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White House Burning: Our National Debt and Why It Matters to You
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About White House Burning: Our National Debt And Why It
Product Description From the authors of the national bestseller 13 Bankers, a chilling account of America’s unprecedented debt crisis: how it came to pass, why it threatens to topple the nation as a superpower, and what needs to be done about it. With bracing clarity, White House Burning explains why the national debt matters to your everyday life. Simon Johnson and James Kwak describe how the government has been able to pay off its debt in the past, even after the massive deficits incurred as a result of World War II, and analyze why this is near-impossible today. They closely examine, among other factors, macroeconomic shifts of the 1970s, Reaganism and the rise of conservatism, and demographic changes that led to the growth of major—and extremely popular—social insurance programs. What is unquestionably clear is how recent financial turmoil exacerbated the debt crisis while creating a political climate in which it is even more difficult to solve. Review Praise for Simon Johnson and James Kwak's White House Burning“A thorough, scholarly account of how the country got into this predicament and how it can dig its way out. . . . In their important, enlightening new book, economist Simon Johnson and lawyer James Kwak point out the absurdities of a budget debate dominated by partisan exaggerations and warnings of pending doom.” —San Francisco Chronicle “Thought-provoking. . . . Sobering. . . . Lucid. . . . Alarming.” —Financial Times “Johnson and Kwak bring dispassionate insights to bear on the bedeviling question of how to fix our fiscal mess before it gets fixed for us.” —Bloomberg “A must-read for anyone who wishes to understand the true nature of our fiscal problems.” —Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance“[Johnson and Kwak] shatter dozens of additional myths about deficit spending. . . . [Johnson and Kwak] thankfully dispel the widespread notion that a nation debt totaling trillions of dollars means that a government is too big.” —USA Today“A detailed, lucid, sure-to-be controversial account of whether the massive national debt of the U.S. government actually matters. . . . [Johnson and Kwak’s] especially valuable insight is that the national debt is a major problem only if it is perceived as a problem. . . . A book to be enjoyed by ideologues and non-ideologues of all stripes because it is not a tract for Republicans, Democrats or any other partisan organization.” —Kirkus Reviews“In this powerful book, Johnson and Kwak cut through both the partisanship and the complexities of the debate over America’s national debt to give us a clear understanding of why it matters and what to do about it. America’s future depends vitally upon bringing our deficits under control while also investing in our growth, and this book tells us how to do both.” —Charles Ferguson, director of the Academy Award-winning documentary Inside Job“By skillfully placing the debt debate in an insightful historical context and providing detailed recommendations, Johnson and Kwak make a major and timely contribution to a national debate that will only get more heated in the years ahead. It’s a must-read for those wondering about the relationship between the national debt and America’s challenges; the choices that we must make to restore fiscal viability, promote growth, create jobs, and reduce inequality; and the way that polarized politics torpedoes coherent discussion of these complex issues.” —Mohamed A. El-Erian, CEO of PIMCO and prize-winning author of When Markets Collide“Full of wisdom and specific recommendations, [White House Burning] reminds us that only when citizens understand the seriousness of our predicament will politicians take the necessary steps to strengthen our country. Let’s hope this book is a best seller.” —Bill Bradley, former United States senator and cosponsor of the Tax Reform Act of 1986“Could there be a more important subject today than the national debt? And could there be two smarter, clearer,
