ON-Lion Letter
During the 2008 presidential campaign, then-Sen. Barack Obama promised "a net spending cut" to make government smaller in order to reduce the deficit.  But this huge increase in government spending and debt, and the resulting prospect of higher taxes, will make America a poorer country.  Are Americans happier because the government has determined where this money should be spent?  According to Grover G. Norquist and John R. Lott, Jr., the answer is no, and in their new book Debacle:  Obama's War on Jobs and Growth and What We Can Do Now to Regain Our Future, they explain why.

Norquist is president of Americans for Tax Reform in Washington, D.C. The Lynde and Harry Bradley Foundation in Milwaukee substantially supports the Americans for Tax Reform Foundation.

President Obama's economic policies have raised unemployment, slowed economic growth, dramatically raised the national debt, squandered taxpayer money through poor investments, and damaged the housing market, according to Norquist and Lott.  In Debacle, from Wiley, they explain why Obama's policies on spending, taxes, and regulation have all worked to harm the recovery, increase unemployment, and depress housing prices.

The Congressional Budget Office estimates that the deficits that Obama proposes for the years from 2011 through 2020 come to a staggering $126,000 per family of four, Debacle makes clear why the costs outweigh the benefits.  It explains why Keynesian economics is more a way of transferring wealth to political constituencies than a legitimate economic theory for understanding how the economy operates.  And it posits that Obama's economic policies were more an opportunity "to do big things" than to solve the country's economic problems.

Arguing that Obama's policies have created widespread economic chaos, Debacle is a bleak look at American finance.
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