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Paying for America's Wars
Times Books
May 2007
On Sale: May 1, 2007
368 pages ISBN: 0805082530 EAN: 9780805082531 Hardcover
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Non-Fiction
In a bracing work of history, a leading international
finance expert reveals how our national security depends on
our financial
security
More
than two centuries ago, America’s first secretary of the
treasury, Alexander Hamilton, identified the Revolutionary
War debt as a threat to the nation’s creditworthiness and
its very existence. In response, he established financial
principles for securing the country—principles that endure
to this day. In this provocative history, Robert D. Hormats,
one of America’s leading experts on international finance,
shows how leaders from Madison and Lincoln to FDR and Reagan
have followed Hamilton’s ideals, from the greenback and a
progressive income tax to the Victory Bond and Victory
Garden campaigns and cost-sharing with allies.
Drawing on these historical lessons, Hormats
argues that the rampant borrowing to pay for the war in Iraq
and the short-sighted tax cuts in the face of a long-term
war on terrorism run counter to American tradition and place
our country’s security in peril. To meet the threats facing
us, Hormats contends, we must significantly realign our
economic policies—on taxes, Social Security, Medicare, and
oil dependency—to safeguard our liberty and our future.
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