The Independent Institute
The Terrible 10
A Century of Economic Folly
By Burton A. Abrams
The U.S. economy made impressive gains in the 20th century, but this progress makes it easy to forget a harsh reality: Americans were also the victims of disastrous government policies that cost trillions of dollars in wasted resources, created mass unemployment, and kept millions in poverty who otherwise could have participated in the nation’s growing prosperity. Government decision-makers, regardless of political party, have tended to favor short-run benefits for friends while imposing costs on current and later generations. The ten worst blunders divide equally among Democrats and Republicans. The Terrible 10 also provides key lessons to help us avoid repeating such policy mistakes in the future.
1. Prohibition: The War on Booze
2. Monetary Policy During The Great Depression: How to Turn a Recession into a Depression
3. The Hawley-Smoot Act: Holy Smoke, We Started a Trade War!
4. Social Security: America’s Greatest Ponzi Scheme?
5. Tax Follies: The 91-Percent Solution
6. Medicare and Medicaid: Unsustainable Promises
7. The Nixon-Burns Political Business
Cycle: How to Create a Decade of Inflation
8. Environmental Mismanagement: How to Make a River Burn and Other Magic Tricks
9. Government Failure and The Great Recession: Turning the American Dream into a Nightmare
10. Decades of Deficits: The Real Red Menace
Read the Book’s Full Summary: http://www.independent.org/publications/books/summary.asp?id=105
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