Table of Contents
Chapter 1 – Overview and Historical Analysis
Chapter 2 - The Components of the Debt
Chapter 3 – Outlays (Expenses) and Receipts
Chapter 4 – The Actual Debt
Chapter 5 – The Budgeting Process
Chapter 6 – Cautionary Tales
Chapter 7 – Where are we Headed?
Chapter 8 – Becoming Debt Free
Notes

Book Fast Facts:

• The United States government has a long history of debt, starting with its initial obligations from the Revolutionary War.  Unfortunately, the debt hasn’t been reduced even once since 1958.  The last and only time we’ve been debt free was in the 1800’s.  Understand the debt from a historical perspective in Chapter 1.
• Historically, the debt has risen because of major wars and financial depressions.  But now, over a third of the debt is associated with something called intragovernmental holdings.  Learn more in Chapter 2.
• In 1985, 16% of our debt was held by foreign interests.  Today, that percentage is over 50%.  Find out who owns the debt in Chapter 2.
• Social Security has been called a Ponzi scheme.  Understand how the Social Security “trust funds” work in Chapter 2.
• Some people think military conflicts are the cause of our current debt problems.  However, national defense outlays are only 20% of the total spending over the last 35 years.  Learn where the money is really spent in Chapter 3.
• Which Presidents spent the most? One President increased general government spending by over 1300%, five times more than any other.  Look at spending by Presidential terms in Chapter 3.
• The actual debt of the U.S. government is not $14 trillion.  It is much, much higher.  Learn why the actual debt is closer to $60 trillion in Chapter 4.
• The budgeting process of the U.S. government is broken.  Cuts in discretionary spending are not the answer.  Even if all non-defense discretionary spending is completely eliminated, we will have deficits every year for the next 10 years.  Learn why in Chapter 5.
• Did you know Argentina was among the wealthiest countries in the world during the early 1900’s?  Have you ever wondered why Japan is no longer a rising superpower?  Would you be surprised to hear that massive debt is the culprit?  Learn why these countries fell, and how the U.S. is following right in their footsteps, in Chapter 6.
• According to the government’s own predictions, by 2030 the debt (relative to the size of our economy) will be worse than it was during the peak of World War II.  This is probably an optimistic prediction.  Learn why in Chapter 7.
• There are startling parallels between the Great Depression and what started as a recession in 2008.  If you want to know why high unemployment and a secondary recession are likely to be part of our immediate future, read Chapter 7.
• Can we become a debt free nation?  Yes, if we are willing to implement simple but perhaps unpopular changes.  Read the 7-point plan for becoming debt free in Chapter 8.