Mumford has captured something that I sometimes dwell on in columns I write in a local paper - and much more eloquently - that our political leaders are not doing what we send them to Washington to do. Their main priority is to stay in office and any thing they may do for their constituents and the country is secondary to that effort. Hence pork, payoffs, closed door deals, etc. Put more simply, the more things you can give away from the federal coffers the better your chances of staying in Washington.
One of his points that really struck home is that he alludes to the fact that we the massive deficit spending has, for all purposes, bankrupted the country - and is getting worse by the minute. (It's called deficit spending. Sound familiar?)
Once, when America was the lead manufacturing power of the world, it may have been OK to borrow. Unfortunately we are now strictly a nation of consumers and have lost the ability to repay our debt.
At some point, like all debt, yours, mine and the nations, (and yes, local state and local government), our debt will be due. He points out some of the scenarios that may occur. None are good.
Another point Mumford makes is that all our terrorist enemies, many of whom are our lenders, have to do to insure our downfall is wait. Sending a few idiots to light their shoes and their explosive underwear will just keep us busy enough for them to wait until we can no longer "pay the tab", and devaluate our dollar with the ensuing worldwide panic that will ensue. That may be the real tactic.
"Broke" isn't all about "doom and gloom". Mumford believes that it's up to business (of all sizes) to solve the problems we're facing and presents practical, nonpolitical and actionable steps that business leaders can do and a turnaround plan.
Business leaders are the one force that has the ability to cause a turnaround!
According to a Scottish-born British lawyer, Alexander Tyler: "A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury..."
Whether or not you think that business can cause the turnaround a Mumford postulates the book an interesting and challenging read.
