Summary of Glenn Beck & Kevin Balfe 's Broke

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The real battle we are facing is with the laws of economics, and it’s a war we can’t win. We are on the verge of stamping out ourselves.
#2 The laws of economics say that when expenses are higher than revenues for a prolonged period of time, there will be repercussions.
#3 The past predicts the future. America’s past financial superpower status has gotten us into this position.
#4 The United States is like Rome before its fall. Its financial condition is worse than advertised, and it has a broke business model. It faces deficits in its budgets, its balance of payments, and its savings.

Sujets

• Général
• United States

Informations

• Publié par: Everest Media LLC
• Date de parution: 22 mars 2022
• Nombre de lectures: 0
• EAN13: 9781669357131
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Glenn Beck & Kevin Balfe's Broke
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18 Insights from Chapter 19 Insights from Chapter 20 Insights from Chapter 21 Insights from Chapter 22
Insights from Chapter 1

#1

The real battle we are facing is with the laws of economics, and it’s a war we can’t win. We are on the verge of stamping out ourselves.

#2

The laws of economics say that when expenses are higher than revenues for a prolonged period of time, there will be repercussions.

#3

The past predicts the future. America’s past financial superpower status has gotten us into this position.

#4

The United States is like Rome before its fall. Its financial condition is worse than advertised, and it has a broke business model. It faces deficits in its budgets, its balance of payments, and its savings.

#5

When people abandon individual responsibility and expect more from government, they become vulnerable to tyranny. This was the case with Rome.

#6

A society that seeks to equalize the minds of men doesn’t cherish real learning. Education becomes the right of the few, the elite, and the masses must accept their interpretation. A society that seeks to equalize incentives for work doesn’t cherish individualism.

#7

The Roman Empire was able to expand because of its heavy military spending, but as the empire grew, so did the Roman bureaucracy. The size and strength of government grew, and personal ambition withered.

#8

The Roman Empire experienced a similar situation to America today, where the government began to encroach on the freedoms of its citizens. With eyes averted and personal initiative suffocated, the Roman government began public works projects that encroached on private life.

#9

The fall of Rome was similar to the fall of Greece. Both civilizations displayed a pioneering spirit in their earliest stage of life, and both served as the cradle for many of the concepts we now associate with Western civilization. But as so often happens, freedom could not last in the face of crisis.

#10

The Greeks, Romans, and Spanish all suffered from the three-headed monster of bloated bureaucracy, centralized power, and skyrocketing taxes.

#11

The American system was designed to protect the country from Black Swans, the unforeseen events that can only be rationalized in hindsight. But as we’ve gotten further away from that vision, our safety nets have eroded.

#12

The Spanish empire’s decline began when it began to consume more than it produced. By the time that Philip II became king, he found an empty treasury, stifling taxation, and loans from German and Italian bankers which had mortgaged Spanish income for years ahead. . the loans absorbed the royal share of the bullion pouring in from the Indies.

#13

The centralization of power will dampen entrepreneurialism, foster entitlement, and incentivize the lack of pride in individual accomplishments that typically precedes the downfall of most great empires.
Insights from Chapter 2

#1

Frugality is currently considered old-fashioned, but it has always been a virtue. While America may be experiencing a shift toward the spending side, the pendulum always swings back in the other direction.

#2

The recent denigration of profits and wealth is right out of the progressive playbook. They make wealth synonymous with greed and profits synonymous with corruption. People start to think to themselves: Maybe I don’t want to be rich after all.

#3

The United States was founded on Judeo-Christian principles, which embraced personal giving and charity as fundamental. However, FDR and progressives changed all of that. Charity now means fulfilling your financial obligation to the government.

#4

When viewed from the classical view of American thrift, government spending is actually a measure of encroachment and erosion on personal freedom.

#5

The American economy was built on consumer spending, but that has turned out to be its downfall. We must stop spending, and instead save more.
Insights from Chapter 3

#1

John Jay, the president of the Continental Congress, and later the first chief justice of the U. S. Supreme Court, was very concerned about the nation’s finances. He warned that the threat of debt hovered over the nation’s neck like a financial guillotine.

#2

The American Founding Fathers were all influenced by the genius Scottish moral philosopher and economist Adam Smith. They understood that the key to wealth was human nature, and that governments, by their very nature, disrupted free will and free markets.

#3

The War on Debt was very important to the foundation of America, as it was a financial fight to gain independence from Britain. The Founders knew that if they wanted to be self-governed, they would have to be financially independent.

#4

The United States was in dire financial straits after the war, and the British had made it clear they would continue to pressure the Americans to pay off the loans they had used to finance the war. However, the American public saw through the Brits’ propaganda and bought up the bonds.

#5

The relationship between Alexander Hamilton and James Madison was one of the most famous examples of how not to be friends with someone. While Hamilton loved the ladies, Madison was so shy he seemed doomed to bachelorhood.

#6

The Founders were very concerned about a perpetual and growing debt, and they came up with a solution to make sure it could never happen: a sinking fund. This fund would be separate from the general fund, and would be financed by post-office revenues.

#7

The days of America growing so rapidly as to be able to pay off all debts are behind us. The average growth rate of our economy from after the Great Depression through the end of Reagan’s Morning in America was 4. 3 percent a year.

#8

The United States’ commitment to cinching its financial belt and boosting its credit abroad allowed the United States to grow. By the early 1800s, France was cash-strapped and needed money to fuel its war with Britain.

#9

The Louisiana Purchase was the name of the deal that France made with America to sell us 828,800 square miles of land. It was a little real estate transaction that you probably know by its more popular name: the Louisiana Purchase.

#10

The Founders believed that the biggest obstacle to keeping spending under control would come from the president, not the Congress. They believed that politicians, like most individuals, were sinful, self-interested creatures who were not to be trusted with spending other people’s money.

#11

While the Founders had done an amazing job setting the course for the country, they didn’t realize that the president and Congress would one day become reckless with the country’s money.
Insights from Chapter 4

#1

Andrew Jackson, who was known for his wild parties, hated debt so much that he called it a national curse that destroyed individual liberty for the sake of the elites.

#2

President Jackson’s promise to pay off the national debt was similar to those of his predecessors, except for waging wars or buying land. Presidents throughout the nineteenth century continued the anti-frivolous spending views of the Founders.

#3

Americans had a very different view of the role of government in Old Hickory’s era than they do today. They believed that government, especially the national government, should limit itself to the supply of a few essential public goods.

#4

America was able to expand and grow despite having a restrictive view on using debt. Louisiana was purchased, payments were made for Alaska, the Gadsden Purchase, and the land acquired in the Treaty of Guadalupe-Hidalgo.

#5

The Civil War was the next major spending item for the United States, and it added even more debt to the country.

#6

The United States government has never spent more than $74. 2 million in a single year. The Civil War began in 1861, and by 1865, the government had a billion-dollar budget.

#7

Lincoln understood the dangers of personal debt, and he didn’t want the same obstacle to be placed in the way of his country. He shut down the military money machine, and by May 1864, the Navy and War departments were spending about $2 million a day.

#8

America’s first income tax was passed in 1861. It was designed to help pay off the country’s debts, but it also affected the middle class the most. Those who made less than $800 were taxed at a rate of 3 percent, while those who made more than $10,000 were taxed at a rate of 5 percent.

#9