Peter G. Peterson Libros

Surveys the American economy, describes the problems caused by the growing budget deficit, and suggests a plan to eliminate it

The major economies of the world are on a collision course toward a huge, as-yet-unseen iceberg: global aging. Increased longevity is a blessing, but it carries with it costs and questions few countries wish to deal with. This looming demographic challenge may become the transcendent issue of the twenty-first century, affecting not just our economies but our political systems, our lifestyles, our ethics, and even our military security. In Gray Dawn, Peter G. Peterson, the respected statesman of Washington and Wall Street, sounds the warning bell and prescribes a set of detailed solutions that, if implemented early, will prevent the need for Draconian measures later.

"When George W. Bush came into office in 2001, the ten-year budget balance was officially projected to be at a surplus of $5.6 trillion. But after three big tax cuts, the bursting of the stock-market bubble, and the devastating effects of 9/11 on the economy, the surplus has evaporated, and the deficit is expected to grow to $5 trillion over the next decade. America was once the greatest creditor to nations around the globe; it is now the largest debtor in the world. And the domestic deficit is only half the story. Given our $500 billion trade deficit and our anemic savings rate, we depend on an unprecedented $2 billion of foreign capital every working day. If foreign confidence were to wane, this could lead to a dreaded hard landing." "In Running on Empty, Peterson takes us behind the politicians' smoke-and-mirror games, and forcefully explains what we must do to rescue the future of our country."--BOOK JACKET.