Comeback America

He's one of America's most capable, canny, candid, and independent financial experts. Now David M. Walker sounds a call to action. Comeback America is a tough-minded, innovative, inspiring guide to help us avoid the approaching economic abyss and put the country back on track again. As comptroller general of the United States and head of the Government Accountability Office (GAO)—"the nation's top auditor"—Walker warned Congress and the administration as the federal surplus became a giant deficit under George W. Bush. As president and CEO of the Peter G. Peterson Foundation, he now works full-time to raise public awareness regarding mounting debt burdens being imposed on future generations. Comeback America is his crucial manifesto, a way for President Obama to end out-of-control government spending and reform our tax, retirement, health care, defense, and other systems—before it's too late. Walker believes that by 2030, absent significant reforms to current government programs and policies, federal taxes could double from current levels, meaning less money and poorer education for kids—which will hurt families along with our nation's economic strength and position in the world. If our foreign creditors—such as China—decide to buy fewer of our Treasury bonds, interest rates will rise and cars and homes will become less affordable. But it doesn't have to be that way. Comeback America shows how we can return to our founding principles of fiscal responsibility and stewardship for future generations. The book includes bold ideas to control spending, save Social Security, dramatically alter Medicare, and simplify the tax code—all taking into account the Obama Administration's current efforts, which receive never-before-published assessments both complimentary and critical. Nonpartisan, nonideological, and filled with a love of the country its esteemed author has spent his life serving, Comeback America is a book for anyone interested in America's economic future—in other words, a book everyone should read.

America seems to be on a downward slide. Our government spends too much, our economy creates too little, and we aren't preparing our children to compete in a global marketplace. Yet our politicians—Republican and Democrat alike—just don't get it. While once-great cities fall into decay, Washington thrives, living off the hard work and tax dollars of the private sector. It's time for an American comeback—and it starts with innovation. Throughout its history, America's great innovators have been the drivers of our unsurpassed economic success. American innovation transformed a country of ragtag farmers into the epicenter of the world's technological progress. Innovation creates jobs, markets, and new industries where none existed before. Most importantly, innovation moves us forward as a nation, pushing us to succeed and strive for a better tomorrow. In short, innovation is the American Dream. In The Comeback, Gary Shapiro shows us how to return innovation to its rightful place at the center of America's economic policy. The Comeback is a new blueprint for America's success.

In Comeback, Pulitzer Prize-winners Paul Ingrassia and Joseph B. White take us to the boardrooms, the executive offices, and the shop floors of the auto business to reconstruct, in riveting detail, how America's premier industry stumbled, fell, and picked itself up again. The story begins in 1982, when Honda started building cars in Marysville, Ohio, and the entire U.S. car industry seemed to be on the brink of extinction. It ends just over a decade later, with a remarkable turn of the tables, as Japan's car industry falters and America's Big Three emerge as formidable global competitors. Comeback is a story propelled by larger-than-life characters -- Lee Iacocca, Henry Ford II, Don Petersen, Roger Smith, among many others -- and their greed, pride, and sheer refusal to face facts. But it is also a story full of dedicated, unlikely heroes who struggled to make the Big Three change before it was too late.

“Greg LeMond was Lance Armstrong before Lance Armstrong . . . the story of a true hero . . . This is a must read if you believe in miracles.”―John Feinstein, New York Times–bestselling author In July 1986, Greg LeMond stunned the sporting world by becoming the first American to win the Tour de France, the world’s pre-eminent bicycle race, defeating French cycling legend Bernard Hinault. Nine months later, LeMond lay in a hospital bed, his life in peril after a hunting accident, his career as a bicycle racer seemingly over. And yet, barely two years after this crisis, LeMond mounted a comeback almost without parallel in professional sports. In summer 1989, he again won the Tour—arguably the world’s most grueling athletic contest—by the almost impossibly narrow margin of 8 seconds over another French legend, Laurent Fignon. It remains the closest Tour de France in history. “[A] blend of chaos, kindness and cruelty typifies the scenes that journalist de Visé brings to life in this sympathetic-verging-on-reverential retelling of LeMond’s trailblazing career (first American to enter the tour, first to win it) . . . As an author in quest of his protagonist’s motivation, [de Visé] subjects it to extreme torque.”—The Washington Post “A great book . . . Well written and thoroughly researched . . . Engrossing and hard to put down. If you’re a Greg LeMond fan, The Comeback is a must read because it’s a detailed accounting of his career and―more importantly―his life and person off the bike. It’s also an important reminder that American cycling did not begin and end with Lance Armstrong.”—PEZ

