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  • Published: 15 February 2013
  • ISBN: 9780307947642
  • Imprint: Knopf US
  • Format: Paperback
  • Pages: 384
  • RRP: $32.99

White House Burning



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.

  • Published: 15 February 2013
  • ISBN: 9780307947642
  • Imprint: Knopf US
  • Format: Paperback
  • Pages: 384
  • RRP: $32.99

About the author

SIMON JOHNSON

Simon Johnson is Ronald A. Kurtz Professor of Entrepreneurship at MIT’s Sloan School of Management and a senior fellow of the Peterson Institute for International Economics. He is coauthor, with James Kwak, of The Baseline Scenario, a leading economic blog, described by Paul Krugman as “a must-read” and by Bill Moyers as “one of the most informative news sites in the blogosphere.”

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Praise for White House Burning

“A must-read for anyone who wishes to understand the true nature of our fiscal problems. A fascinating and lively history of how we got into this budgetary mess and a brilliant analysis, dispassionate and balanced, of what we need to do to get out of it.”
—Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance
 

“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
 

“Johnson and Kwak have written a book every American should read. It gives us a rich context for understanding the problem of today’s national debt. Full of wisdom and specific recommendations, it 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, 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, and author of Scorpions: The Battles and Triumphs of FDR's Great Supreme Court Justices
 

“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, and coauthor of Why Nations Fail: The Origins of Power, Prosperity, and Poverty
 

“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, and coauthor of Why Nations Fail: The Origins of Power, Prosperity, and Poverty

“In their important, enlightening new book, White House Burning, economist Simon Johnson and lawyer James Kwak point out the absurdities of a budget debate dominated by partisan exaggerations and warnings of pending doom.”
—SF Gate 
 
“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