By such a measurement our debt isn't bad at all. Bookseller: , Ohio, United States New York, New York, U. On both points, hear, hear! Everyone wants to know what it means that they buy so much of our debt and how the interplay of the Yuan illegally tied to the dollar affects these arguments and China comes up not at all. Gordon's arguments are interesting, his style is engaging, it's a very breezy read, and I mostly agreed with it. There is reason to be pessimistic that reducing the national debt will ever be taken seriously by the American population and federal government — after all, this book was published in 1997, and as of 2019, the U. At key points in U. About this Item: Walker Books, 2010.
About this Item: Walker Books, 2010. The author's premise, like that of Alexander Hamilton, is that a national debt can be used constructively to monetize an economy. This book was published in 1997, and the author ends the book on an optimistic note, but many of the things he warns about are happening right now, this month, this week, and it's worrisome, to say the least. Alexander Hamilton considered it a kind of political Krazy Glue, which would also spur American industry by keeping taxes high. Overall: this one's illustrative, but depressing.
Would be interesting if Gordon would update it with more recent information. Now, more than ever, we need John Steele Gordon's wisdom-his revised and expanded edition of Hamilton's Blessing will put this historic expansion in perspective, allowing us to better participate in debate and discussion. I read this for my American public policy class. And the book does a great job of showing how and when debt helped and how it can get out of control and not serve any useful purpose. The national debt helped rescue the Union during the Civil War and raise the nation out of the Depression-thus offering hope it may serve a similar purpose in the decades to come. Bookseller: , Washington, United States Walker Books. Consider yourself lucky that you've discovered this plain-language, excellent primer on how our national debt came to be! But how much debt is too much? Gordon does a wonderful job bringing us through Hamilton's Sinking Fund, Biddle's Bank, the Jacksonian era, the Civil War, Jay Gould and the cornering of the gold market, through two World Wars up to our present day.
Gordon shows how the imposition during the Civil War of the nation's first Federal income tax eventually raised the question of how the burden of such a tax ought to be distributed. American Heritage columnist Gordon The Scarlet Woman of Wall Street, 1988 deserves credit for attempting a brief history of the national debt aimed at a wide audience, but the result is somewhat disappointing. After that, the author seems to forget that he's an historian and I'm always excited to read historical accounts on financial matters, mostly because it is so often ignored - both within the field of history and the field of finance. The national debt is insanely large compared to what it was in 1997, both in absolute and relative terms. Selling debt is instant capital. I think he did a fantastic job of explaining the methods and motivations of both the left and the right without being partisan. In the hands of a talented historian like Gordon, this is a lively tale replete with myriad accounts of visionary economic insights as well as catastrophic political blunders.
Another big issue at the end is the utter lack of discussion regarding China. I offer this to anyone who is confused about how and why we have a large national debt. From Most of what is written about this country's national debt reflects a sturm und drang agonizing over its proportions or promotes the political agenda of the particular author. First, I have, for reasons I cannot fully explain, great affection for Alexander Hamilton, and Gordon does nothing to diminish that. We consider it a national liability and fear our children will be forced to pay for our current excesses. Hamilton's Blessing: The Extraordinary Life and Times of Our National Debt. But how much debt is too much? The two World Wars and the Great Depression added to the debt.
I hope to find better books on this issue. The lead-up is strong as the Hamilton plans of the 1790s are explained and as each successive erosion of Hamiltonian logic comes along the timeline. At ThriftBooks, our motto is: Read More, Spend Less. However, these are relatively recent developments; a tax on personal income in the United States was introduced to help pay for the Civil War and only became a permanent fixture shortly before World War I. May not contain Access Codes or Supplements. I offer this to anyone who is confused about how and why we have a large national debt.
But this theory nevertheless serves to bracket a quick survey of American public finance. Disclaimer:A copy that has been read, but remains in clean condition. But I'd skip this one. Unfortunately, at times Gordon's tendency to skim the surface of selected events and rely on conventional platitudes results in a rather skewed account. John Steele Gordon is a welcome antidote. However, the 12 years since the book's initial publication have been perhaps the most dramatic in the debt's history-since it has more than doubled and continues on an ever-upward spiral.
He introduces major actors whose names aren't well-known, but have helped rescue the American economy during national emergencies. May show signs of minor shelf wear and contain limited notes and highlighting. It is impossible, for example, to understand why early proponents of the income tax were intent on soaking the rich unless their proposals are considered in relation to the equally unbalanced burdens imposed on the less affluent by tariffs and monetary policies. There are some great points here regarding incentives and the tax code. Gordon is clearly an economist who is trying to be fair by dumping equally on both parties. We ship in recyclable American-made mailers.