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The Road to Prosperity: How to Grow Our Economy and Revive the American Dream

ISBN: 978-0-470-39439-7
254 pages
August 2009
The Road to Prosperity: How to Grow Our Economy and Revive the American Dream (0470394390) cover image
Praise for The Road to Prosperity

"With clarity, verve, and polish, Pat Toomey brilliantly propounds the principles and practical policies needed to make America—and the world—prosperous again. Ronald Reagan, Adam Smith, and Milton Friedman would vigorously applaud what Pat has put forth here."
—STEVE FORBES

"While many talking heads are tripping over each other to write the political obituary for conservatives, Pat Toomey illustrates how the limited government movement has the best policy answers for the challenges of the twenty-first century. This is a must-read book for any serious student of the limited government movement."
—DICK ARMEY, author of the Contract with America, former House Majority Leader, 1995–2003, and Chairman of FreedomWorks

"Like Ronald Reagan, Pat Toomey has found a way to breathe common sense and economic truth into public policy. Rather than allowing his political views to color his economics, Pat Toomey looks for truth first and only then does he take a political stance."
—Brian Wesbury, Chief Economist, First Trust Portfolios LP

"Anyone who cares about the future of our economy and our country should read Pat Toomey's The Road to Prosperity. If we as Americans want to return to a pro-growth and prosperous future, we will need to embrace the free-market, freedom-driven policies laid out in this book."
—CHRIS CHOCOLA, President, The Club for Growth

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Foreword.

Preface.

Acknowledgments.

Chapter 1 Principles of Prosperity.

The First Principle: Property Rights—Ownership is the Foundation of Markets.

The Second Principle: Markets Work—Let Them!

The Third Principle: Taxes and Spending—The Lower the Better.

The Fourth Principle: Stable Money.

Where We Go From Here.

Chapter 2 Lessons from History.

The Federal Reserve’s Great Deflation.

Herbert Hoover Intervenes.

Roosevelt’s Role in Prolonging the Depression.

The Greatest Story Never Told.

How Did This Happen?

Around the World—The Rise of the Celtic Tiger.

What Can We Learn?

Chapter 3 Tax Policy.

How Much to Tax.

Whom to Tax: The Distribution of the Tax Burden.

How to Tax: Be Simple, Transparent, and Neutral.

The Reform We Need.

Freedom and Prosperity.

Chapter 4 Government Spending.

Government Spending Balloons.

Earmarks and Rancid Pork.

Deficits.

Controlling Spending.

Chapter 5 Free Trade Facilitates Economic Growth.

Comparative Advantage.

The Truth About of Trade Deficits.

The Problem with Protecting Certain Industries.

The Siren Song of "Fair Trade".

Our Not-So-Hollow Economy.

Trade Actually Helps Poor Foreign Workers.

Free Trade Works.

Chapter 6 Transforming Social Security.

Personal Accounts Mean Personal Prosperity.

The Proof is in the Pudding.

The Opposition.

Chapter 7 School Choice.

The Problem: Monopoly Breeds Mediocrity.

The Solution: A Competitive Education Market.

Different Kinds of School Choice.

Milwaukee Example—Design and Success.

Arguments Against School Choice Refuted.

Change We Can Believe In.

Chapter 8 The Crash of 2008.

Monetary Policy.

Greenspan’s Defense.

The Legislation and Regulation that Contributed to the Crash.

Mark-to-Market.

Paulson and Bernanke—Contributing to the Crisis They Were Trying to Prevent?

Writing History Matters.

Chapter 9 The 2009 Lurch Left.

Bailouts, Nationalizations, and Asset Purchases.

Mark-to-Market Accounting.

The Bankruptcy Alternative to Bailouts.

Tighten the Federal Belt Instead.

Tax Hikes.

Cut Taxes Instead.

Government-Dictated Industrial Policy Will Fail.

Denying Workers’ Freedom.

Slouching Toward Protectionism.

Cap and Trade (or Cap and Tax).

Conclusion.

Epilogue.

Notes.

About the Author.

Index.

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PATRICK TOOMEY  is a former president of the Club for Growth and three-term congressman from Pennsylvania, winning hard-fought elections in a Democrat-leaning district that hadn't voted for a Republican presidential candidate in over twenty years. Toomey also cofounded and cochaired a start-up bank in Pennsylvania that ranks among the healthiest banks in the nation. In Congress, Toomey distinguished himself as a national advocate for limited government, lower taxes, and personal freedom. His dedication to these beliefs earned him recognition from the Council for Citizens Against Government Waste, Americans for Tax Reform, the National Taxpayers Union, and the U.S. Chamber of Commerce. Toomey graduated from Harvard University with a degree in political science.
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"This essential perception—that incentive-driven growth rather than government-sponsored redistribution is the key to real prosperity—is at the heart of former Pennsylvania congressman Patrick Toomey’s lovely little book The Road to Prosperity: How to Grow Our Economy and Revive the American Dream. It's a capitalist manifesto for everyman: clear, concise, down-to-earth and wonderfully compelling. A book to read and absorb, and to consider giving to clients." (Financial Advisor Magazine)
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