chapter 9 Why ObamaCare Makes Our Economy Sick . . . 173The Big Health Care Picture . . . 174Are We Getting What We Are Paying For? . . . 176ObamaCare Puts the Coverage Cart Before the Cost Horse . . . 178ObamaCare Provides a Far-Too-Sweet Entitlement . . . 180Truth or Consequences . . . 181ObamaCare and the Law of Unintended Consequences . . . 183Toward a More Market-Driven Health Care System . . . 184What Can Be Done? . . . 191Conclusion. . . . 192Part V The American Economy at a Crossroads . . . 197Chapter 10 How to Prevent Another Financial Crisis-and Housing Bubble. . . 199#1: Easy Money . . . 201#2: Not Enough "Skin in the Game" for American Home Buyers . . . 202#3: Not Enough "Skin in the Game" for Mortgage Lenders . . . 203#4: Way-Too-Exotic Mortgages for Borrowers . . . 205#5: The Mortgage-Backed Securities Meltdown . . . 208#6: The Collateralized Debt Obligations Credit Rating Debacle . . . 211#7: A Flawed Insurance Market: Credit Default Swaps . . . 213#8: Inflexible Bank Capital . . . 216#9: Too Big to Fail: Last Rites for Financial Dinosaurs . . . 218#10: A Fragmented and Sectoral Model of Regulation . . . 219#11: Subsidies for Nonproductive Investment, Taxes for Productive Investment . . . 221The New Law as the End of the Beginning . . . 222Chapter 11 How to Implement Our Seeds of Prosperity Policy Blueprint . . . 229Our Seeds of Destruction Problem . . . 230Our Seeds of Prosperity Solution . . . 231Conclusion . . . 248Index . . . 251Additional Bonus Material for eVersion Only:An Interview with Glenn Hubbard About His Time in the White House . . . 269
