A 5 to 8 p.m. book-signing is set for June 5 at the SYNERGY Business & Technology Center, 1 Calle Cesar Chavez, Suite 102, near Santa Barbara’s East Beach.
“Crisis Of Confidence” examines the state of federal taxes, deficit spending, the national debt, interest on it, inflation, gross domestic product, or GDP, and entitlement programs – projected out in five-year stages from 2017 through 2032.
Newton and his team present research that if the crisis is ignored and America chooses four more years of the same fiscal policies, the economy will continue to limp along at 2 percent annually, federal deficits will hit $4 trillion per year, entitlements will consume more than 80 percent of government spending, and debt will top 200 percent of GDP. When borrowing rates return to true market levels, interest on the Treasury debt will likely consume 20 percent of the federal budget, states the author.
The U.S. president’s response is to propose more taxes and spending programs. These policies threaten the core of the U.S. private sector, and could result in an economic collapse far beyond the current European debt crisis, according to Newton.
However, there is a way to change course, reform government entitlements and taxes, restore the economy, and reduce the federal debt back to 50 percent of GDP. It will take leadership and common-sense solutions. More than 80 charts and tables in the book present a picture of how real the crisis is, how bad it will get if it’s “government-as-usual,” and what can be done to turn the nation around.
Economist Stephen Moore wrote the book’s foreword.