BOSTON, March 24, 2009 — One can’t turn on the radio or television without hearing a story about the failing Global economic system. But how did it happen, who’s to blame and where do we go from here? “USA in Decline” (published by iUniverse) by David Phillips, a former CEO of multiple chemical companies, uses his vast experience and frightening statistics to lay precisely how America got to where it is and how to move ahead.
“USA in Decline” states that the US and its citizens are addicted to debt much as a drug addict is hooked on heroin. Unless the US achieves rehabilitation, this failing alone will ensure that the USA will continue to decline relative to many other countries. The present financial crisis, itself caused by excessive debt, is being fixed by even more debt. The burden for the few who pay taxes will become increasingly onerous and increasingly unacceptable for future generations. The best and the brightest will turn away from the USA, increasing the US’s relative rate of decline.
“USA in Decline” is replete with alarming statistics supporting the thesis that only by acknowledging the truth can we start to arrest our decline. According to Phillips, President Obama is already distancing himself from what he said to get elected. But will he actually go so far as to lower taxes on the few who pay almost all the taxes or will he follow through on his popularity ploy to give tax credits to people who pay few taxes. The future of the USA depends on him making the right choice, which is to abandon what he said to get elected.
“The need for constant change is actually good news for the United States, which has been slow off the block in many infrastructure sectors. In today’s global economy, no competitor that can scare up the cash is out of the race, and it’s possible to use new technology to leapfrog today’s leaders, just as China, Singapore, South Korea and Taiwan have leapfrogged older economic powers.
“The United States does have a couple of factors working in its favor in the global infrastructure competition. A centrally planned economy can wind up putting too much capital into things such as the Shanghai Maglev train that runs from the city’s airport to a strange no-man’s-land terminal on the outskirts of the city. The train whizzes along its 20-mile route at a top speed of 250 miles per hour, but it still delivers its passengers a long taxi ride from anywhere.”
David Phillips was born and raised in the industrial Midlands of England. After receiving three degrees from Oxford, he journeyed to the States where he has lived for the last thirty-eight years. Phillips is a Operating Executive at the CEO, COO level of multiple chemical companies. He and his wife have three sons and nine grandchildren.
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