Subjects:  1. Business / Economics / Finance    2. Business/Economics    3. Pensions    4. Personal Finance - Retirement Planning    5. Public Finance    6. Retirement Plans    7. United States    8. Industrial relations    9. Personnel & human resources management   

Editorial Review

"Demographics is destiny" writes Pete Peterson. The destiny in question is the looming fiscal crisis that he believes faces the United States early next century when the baby-boom generation retires, leaving only the much smaller baby-bust generation at work to keep the country's Social Security coffers full. Peterson, who is chairman of the Blackstone Group, a private investment bank, offers up some truly frightening numbers to support his dire prediction. He cites, among other statistics, the government's official projection that in 2040 the average worker will hand over 35 to 55 percent of each paycheck for Social Security and Medicare, compared with 17 percent in 1995. His solutions include raising the retirement age, hiking taxes, and limiting costly terminal care. ... Read more

Reviews (2)

Peterson is a prophet
I have read this book and it scares me to death. People my age must realize that doing nothing is tantamount to giving our futures away. We must come to terms with the fact that there are 76 million Baby Boomersapproaching retirement age, and there is no national plan to accomodatetheir pension and health needs. And to complicate matters, the problem isalready occurring elsewhere around the world. Just read Peter Peterson'snewest book, Gray Dawn.

A few thoughts
This book addresses the problem of growing government entitlement programs for Americans in light of limited resources for providing them. Yes, everyone should be aware of the funding problems.Mr. Peterson should be thanked for bringing out a book on the subject.The color graphs are quite attractive.The writing is quick and easy to read, but even though he says he is not an alarmist, that's the impression he gives.There are many assumptions which readers usually swallow whole and that's what is wrong with the presentation. The book states that Americans do not "save" enough and that the Japanese save more.It infers that the Japanese are better off.In comparison to the amount Americans have in terms of goods and services, the Japanese have much less to consume. First, Americans as a whole save as much as any people in other industrialized countries.Our saving is not just at the bank, but involves mortgage payments, insurance premiums and employer pensions.Very few people in Japan own or are buying their homes.If we counted ALL savings of Amnericans, it would equal savings of people in other countries. If in fact, greater "saving" is responsible for a growing economyand a higher standard of living, why has Japan with its high saving rate been in a recession for the past seven years?(During the same time period the U.S. economy has been growing more prosperous.) The graph on page 24 shows how many American workers are needed to support each U.S. social security beneficiary for selected years between 1955 and 2040.In 1955 it took 8.6 workers, in 1995 it was 3.3 workers per retiree and by the year 2040 there will be only two workers per beneficiary.(In 1995 workers AND retirees all had more of material goods than in 1955.) This is the same kind of projection that was used years ago when at the turn of the century it took 50 percent of the working population to provide enough foodfor everyone else in the country.Everyone thought it was an ominous sign that so many young people were leaving the farms and that there was sure to be shortages of food unless the trend was stopped. Well, by the 1930's we had food surpluses which continued right through the 1980's even though only two percent of the working population is in farming. Even now, if we did not sell our surplus farm products overseas, we would have surpluses.In the U.S. today it takes one average farmer to produce enough food to feed 90 people.Only a few decades ago it would have seemed impossible. Its not obvious what method was used to get the numbers on the federal government's "red ink" chart on page 18, but just recently a review of the federal government's report for 1995 indicated that the accumulated federal debt of approximately $20,000 (liability) per U.S. population is compared to $205,000 of public assets per U.S. population.There are very few organizations of any kind that have such a favorable balance. Yes, there should be more reliance on private funds for medical care for the elderly and also some level of means test.But also keep in mind that spending on medical care causes people to live longer and people living longer results inmore spending on health care.If old people had to pay for life-lengthening medications, they might not spend as much and health care companies would not have the profits to fund more advanced products to keep more people living longer.Think of the implications--investments, employment, life spans, etc Out of the complications we see that with or without government involvement, the industries that grow and prosper are the ones that get funded, either privately or by government.Each area of decision-making is made up of lots of individual choices which together move mountains. We agree that no one should have the idea that people should rely on social security benefits to fund their retirements.As far as the past is concerned, people with ONLY social security have NOT lived real high.Mr. Peterson is right when he says that young people do NOT expectto live on social security benefits when they retire.And, so, THAT finding may be the solution yet. ... Read more

Subjects:  1. Appropriations and expenditure    2. Budget deficits    3. Business & Economics    4. Debts, Public    5. Entitlement spending    6. Government - U.S. Government    7. Personal Finance    8. Politics - Current Events    9. Public Debt Management    10. Public Finance    11. United States    12. Current Events / General    13. Political economy   

Subjects:  1. Public Finance    2. Welfare state    3. Welfare Economics    4. Risk    5. Business / Economics / Finance    6. Business & Economics / Public Finance    7. Central government policies    8. Economic systems    9. Economics | Public    10. Political economy    11. Welfare & benefit systems    12. Business/Economics    13. Business & Economics    14. Uncertainty    15. Economics - General    16. Income Maintenance Programs    17. Economics - Theory   

Subjects:  1. Foreign trade regulation    2. Government purchasing    3. International    4. International Law    5. Law    6. Law and legislation    7. Legal Reference / Law Profession    8. Public    9. Public Contract    10. Public Law    11. Business & Economics / Public Finance    12. Commercial law    13. Consumer law    14. Contract law    15. Financial law   

Subjects:  1. Banks and banking    2. Currency question    3. Debts, Public    4. Economic policy    5. United States   

Reviews (1)

