The Road to Prosperity
How to Grow Our Economy and Revive the American Dream
Published on 24. July 2009
224 pages
978-0-470-54319-1 (ISBN)
Description
Praise for The Road to Prosperity
"With clarity, verve, and polish, Pat Toomey brilliantlypropounds the principles and practical policies needed to makeAmerica--and the world--prosperous again. Ronald Reagan,Adam Smith, and Milton Friedman would vigorously applaud what Pathas put forth here."
--STEVE FORBES
"While many talking heads are tripping over each other to writethe political obituary for conservatives, Pat Toomey illustrateshow the limited government movement has the best policy answers forthe challenges of the twenty-first century. This is a must-readbook for any serious student of the limited governmentmovement."
--DICK ARMEY, author of the Contract with America, formerHouse Majority Leader, 1995-2003, and Chairman ofFreedomWorks
"Like Ronald Reagan, Pat Toomey has found a way to breathecommon sense and economic truth into public policy. Rather thanallowing his political views to color his economics, Pat Toomeylooks for truth first and only then does he take a politicalstance."
--Brian Wesbury, Chief Economist, First Trust PortfoliosLP
"Anyone who cares about the future of our economy and ourcountry should read Pat Toomey's The Road to Prosperity. Ifwe as Americans want to return to a pro-growth and prosperousfuture, we will need to embrace the free-market, freedom-drivenpolicies laid out in this book."
--CHRIS CHOCOLA, President, The Club for Growth
Reviews / Votes
"This essential perception--that incentive-driven growth rather than government-sponsored redistribution is the key to real prosperity--is at the heart of former Pennsylvania congressman Patrick Toomey's lovely little book The Road to Prosperity: How to Grow Our Economy and Revive the American Dream. It's a capitalist manifesto for everyman: clear, concise, down-to-earth and wonderfully compelling. A book to read and absorb, and to consider giving to clients." (Financial Advisor Magazine)More details
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09/2009
1st Edition
Wiley
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Persons
PATRICK TOOMEY is a former president of the Club for Growth and three-term congressman from Pennsylvania, winning hard-fought elections in a Democrat-leaning district that hadn't voted for a Republican presidential candidate in over twenty years. Toomey also cofounded and cochaired a start-up bank in Pennsylvania that ranks among the healthiest banks in the nation. In Congress, Toomey distinguished himself as a national advocate for limited government, lower taxes, and personal freedom. His dedication to these beliefs earned him recognition from the Council for Citizens Against Government Waste, Americans for Tax Reform, the National Taxpayers Union, and the U.S. Chamber of Commerce. Toomey graduated from Harvard University with a degree in political science.
Content
Foreword.
Preface.
Acknowledgments.
Chapter 1 Principles of Prosperity.
The First Principle: Property Rights--Ownership is theFoundation of Markets.
The Second Principle: Markets Work--Let Them!
The Third Principle: Taxes and Spending--The Lower theBetter.
The Fourth Principle: Stable Money.
Where We Go From Here.
Chapter 2 Lessons from History.
The Federal Reserve's Great Deflation.
Herbert Hoover Intervenes.
Roosevelt's Role in Prolonging the Depression.
The Greatest Story Never Told.
How Did This Happen?
Around the World--The Rise of the Celtic Tiger.
What Can We Learn?
Chapter 3 Tax Policy.
How Much to Tax.
Whom to Tax: The Distribution of the Tax Burden.
How to Tax: Be Simple, Transparent, and Neutral.
The Reform We Need.
Freedom and Prosperity.
Chapter 4 Government Spending.
Government Spending Balloons.
Earmarks and Rancid Pork.
Deficits.
Controlling Spending.
Chapter 5 Free Trade Facilitates Economic Growth.
Comparative Advantage.
The Truth About of Trade Deficits.
The Problem with Protecting Certain Industries.
The Siren Song of "Fair Trade".
Our Not-So-Hollow Economy.
Trade Actually Helps Poor Foreign Workers.
Free Trade Works.
Chapter 6 Transforming Social Security.
Personal Accounts Mean Personal Prosperity.
The Proof is in the Pudding.
The Opposition.
Chapter 7 School Choice.
The Problem: Monopoly Breeds Mediocrity.
The Solution: A Competitive Education Market.
Different Kinds of School Choice.
Milwaukee Example--Design and Success.
Arguments Against School Choice Refuted.
Change We Can Believe In.
Chapter 8 The Crash of 2008.
Monetary Policy.
Greenspan's Defense.
The Legislation and Regulation that Contributed to theCrash.
Mark-to-Market.
Paulson and Bernanke--Contributing to the Crisis They WereTrying to Prevent?
Writing History Matters.
Chapter 9 The 2009 Lurch Left.
Bailouts, Nationalizations, and Asset Purchases.
Mark-to-Market Accounting.
The Bankruptcy Alternative to Bailouts.
Tighten the Federal Belt Instead.
Tax Hikes.
Cut Taxes Instead.
Government-Dictated Industrial Policy Will Fail.
Denying Workers' Freedom.
Slouching Toward Protectionism.
Cap and Trade (or Cap and Tax).
Conclusion.
Epilogue.
Notes.
About the Author.
Index.
