White House Burning

White House Burning

The Founding Fathers, Our National Debt, and Why It Matters to You

Book - 2012
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America is mired in debt--more than $30,000 for every man, woman, and child. Bitter fighting over deficits, taxes, and spending bedevils Washington, D.C., even as partisan gridlock has brought the government to the brink of default. Yet the more politicians on both sides of the aisle rant and the citizenry fumes, the more things seem to remain the same.
 
In White House Burning, Simon Johnson and James Kwak--authors of the national best seller 13 Bankers and cofounders of The Baseline Scenario, a widely cited blog on economics and public policy--demystify the national debt, explaining whence it came and, even more important, what it means to you and to future generations. They tell the story of the Founding Fathers' divisive struggles over taxes and spending. They chart the rise of the almighty dollar, which makes it easy for the United States to borrow money. They account for the debasement of our political system in the 1980s and 1990s, which produced today's dysfunctional and impotent Congress. And they show how, if we persist on our current course, the national debt will harm ordinary Americans by reducing the number of jobs, lowering living standards, increasing inequality, and forcing a sudden and drastic reduction in the government services we now take for granted.
 
But Johnson and Kwak also provide a clear and compelling vision for how our debt crisis can be solved while strengthening our economy and preserving the essential functions of government. They debunk the myth that such crucial programs as Social Security and Medicare must be slashed to the bone. White House Burning looks squarely at the burgeoning national debt and proposes to defuse its threat to our well-being without forcing struggling middle-class families and the elderly into poverty.
 
Carefully researched and informed by the same compelling storytelling and lucid analysis as 13 Bankers, White House Burning is an invaluable guide to the central political and economic issue of our time. It is certain to provoke vigorous debate.

Publisher: New York : Pantheon, c2012
Edition: 1st ed
ISBN: 9780307906960
Branch Call Number: 336.3409 JOH
Characteristics: 352 p. : ill. ; 25 cm
Additional Contributors: Kwak, James

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StarGladiator
Apr 20, 2014

Hmmm, nothing about taxing all that money offshore? Hmmm, nothing about the weapons of mass financial fraud, credit derivatives? Hmmm, nothing about hedge funds and private equity/leveraged buyout firms? Hmmmm...Johnson is a senior fellow at the Peterson Institute, founded by David Rockefeller and Peter G. Peterson, dedicated to destroying Social Security, Medicare/Medicaid, offshoring as many jobs as possible and bringing America into adherence to the WTO's Financial Services Agreement, especially the Fifth Protocol [foreign ownership of banks, and those foreign banks accepting credit derivatives as valid financial instruments]. What's wrong with this picture? Hopefully, you've caught on by now: Johnson, and his buddy, Kwak, from McKinsey, which has earned its major bucks over the past 24 years in the offshoring of American jobs, are phonies. [If you do choose to read anything by those two, please be sure to also read Das' Extreme Money and Shaxson's Treasure Islands, and Nomi Prins' All The Presidents' Bankers.] Of course, the super-rich OWN the tax code, just as during the Bush administration they cut out the high-roller division of the IRS [the guys who went after those super-rich and top corporations who cheated on their taxes, which garnered the greatest revenues for the IRS], we now have the Obama administration granting legal immunity from prosecution to the banks for committing millions of felonies by filing false affidavits in their fraudclosures, and also violating the Law of Fraudulent Conveyance.

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delfon
Jun 21, 2012

http://baselinescenario.com/
One of the best books on the current crisis hitting USA; with a generalized focus such that one can apply their conclusions, assertions and theories to Canada as well. In recent years
(early 90's) a national nutbar was comparing national debt to homeowner debt; a false, misleading and corrupting comparison if ever there was. Deficits are sustainable, and are NOT a drain on future generations. