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Why is China booming while the American economy lags?Despite a globally challenging economic environment, production in China has grown significantly every year, for the past twenty years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even tepid growth. Why should this be?Over the last decade, economic thought and attitudes in the West have increasingly diverged from the underlying views in China, and significant contrasts have developed. Six Myths that Hold Back America analyzes key statements of accepted economic views in the U.S. to determine which have real basis in the U.S. financial system, and which are really just myths.Refreshing, stimulating, independent thinking—Frank Newman draws upon a wealth of practical experience in the private and public sectors, including his time as CEO of major banks in the U.S. and China, and in his role as Deputy Secretary of the U.S. Treasury. This experience at home and abroad helps him dissect a series of common economic beliefs and develop conclusions that deeply challenge conventional assumptions about the American economy.
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Why is China booming while the American economy lags?Despite a globally challenging economic environment, production in China has grown by an astounding 7% to 14% a year, every year, for the past 20 years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even a tepid 3% growth. Why should this be?Over time, economic thought and attitudes in the U.S. and other Western nations increasingly diverged from the underlying views in China, and significant contrasts developed. This book analyzes several key statements of ?accepted” economic views in the U.S., to determine which have real basis in the U.S. financial system, and which are really just myths.The six myths:Asian nations are bankrolling the U.S.Treasury issued securities crowd out the private sectorIf everyone tries to save more, the nation will save more, and investment,GDP, and employment will increaseIf the government reduces the deficit, then national saving andinvestment will increaseToday’s deficits create great burdens of tax for our childrenIf the U.S. does not get its deficit reduced soon, treasuries will face thesame problems as Greece and Ireland
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