Monday, April 18, 2011

Tax Day Review: Bankruptcy of our Nation

In honor of Tax Day, I thought I would review a book I've been reading courtesy of New Leaf Publishing Group.  Bankruptcy of Our Nation by Jerry Robinson has been a really good, albeit depressing, read.  And it has taken me quite awhile to get through it.

From the publisher:
Surrounded by a host of political and social problems, America stands at the crossroads of a devastating economic crisis - the size and scope of which demands immediate action, while instability and debt loom over the future.
• America is the greatest debtor nation in history.
• The value of the dollar is at tremendous risk.
• Inflation is about to become a huge reality. 
Crippled by personal debt, local and state governments facing revenue losses, and the federal government struggling to bail out segments of the economy, many Americans are suddenly afraid and uncertain of what the future may bring. Many worry if the United States can even recover from this crisis. Will you and your family financially survive and even thrive during this turbulent time?
Bankruptcy of Our Nation gives you vital insight, historical and future perspective, revealing how America got into this mess, and how you can make informed decisions to weather this economic crisis. Don't rely on the government to secure your future - empower yourself with sound economic strategies, solutions, and godly principles today!
My thoughts:  Like I said above, this book has taken me a long time to read.  It isn't like there was a lot of new information for me, as with my accounting background, I do tend to keep reasonably up to date on this kind of thing.  But wow, all together, the book was fairly depressing. 

What I wish I would have done, and would recommend to others...
  • Read the introduction.
  • Read the last chapter.  Chapter 18, Twelve Key Strategies for Weathering the Impending  Economic Storm.  This chapter is great.  Now, will most people want to implement these twelve key strategies without the "why" of the previous 17 chapters?  Probably not.  So after reading that there is hope, then:
  • Go back and read the rest of the book.  Maybe returning to that last chapter after each section.  To remind yourself that there is something YOU can do.
 I think my favorite chapter (besides the final one) was The 2040 Crisis.  Maybe because I have been arguing since I was 15, in my high school accounting class, that Social Security is a Ponzi scheme,  and that, as a nation, we are screwed.  And yes, I'm pretty sure that was the phrase I used in class.  I probably would have used a different term outside of class, that being one I just can't bring myself to type on my family-friendly blog... 

Basically, though, by 2040 (a point where, theoretically, I should be drawing social security) the social security program will be insolvent.  Medicare will go bust far sooner.  Now, I've read predictions about the insolvency of these programs for years, and we keep putting off the inevitable.  But it is still inevitable.  Combined with all the other huge issues outlined in this book, I'd think it is going to be sooner rather than later.

Truth is depressing sometimes.  I think everyone really ought to read this book, and really think about what you can do now.  I highly recommend this title.

Disclaimer:   I received this book for free from New Leaf Publishing Group.  No other compensation was received.  The fact that I received a complimentary product does not guarantee a favorable review.  

1 comment:

Michelle Smith said...

Thanks for this review, Debra. I am concerned about the economy, too. While I don't want to get depressed or worried, it sounds like this book has some good tips for how to prepare for the coming inflationary cycle.