By Simon Johnson, James Kwak
America is mired in debt—more than $30,000 for each guy, lady, and baby. sour scuffling with over deficits, taxes, and spending bedevils Washington, D.C., while partisan gridlock has introduced the govt to the threshold of default. but the extra politicians on either side of the aisle rant and the citizenry fumes, the extra issues appear to stay the same.
In White condominium Burning, Simon Johnson and James Kwak—authors of the nationwide most sensible vendor 13 Bankers and cofounders of The Baseline Scenario, a extensively pointed out weblog on economics and public policy—demystify the nationwide debt, explaining whence it got here and, much more vital, what it capability to you and to destiny generations. They inform the tale of the Founding Fathers’ divisive struggles over taxes and spending. They chart the increase of the almighty buck, which makes it effortless for the USA to borrow cash. They account for the debasement of our political method within the Eighties and Nineteen Nineties, which produced today’s dysfunctional and impotent Congress. and so they convey how, if we persist on our present path, the nationwide debt will damage traditional americans by means of decreasing the variety of jobs, decreasing residing criteria, expanding inequality, and forcing a unexpected and drastic aid within the govt providers we now take for granted.
But Johnson and Kwak additionally offer a transparent and compelling imaginative and prescient for a way our debt hindrance may be solved whereas strengthening our economic system and maintaining the basic services of presidency. They debunk the parable that such an important courses as Social safety and Medicare needs to be slashed to the bone. White condo Burning looks squarely on the burgeoning nationwide debt and proposes to defuse its risk to our future health with no forcing suffering middle-class households and the aged into poverty.
Carefully researched and proficient by way of a similar compelling storytelling and lucid research as 13 Bankers, White condominium Burning is a useful advisor to the relevant political and fiscal factor of our time. it really is guaranteed to galvanize energetic debate.