Summary of Flirting with Disaster

Solving the Federal Debt Crisis


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Flirting with Disaster summary
Though the US is not yet on the verge of a fiscal crisis, it must address its long-term revenues and expenses.


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Economist Simon Johnson succinctly outlines the danger of excessive public spending cuts to the US economy. He proposes progressive policies that he suggests could lead the US economy back toward sustainable growth and increased federal revenues. Although always politically neutral, getAbstract advocates this worthy report as a subject for debate among scholars as well as members of the executive and legislative branches of government.

In this summary, you will learn

  • Why, according to economist Simon Johnson, the US economy is not experiencing a fiscal crisis;
  • How, unless it changes its trajectory, America may face a fiscal crisis in a decade’s time; and
  • How the United States can evade this outcome.


The United States is not experiencing a fiscal crisis – for now. The nation is enjoying some “fiscal space” due to strong global demand for US government securities. The Federal Reserve’s quantitative easing lowered long-term interest rates, and US Treasuries offer a stable investment for overseas savers...
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About the Author

Simon Johnson is the Ronald A. Kurtz professor of entrepreneurship at MIT’s Sloan School of Management.

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