Never before has the story been told of the dramatic turning point when Ronald Reagan found his voice as a presidential contender and overcame the Republican establishment. Reagan's Comeback is the story of how one state, one man, and one month changed national politics forever. Chronicling how Reagan’s political career nearly ended, this turnabout story is told by those who made it happen: campaign volunteers, financiers, political activists, and media observers. Positioning Reagan to win in 1980, the birth of the “Reagan Democrat” transformed Texas from Democratic stronghold to the reliably Republican powerhouse it is today, since producing five Republican presidential candidates and two Republican presidents, with more to follow. Reagan’s rise and victory against Ford in 1976 mirrors the current climate between the Tea Party movement and the GOP. With the 2012 election in sight, there is no better time to finally tell the whole story of how the Reagan Revolution found its launching point.

Comeback Cities shows how innovative, pragmatic tactics for ameliorating the nation's urban ills have produced results beyond anyone's expectations, reawakening America's toughest neighborhoods. In the past, big government and business working separately were unable to solve the inner city crisis. Today, a blend of public-private partnerships, grassroots nonprofit organizations, and a willingness to experiment characterize what is best among the new approaches to urban problem solving. Pragmatism, not dogma, has produced the charter-school movement and the police's new focus on “quality of life” issues. The new breed of big city mayors has welcomed business back into the city, stressed performance and results at city agencies, downplayed divisive racial politics, and cracked down on symptoms of social disorder. As a consequence, America's inner cities are becoming vital communities once again.

Charles R. Morris's The Trillion Dollar Meltdown (2008) was the first book to warn of the impending financial crash in all its horrific scale and speed. Now, with Comeback, Morris reveals that the United States is on the brink of a strong recovery that could last for twenty years or more. The great economic boom times in American history have come because of fortuitous discoveries. Natural resources (coal first, then oil) fueled vast economic and industrial expansions, which in turn helped create and supply new markets. The last genuine economic game changer was the technology boom of the 1990s, which gave the U.S. a global competitive advantage for a while based on electronics and silicon. One of the first writers and analysts in the U.S. to predict that the tech boom would lead to a period of sustained economic growth was Charles Morris. In defiance of the recessionary times (in 1990), he saw the coming boom. Now, in 2013, he sees the threshold of another. This time the gift is natural gas. The amount and distribution of gas in American shale is so vast that it has the potential to transform the manufacturing economy, creating jobs across the country, and requiring a new infrastructure that will benefit the nation as a whole. Because of fracking, jobs that once would have been outsourced abroad will return home, America can become a net exporter of energy, and cheap energy will provide the opportunity for innovation and competition. In light of this new opportunity, and other complementary developments Morris explores in this book, the U.S. ought to be approaching the future with a robust self-confidence it has not experienced in a while. But we could fumble it away. The gold-rush style of shale boom companies does not make them good neighbors. A counter-reaction could put their industry, and the new era of national prosperity, at risk. We also have a political system that has the capacity to spoil the benefits of this huge boon. If the wealth locked in the continental shelf is not shared for the general economic good, but is instead exploited in short-term profiteering, then many of the opportunities that exist will be choked off by a few very rich corporations. Managing the great bonus of the vast store of cheap energy is going to become a defining political challenge in the years ahead. At the threshold of a thrilling opportunity, Morris is a brilliantly perceptive guide.