An Excellent Guide
Until I read Mr Fisher's seminal work, I had no or little interest in resource allocation in the public sector.After reading it, however, I consider myself a complete convert!! Mr Fisher makes what would appear to be a somewhat dull subject abolutely enthralling - in the same way that Hamlet is not just a play about a fictional Prince, this book is not just a book about resource allocation in the public sector, and I would advise anyone with even the slightest interest in values, priorities and markets in the management of public services to pick up a copy now. A perfect stocking filler! ... Read more

Subjects:  1. Business / Economics / Finance    2. Marketing - Product Management    3. Markets    4. Political Science    5. Politics/International Relations    6. Public Affairs & Administration    7. Public Finance    8. Public administration    9. Resource allocation    10. Business & Economics / General    11. Central government    12. Civil service & public sector    13. Management & management techniques   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Management - General    5. Public Finance    6. Public administration    7. Central government policies    8. Civil service & public sector    9. Political Science / General    10. Political science & theory   

Subjects:  1. Appropriations and expenditure    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. European Economic Community    6. Expenditures, Public    7. Governmental Income And Expenditure    8. OECD countries    9. Public Finance    10. Public Policy - Economic Policy    11. Public investments    12. Macroeconomics    13. Netherlands   

Subjects:  1. Budget deficits    2. Business & Economics    3. Business/Economics    4. Debts, Public    5. Economics - Theory    6. General    7. Government spending policy    8. Politics - Current Events    9. Politics / Current Events    10. Public Debt Management    11. Public Finance    12. Public debts    13. United States    14. Macroeconomics    15. USA   

Subjects:  1. Business / Economics / Finance    2. Business/Economics    3. Debtor Nations    4. Debts, External    5. Public Finance   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance, Public    5. Public Affairs & Administration    6. Public Finance    7. Business & Economics / Public Finance    8. Public finance accounting   

Subjects:  1. Bonds    2. Business / Economics / Finance    3. Municipal bonds    4. Municipal finance    5. Public Finance    6. Public Securities    7. Securities    8. Securities, Tax-exempt    9. United States    10. Reference, Information and Interdisciplinary Subjects   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance    5. Finance, Public    6. Government - State & Provincial    7. Intergovernmental fiscal relat    8. Intergovernmental fiscal relations    9. Local finance    10. Public Finance    11. States    12. United States    13. Central government    14. Local government   

Subjects:  1. Administration - General    2. Education    3. Education / Teaching    4. Higher    5. Public Finance    6. Education / Higher    7. Funding of education    8. Higher & further education   

Subjects:  1. Age distribution (Demography)    2. Aging    3. Consumer Finance    4. Economic aspects    5. Government policy    6. Old age pensions    7. Personal Finance - Retirement Planning    8. Political Science    9. Politics/International Relations    10. Public Finance    11. Public Policy - Social Policy    12. Pensions   

Reviews (4)

Best financial book for visual learners
Whether you are a left brained or a right brained, understanding the big picture in finances is a key to achieve big wealth. I am sort of a visual learner. I don't particularly like reading thick books with detailed info. It reminds me of those bookworms & CPAs with thick glasses :) I was always scared of accounting & finances until I found this book which makes all the boring financial stuff extremely interesting & easy!! I highly recommend this book.

A must-have for anyone befuddled by personal finances
From the first page to the last, this book not only offers to-the-point lucid descriptions but performs that task in an entertaining way.

Excellent, easy read for all the financial info you need
This book explains complicated financial information in aneasy-to-understand format.I use this book for my tax clients to help themunderstand issues involved with obtaining a mortgage, understanding mutualfunds and investing, and how to save money for retirement.Even if you shyaway from financial issues because they are boring, you'll love this book. It gives you the same information a long boring book gives you in simple,easy-to-understand examples you will relate to.You don't even have toread the entire book.It's like a finanical library, pick out the topicthat interests you and read it to learn what you need to know in just a fewminutes.I love the part on insurance, explains all the things no one evertaught me.The part on investing cleared up questions I've wondered about. My clients love it.If you are in business, it makes a nice thank yougift for clients.They are really impressed with the book. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Finance, Personal    4. Insurance    5. Investments    6. Personal Finance    7. Personal Finance - General    8. Public Finance   

Reviews (2)

A Great Author - A Great Book
An excellent text on the fundamentals of public finance as applied to state and local government. The author's own personal style, which is both engaging and rigorous, makes the subject matter an accessible read forthose students of public policy who are non-economists. For those who dohave a particular bent for public finance it is also an excellent resourcewhich provides a very applied approach to the subject matter.

Yes...economics can be fun!!
Author makes economics fun and interesting.Shows a great grasp for local and state taxation issues--makes boring topic easy to understand. ... Read more

Subjects:  1. Business / Economics / Finance    2. Business/Economics    3. Economics - General    4. Finance, Public    5. Local finance    6. Public Finance    7. State Government Finance    8. States    9. United States    10. Business & Economics / Economics / General    11. Central government policies    12. Local government    13. Taxation    14. USA   

Subjects:  1. Committee on Ways and Means    2. Congress    3. Economic Policy    4. Economic assistance, Domestic    5. Entitlement spending    6. General    7. Government - National    8. Governmental Income And Expenditure    9. House    10. Public Finance    11. Reference    12. United States    13. Reference works    14. USA    15. c 1990 to c 2000   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Economics - Theory    5. Taxation - General    6. Business & Economics / Public Finance    7. Economics | Public    8. Taxation   

Subjects:  1. Commercial - General    2. Corporate    3. Law    4. Taxation    5. Business & Economics / Public Finance