The Truth About the National Debt shatters five long-held myths and highlights one reality about what is now a $5 trillion national debt. Drawing on more than 30 years at the U.S. Department of the Treasury, where he served seven presidents, Cavanaugh argues that public debt is not all bad news. Instead, the problem is undisciplined government expenditures-whether financed by debt or taxes. He also outlines the real effects of the debt on future generations, private investment, interest rates, social security, and foreign investment and proposes a redefinition of the federal deficit to restore discipline and confidence in the management of the government's finances.