In AMERICA'S FISCAL CONSTITUTION, Bill White--a finance expert and
three time former Houston mayor--tells the story of generations of
leaders who established clear limits on federal debt. He describes how
debt has grown to threaten the nation's future after the collapse of
those traditional limits in 2001.
For almost two centuries the US
government borrowed only to wage war, plug temporary budget holes during
downturn, expand and secure national borders, and preserve the Union.
Borrowing ended immediately after the emergency passed. Since 2001,
however, federal leaders broke the traditional link between tax and
spending policies and borrowed to pay for both emergencies and routine
operating expenses. White dispels common myths and highlights practical
lessons from history on how the nation can return to the time-tested
trail of fiscal safety.
For Americans trying to make sense of
today's budget crisis--and those worried about future economic
opportunities--AMERICA'S FISCAL CONSTITUTION provides an original,
hopeful, and objective context.