The Financial Tsunami
Will it Drown US in a Wave of Debt?
by
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Decades of fiscal irresponsibility due to excessive spending, inconsistent and irrational tax policies, growth in entitlement programs, government intervention into free markets and inadequate accounting practices threatens to drown our nation’s economy under a wave of debt. While the Government has failed to take any meaningful actions to address our mounting debt, the magnitude of the problem has been recognized by the United States Government Accountability Office (GAO). The following quote from GAO document, GAO-09-405SP Long-Term Fiscal Outlook March 2009, reference long-term simulations that show:
“Absent policy actions aimed at reforming the key drivers of our structural deficits -- health care spending and social security -- the federal government faces unsustainable growth in debt. The longer that action to deal with the federal government’s long-term fiscal outlook is delayed, the greater the risk that the eventual changes will be disruptive and destabilizing.”
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About the Book
Politicians and the mass media have taken an amorphous view of the financial woes that our nation faces. Frustrated by the lack of facts and political finger pointing Mike Gearhardt and Will Gates felt compelled to research and write The Financial Tsunami. This book offers insightful discussion on what is driving the United State’s annual deficits and the national debt to record and unprecedented levels. The Financial Tsunami delves into why the economic problems that our nation faces today are unlike any other financial crisis in the history of America.
The book offers a non-political perspective of the fiscal irresponsibility that our country has experienced for the last 40 years. The interrelationships of spending and taxation, is detailed and presented in clear and understandable terms. The book exposes the fallacy in ignoring the $5 trillion intergovernmental debt. The authors detail how intergovernmental debt will become public debt and how it will worsen an already fragile economy. The options that many are advocating to solve our economic problems simply are not feasible and the authors clarify why.
How do we survive the tsunami? Mike Gearhardt and Will Gates have developed a well thought out plan to lead our nation toward fiscal responsibility.
About the Author
Mike Gearhardt is a semi-retired businessman and resides in Kettering, Ohio and Winter Garden, Florida. During his business career he served in several executive capacities including Executive Vice President and CFO of MTC Technologies, a publically traded government service contractor. During his tenure with MTC he gained an insight about the workings of the Federal Government and the federal budget process. It was his familiarity with government operations that sparked the idea for writing The Financial Tsunami.
Mr. Gearhardt has an undergraduate and graduate degree in business from the University of Dayton and is a Certified Public Accountant.
Will Gates is semi-retired and resides in Winter Garden, Florida. During his career Mr. Gates has held senior management positions with several Fortune 500 organizations. He also has been a business owner and understands the problems small business owners face.
Mr. Gates graduated from Seton Hall University with an MBA degree in marketing.