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The Culture of Debt

How a Once-Proud Society Mortgaged Its Future
by James V. McTevia
The Culture of Debt: How a Once-Proud Society Mortgaged Its Future. MB Communications. Nov. 2010. c.232p. ISBN 9780984565108. pap. $14.95. BUS
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As a reorganization consultant for near-bankrupt firms, McTevia (Bankrupt: A Society Living in the Future) is distinctly qualified to pen a stern warning about America's staggering debt and titanic unfunded liabilities. By the time debt-ridden companies are consulted by McTevia's firm, most cannot be saved, so the firm helps with wind downs and liquidations. Here, McTevia applies his expertise to the perilous balance sheet of "USA, Inc." He argues that America's debt problem continues to be largely ignored by politicians and the media, but the flood of consequences will eventually break the levee of denial. How will America's debt be reduced, and what will be the results? McTevia insists that "draconian" spending cuts must occur, financial education must improve, and Americans must stop emulating Aesop's grasshopper (ignoring the future) and start imitating the ant (working for the future).
VERDICT Though the book is timely and the message could not be more significant, pervasive reminders of the author's past experiences sound too much like an infomercial for his services, and the simple conversational writing style inhibits the book's flow.
Reviewed by Jekabs Bikis, Dallas Baptist Univ. , Oct 01, 2010
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