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, by David Wessel
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Product details
File Size: 7847 KB
Print Length: 208 pages
Publisher: Crown Business (July 31, 2012)
Publication Date: July 31, 2012
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B0076PGLDC
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“Red Ink,†by David WesselBook ReviewJuly 27, 2017By George FulmoreThis is really a nothing book, in my opinion.It may be of benefit If one wants to learn about some people and general concepts and history involved with the subject of the U.S. debt. But if you really want to learn enough about the subject to form an individual opinion of how all it works, this cannot be the book you need.What this book does not do, for example, except in general ramblings, is to really tell you the basics of the annual deficit, nor the real cash history of the federal debt.The copyright year is 2011, but it appears that most of the book was written in the 2009-2010 period, which was when we were just coming out of The Great Recession under President Obama. The federal annual deficit was less important then than getting the economy back on track, for sure. So, maybe this book was a victim of the time it was written.Nevertheless, a much better book -- to get right to it -- is “Where does the money go?†by Bittle and Johnson. This book is far deeper in its explanations of how the U.S. budget works…or does not work. This book gives you a much better base upon which to lead you to your own knowledgeable opinions. Another book to consider would be “Who Really Pays the Taxes?†by Donald Bartlet.But back to “Red Ink,†it fails to point out the obvious, for the most part, that the U.S. simply brings in less money than it spends. And that is the point, isn’t it? Isn’t that what the book should be about? But it is not, and, to make matters worse, the author finds people who actually say or imply that deficits or the accumulation of the debt do not matter, which, to me is nuts. Nuts.So, in my opinion, without the conviction that the increasing federal debt is a very large problem, the book really does not go anywhere. It just rolls along, telling the reader about people and events and such. It’s like it is a very nice overview book with little to say. And, in addition, it seems to assume that you must know who most of the people featured in the book are and can picture them saying what they say. Some of these folks are Paul Ryan, Paul Krugman, Leon Panetta, Ronald Reagan and others.While the book does mention the excellent website from the Treasury Department, Debt to the Penny, it also says that the U.S. ran annual surpluses in the years 1998 through 2001, when it did not. Yes, there were some periods in those years when the deficit was not rising, but by the end of each fiscal year in that period, the total debt had risen. Period. And, yes, if we had stayed on course after George W. Bush was elected, as is pointed out in the book, we could have run down the debt, which was only about $5.6 trillion at the time. But we did not, and things really took off after that, which, to me, is what the author should have based the book on…but he did not.What is a bit funny is that the book really does cover most of the key points one would want to know about the history of the U.S. debt and its components. But what is sad is that it just kind of lumbers along with the information without, in my opinion, ever getting anywhere with it.So, in conclusion, if you want to read a book about the U.S. debt, with the goal of knowing a bit more about the subject, but going away with an “ah shucks†opinion about any urgency about the debt getting bigger and bigger, this may be the book for you. But I think you can do better, so, again, I recommend “Where does the Money Go?†as a better alternative.To me, this increasing U.S. debt really is a big deal. The more U.S. residents who understand this, the better.I don’t think that “Red Ink†is going to increase the number of such people substantially, for reasons expressed above. For that reason, I do not recommend the book.
I tried very hard to like this book. There is not much revelatory about what it contains. It just organizes it well. I listen to the author on NPR occasionally. He is careful and plain vanilla. He stayed true to form here.The problem is that the author is a somewhat insular economist and a product of his upbringing. He has a polite disdain for politics. The unfortunate necessity that drives policy. Yet the implications for what he brings to our attention really amount to little more than a Rodney King moment: why can't we all get along. I am unsure whether I am more annoyed by his incurable careful politeness or a suspicion that his ignorance of the real political actors (and their motivations) makes this book a lot less than it could have been, and therefore a wasted opportunity.He opens his last chapter stating presidents are judged by unemployment rates, gas prices and the stock market. Just like a general of a past war, he is clueless as to shifts in perception. He doesn't like Krugman (I do, but his criticisms are on the mark..Krugman is too partisan). However, he treats Paul Ryan with kid gloves (can we finally discredit that tax cuts help everyone equally?) The track record is that they lopsidedly benefit the rich).The path since Carter and Reagan has been disdainful of government. That disdain has been stoked widely while behind the scenes it has become a government that less and less represents the many, and works too often solely for the elites. Princeton (which is held in wide regard by the author) has declared us an oligarchy rather than a democracy. Both parties have sold their souls for campaign cash (sorry Paul Krugman).My point is that the authors careful avoidance of peers such as Jeffrey Sachs and Joseph Stiglitz reveals a tone deafness about what is wrong. To that end, his title is misleading. This book is really not about the politics of the federal budget. One has to immerse oneself in the distasteful and muck to do a good job of that. There are trends that are disturbing to democracy. These are not just academic issues to be placed in columns of spending versus cuts. They go to the very nature of who our economy and governments serves.Plain vanilla anyone?
If you want to understand the politics of America today, buy this book. When you understand the magnitude of the federal budget and associated deficit, you will quickly understand that neither party can possibly deal with it. Why? Because the size of the cuts needed would create political chaos. And none of our career politicians want to lose their seat. Please read it.....
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