Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future

Peter G. Peterson

I selected this as one of the four books I recommended in "Len's Picks" in October 2004. I made this selection despite the fact that this is far from being one of my favorite books. It is, however, a book that I think everyone ought to read. Peterson is a financial heavyweight. He is the Chairman of The Blackstone Group, former chairman of the Federal Reserve Bank in New York, a former cabinet member, and a participant in a number of non–partisan committees who have studied important institutions like Social Security and Medicare.

Although Peterson was historically a Republican, he has become a non–partisan critic. He believes, and I would say he presents compelling evidence, that both parties are morally bankrupt and have given up on integrity and values in order to win votes. Essentially they are mortgaging the future of the next generations to either gain or maintain power by absurd "entitlement" programs (the Democrats) or by irresponsibly cutting taxes (the Republicans).

Peterson cites abundant evidence of the deep problems we are creating by our deficit spending. His demographic arguments are central to his thesis. His data appears to be sound and I found it hard to argue against his conclusions. I do believe things are not as dire as he indicates, because many things can happen between today and 10, 20, or 40 years, the time periods with which Peterson deals.

However, it seems to me this book is really about more significant issues than economics or deficits. What it all boils down to is "values". The real problem is that we have politicians, not statesmen. Whether you consider yourself a liberal or conservative, a Democrat or Republican, you owe it to yourself to read this book and look yourself in the mirror and say: "Can I really continue to support any of these guys?"

Although the book is a polemic and has a lot of data about economics, budgets, and deficits, it is not boring and can be read quickly and enjoyably.

Review by Len Oppenheim.