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For Immediate Release Where the Seeds of Destruction Lie for Our Nation’s Economy New book from FT Press names Washington as the source of economic ruin and offers plans for reclaiming American prosperity New York, NY-- After multiple years of disheartening slow growth, both unemployment and foreclosures rates remain unacceptably high. As bad as our current situation is, it could become much worse because of the adverse implications our current national policies will have on future generations. To be blunt, President Obama’s economic strategies are failing, with neither Democratic nor Republican parties producing effective solutions for unsuccessful policies or exhibiting bi-partisan collaboration. We have saved too little, taxed and spent too much, and failed to make crucial progress on trade reform and reducing our debilitating oil import dependence. Now, a Democratic Congress has embarked on a policy agenda of raising taxes and regulatory red tape counterproductive to long-term economic recovery, while the Republican minority has not always advocated consistent policy reform. And the heavy public debt we’ve accrued only adds to the burden. How have we gotten ourselves into such a debacle? Is there any way to get our economy and job creation back in shape? Teaming up to answer these questions are economists Glenn Hubbard, a Republican and former Chairman of the Council of Economic Advisers under President George W. Bush, and Peter Navarro, a CNBC commentator and a Democrat who ran for Congress with President Bill Clinton’s support. In their new book, Seeds of Destruction, Hubbard and Navarro explain why the Obama Administration’s policies are failing, and how to reverse the current economic decline. The authors offer a middle ground collaboration in much in the same way they suggest their respective political parties do in order to create more successful policies. This book is about how and why America’s economic engine is stalling and how to restart it. It’s “Seeds of Prosperity” policy blueprint arrives at a critical juncture in our history: Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity (FT Press, ISBN-13: 9780137027736, $26.99, Hardcover, September 2010) makes clear that our nation’s structural imbalances cannot be resolved by throwing more cheap credit, more regulations, and more taxes at the problem. Rather, the key to long-term stability is investing in business, entrepreneurship, and technological innovation—and a sustainable fiscal position. “The difficult truth that must be told is that America is close to a destructive tipping point,” the authors write. “We must change how we conduct our politics and economics and thereby rebuild and rebalance our economy or we will inevitably go the way of all once-great nations and suffer an irreversible decline.” Hubbard and Navarro agree that both parties have made errors that have lead us down this path of destruction. President Obama has implemented an anti-growth tax policy, significantly increasing taxes on business investment and the private sector, and is responsible for the mismanagement of a massive fiscal stimulus that has created more public debt than private sector jobs. Similarly, the Bush Administration oversaw large increases in federal spending including an expansion of Medicare, and can be faulted for its handling of the beginning of the 2007-2009 recession and financial crisis. And throughout all this, Congress has become polarized, with the two parties not sufficiently concentrated on bipartisan constructive policy reform. To address these issues squarely, Seeds of Destruction offers a blueprint for economic revival. The policy agenda presented is based on the principles of free trade, efficient taxation, commitment to entrepreneurship, innovation, and technological change; and enlightened rather than heavy-handed regulation. The book explains: • Why raising taxes lowers America’s growth rate and why tax reform can fix it • Why you can’t stimulate your way to prosperity • How to get the “Big Three” right—tax, trade, and efficient energy • Why the best jobs program is trade reform • Why America’s foreign oil addiction stunts our growth and what we can do about it • Why we should scrap Obama Care and start over, and improve health care and the federal budget • How to prevent another financial crisis—and housing bubble Hubbard and Navarro’s complete and succinct plan seeks to regain the Federal Reserve’s independence, prevent the coming Social Security and Medicare crises, shrink government spending, rebuild American manufacturing, and spark business investment. Seeds of Destruction paves the path to prosperity and it is a collaboration that Republicans, Democrats, and Independents can stand behind. “Unless real change occurs in how this country conducts its politics, and unless we address the growth- killing structural imbalances in our economy, we as a nation will be unable to confront our challenges and seize the opportunities that lie before us,” sums up Hubbard and Navarro. For more information or to read an excerpt visit: http://www.ftpress.com/store/product.aspx?isbn=0137027737 About the Authors Glenn Hubbard, Dean of Columbia Business School, served in the Bush White House from February 2001 until March 2003 as the Chairman of the Council of Economic Advisers and the Chairman of OECD’s Economic Policy Committee. He was also the Deputy Assistant Secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993. His commentaries appear frequently in The Wall Street Journal and Financial Times, and in NPR’s Marketplace, and the Nightly Business Report. In addition to textbooks on economics, his recent books include The Aid Trap, and Health, Wealthy, and Wise: Five Steps to a Better Health Care System. Peter Navarro is a business professor at UC Irvine, CNBC contributor, and a widely sought-after speaker. He has appeared on Bloomberg TV and radio, CNN, NPR, and 60 Minutes. His books include Always a Winner and The Coming China Wars. About FT Press FT Press (www.ftpress.com), an imprint of Pearson, publishes high quality books in the areas of General Business, Finance and Investing, Sales and Marketing, Leadership, Management Strategy, Human Resources, and Global Business. Our brand is built on the concept of signing and publishing the world's best minds on the most relevant topics. About Pearson The global leader in education services and technology, Pearson is home to such respected brands as FT Press (www.ftpress.com), Wharton School Publishing, Addison-Wesley Professional, Cisco Press, Exam Cram, IBM Press, Prentice Hall Professional, Que, Sams Publishing, which have as their online publishing arm, InformIT (www.informit.com) -The Trusted Technology Learning Source. Pearson is also co-founder, with O'Reilly Media Inc., of Safari Books Online (http://safari.informit.com), the premier on-demand technology content library providing thousands of expert reference materials through a single point of contact, including expert technology, creative and design, industry and management resources in video, audio and written formats. Pearson Education is part of Pearson (NYSE: PSO), the international media company. Pearson's other primary businesses include the Financial Times Group and the Penguin Group. Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity Glenn Hubbard and Peter Navarro September 2010 $26.99 ISBN-13: 9780137027736 #### .
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