Description: As the election-year rhetoric on balancing the federal budget heats up, this contrarian book-written by a long-time Washington insider-will lead the debate. Drawing on more than 30 years of experience in the government, the author shatters five long-held myths & upholds one reality about what is now a $5 trillion national debt-essentially revealing that the public debt is not all bad news, but that spending control should be an imperative for the leaders of tomorrow. Arguing that political leaders from both the left & the right use scare tactics to prey on our fears about the national debt, the author maintains that the problem is undisciplined government expenditures, not the way of paying for them-whether through increasing the debt or raising taxes. He proposes a redefinition of the federal deficit to restore discipline & confidence in the management of the government's finances. He also explains the effects of the debt on future generations, private investment, interest rates, social security, & foreign investment, & renews the call for a balanced federal budget.

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