Forgive Us Our Debts, by Andrew L. Yarrow

Review by W. J. Rayment / ConservativeBookstore -- Nearly ten percent of the federal budget goes to paying interest on the National Debt. This means that of every ten dollars the government spends, one of those dollars is paid as interest. These billions of dollars could be used to jump start our space program, rebuild infrastructure, or even give Joe Taxpayer a little bit of relief. Yet politicians seem unable to stop the growth of the yearly deficits which keep building up our huge debt load.

Although the national debt has not yet reached screaming, running in the streets, waving your arms around in the air, crisis proportions, it is definitely headed in that direction. America is at the point where it should do something about the debt, while there are still palatable options. "Forgive Us Our Debts", by Andrew L. Yarrow explores the national debt situation from a logical standpoint. This book is not merely another of the many ringing alarm bells about an admittedly alarming situation. Mr. Yarrow brings a reporter's sensibility to the issue of the debt and is able, in clear prose, to lay out how the country has managed to amass so much debt and the consequences of continued profligate spending by the federal government. He also lays out some much-debated solutions to the problems.

Some debt carried by the government is certainly not bad. It can serve as a way to even out good times and bad, and it is especially important to be able to handle extraordinary situations when they arise. However, excessive debt begins to suck money out of the economy. The interest on the debt must be paid, and since most of it is carried by foreign governments, money and value get shipped out of the country. The more debt, the less liquid is the capital available to the private sector.

"Forgive Us Our Debts" does a superlative job in reporting where the money collected by the federal government is spent. Much of it goes to entitlement programs, a large proportion to Social Security, Medicare, and Medicaid. But it is also dished out to the defense department, law enforcement, roads, education, and all those liberal programs about which we conservatives daily complain. Where to cut? That is the tough part, every expenditure has its proponents. There seem to be a multitude of squeaky wheels in the machinery of government, all demanding oil.

Nevertheless, Mr. Yarrow, points out, cutting programs is not the only solution. Although it would take courageous action on the part of members of Congress, reform of entitlement programs can be accomplished. This includes such measures as raising the age of retirement and adjusting the taxing of Social Security benefits. The author of "Forgive Us Our Debts" is keen on being bipartisan in this work, and he largely succeeds. In spite of bandying about terms, like liberal, conservative, left, and right he manages to propose solutions that seem reasonable, largely because portions of his proposals will appeal to everyone, and all factions will cry foul about other parts.

I am not particularly fond of his suggestions regarding the end of the "Bush Tax Cuts", but I like the idea of cutting subsidies for farmers and corporations, as well as making individuals more responsible for their own well-being (reducing the welfare state). In fact, Mr. Yarrow's book covers a myriad of choices on what can be done to help reduce the debt. As he notes, it would be impossible to carry them all out. Yet there is an urgent need to begin reducing the debt before it gets out of control, and then the only way to deal with it will either be default or spiraling inflation.

"Forgive Us Our Debts", by Andrew L. Yarrow, is among the best books I have read on the debt crisis (and I have read a few). Its measured pace, intelligent tone, thoughtful and judicious commentary make it a vital resource. This book should help convince any doubter about the need for finding solutions to the national debt problem, and what the nature of those solutions should be.

Forgive Us Our Debts, Andrew L. Yarrow is available at Amazon.