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Big Lie: How Our Government Hoodwinked the Public, Empties the SS Trust Fund, and Caused the Great Economic Collapse

Smith, Allen W.

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ISBN 10: 097708518X / ISBN 13: 9780977085187
Published by Ironwood Publications, Frostproof FL, USA., 2009
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NEW/NEW. Grey cloth boards. SIGNED by AUTHOR on title page. UNIQUE copy - from the Library of US Senator Harry Reid (label on ffep). [B146]. Bookseller Inventory # 010778

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Bibliographic Details

Title: Big Lie: How Our Government Hoodwinked the ...

Publisher: Ironwood Publications, Frostproof FL, USA.

Publication Date: 2009

Binding: Hardcover

Dust Jacket Condition: Dust Jacket Included

Signed: Signed by Author

Edition: FIRST.

About this title


The great economic collapse of 2008 started with the implosion of the American banking system, and then spread, like wildfire, throughout the entire global economy. What caused this colossal catastrophe? Answering that question is the purpose of this book. The collapse was not a natural disaster. It was manmade, and it should never have been allowed to happen. Reckless deficit spending by the federal government caused the national debt to skyrocket from only $1 trillion in 1981 to more than $11 trillion in 2009. During that same period, the government has borrowed, embezzled, or stolen every dollar of the approximately $2.4 trillion of Social Security surplus revenue that was supposed to have been saved and invested to fund the retirement of the baby-boomer generation. Another factor that contributed to the collapse was the repeal of the Glass-Steagall Act of 1933, a primary pillar of FDR s New Deal legislation that was designed to prevent a repeat of the 1930s financial collapse. When President Clinton signed into law the bill that repealed the Glass-Steagall Act, on November 12, 1999, he opened the floodgates for mass mergers of companies in the financial industries. This action contributed to the massive mismanagement on Wall Street that ultimately led to the meltdown. Smith chronicles the events during the past 28 years that collectively made the collapse almost inevitable.

About the Author:

Allen W. Smith has devoted much of his adult life to battling economic illiteracy and promoting economic education. He taught economics to college students for 30 years before retiring as Professor of Economics at Eastern Illinois University in 1998 to become a full-time writer. Over the years, Smith has written numerous books in his effort to help readers understand economics and government economic policy. Understanding Inflation and Unemployment, Smith s first book, became an alternate selection of Fortune Book Club when it was published in 1976. Understanding Economics, published by Random House in 1986, was used in more than 600 schools in 48 states. In recent years, Smith has focused his research and writing on government finance and Social Security. He published The Alleged Budget Surplus, Social Security, and Voodoo Economics in 2000, and The Looting of Social Security: How the Government is Draining America s Retirement Account in 2004. Dr. Smith has discussed economics and Social Security on national television, and he has been a guest on more than 170 radio talk shows. He holds a B.S. in Education degree from Ball State University and M.A. and Ph.D. degrees in economics from Indiana University.

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