If you’ve been under a rock then you probably missed the news that former Houston Mayor Bill White released a new book.
America’s Fiscal Constitution was just reviewed by the New York Times and was given a thumbs up.
Way to go Mayor White.
Here is part of the review and follow the link to the full report:
New York Times: “We cannot mortgage the material assets of our grandchildren without asking the loss also of their political and spiritual heritage.” So said President Dwight Eisenhower in his 1961 farewell address.
In his new book, “America’s Fiscal Constitution,” Bill White, the Democratic former mayor of Houston, argues that Eisenhower was part of a forgotten American tradition, once embraced by both Democrats and Republicans, of limiting the use of debt except under extraordinary circumstances like war and severe economic downturns. Any use of debt was temporary; afterward, the federal government promptly balanced its budget.
This book will be music to the ears of budget hawks everywhere. “American economic history does not support the idea that a strong economy depends on chronic federal borrowing,” White writes. But our tradition collapsed in 2001, and today, the government routinely borrows a third or more of its expenses. The nation is “in a situation similar to that of an employee who receives annual pay raises but cannot improve his or her standard of living because of the need to pay rising debt service to creditors.”
Full Review: http://mobile.nytimes.com/2014/04/13/books/review/americas-fiscal-constitution-by-bill-white.html?_r=1&referrer=