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

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.

Capitalism is under attack by leftists who want to remake the United States into a European-style welfare state. The Obama administration's corporate bailouts, excessive spending, and sweeping expansion of government interference in the private economy are undermining our economy and the hopes and dreams of future generations. History suggests these policies—if left unchecked—will prove disastrous.

The Road to Prosperity is a clarion call for a return to the principles that support economic growth, individual opportunity, and freedom. Written by former Pennsylvania congressman and president of the Club for Growth, Patrick Toomey, The Road to Prosperity is a masterful critique of leftist economic fallacies and an eloquent exposition of the superiority of free market capitalism as a creator of prosperity and human happiness.

Throughout these pages, Toomey argues we should cut taxes, reduce government spending, and end the government micro-management of banks, carmakers, and other troubled companies. Specifically, a simple, three year moratorium on corporate taxes or a two year, 50% reduction in payroll taxes would cost the same as the stimulus bill, but would provide far more stimulus to the economy. And instead of propping up failing companies with taxpayer money, Toomey asserts we should allow these companies to file for bankruptcy and reorganize, which would free up investment capital for new, more promising enterprises.

A brilliant exposition of today's economic problems and a spirited defense of capitalism, The Road to Prosperity explains what we need to do to revitalize our economy and restore the American Dream.

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.