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Book Review

Sunday, 12 May, 2013 1:27 PM

"I.O.U.S.A." Is Definitely Worth The Read

Photo credit: www.amazon.com

"I.O.U.S.A.: One Nation. Under Stress. In Debt."

by Gloria Rzucidlo
gloria1025@yahoo.com

 

"I.O.U.S.A." by Addison Wiggin and Kate Incontrera, is about our nation which has been spending way beyond our means and guess who will be paying for it? It is immoral to expect our children to pay for our mistakes.

The book talks about the four different deficits plaguing the United States. First is the budget deficit, second is the savings deficit, third is the trade deficit and finally the leadership deficit.

There has been only five years of surpluses and 35 years of deficits. It seems the only way to balance the budget is to cut spending and raise taxes. If we don't we're going to have a big problem.

Regarding the saving deficit, we need to save more and invest. This will create a better future for ourselves and our children.

The trade deficit is out of control. We are importing more than we export and in the long run, this trade imbalance will have a huge effect on U.S. jobs.

And finally, the leadership we have in Washington, in the House and Senate, influences what happens to our economy. We need to elect people in Congress that do the right thing for the American people.

I agree that the economy has been a roller coaster ride these last few years. My opinion is that all four deficits needs to be addressed in order to get our country on track. It is time to wake up and smell the coffee. Otherwise, we will be facing another Great Depression.

In the book, there are personal interviews with some of the most influential economic experts of our time. From Robert Rubin, Secretary of Treasury (1995-1999); Dr. Alan Greenspan, Chairman of Federal Reserve (1987-2006); Warren Buffett, world's greatest stock market investor; Steve Forbes, editor-in-chief of Forbes magazine, among others.

I found this book to be very enlightening on the subject of economics. I would recommend this book to anyone remotely interested in our economy as it is today and what the future may hold. Maybe we can learn from history how to re-shape it.

The book has been turned into a critically acclaimed documentary film.

OVERALL RATING: A

266 pages / Publisher: Wiley / September 29, 2008 / Language: English / Business & Investing

 

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