White House Burning
White House Burning is 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, this book explains why the national debt matters to your everyday life. It describes 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 analyzes why this is near-impossible today.
Praise for White House Burning
“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
“Could there be a more important subject today than the national debt? And could there be two smarter, clearer, more incisive writers to tell us about it than Simon Johnson and James Kwak? With precision and common sense, White House Burning tells the story of where our debt came from, what it means, and what we can do about it. This is the kind of important, informed, and accessible book a democracy can’t do without.”
— Noah Feldman, Bemis Professor of International Law, Harvard Law School
“As they did in 13 Bankers, Johnson and Kwak imbed a crucial current policy debate in the history of the United States economy. Their blueprint for resolving the budget problem without trampling on the basic needs of average Americans is must-reading.”
— C. Fred Bergsten, Director, Peterson Institute for International Economics
“If you are puzzled about how our country’s finances got so messed up, look no further. Johnson and Kwak explain, with great lucidity and flair, how the battle lines on debt and taxes have been drawn going back to the founding fathers, and how things got off the rails in the last two decades. And they have good news for you: even if our politicians are incorrigible, our problems are not insoluble.”
— Daron Acemoglu, Elizabeth and James Killian Professor of Economics, MIT
“The politicians don’t care about the economics. The economists don’t understand the politics. Johnson and Kwak get both, that’s why you should read this book.”
— James Robinson, David Florence Professor of Government, Harvard University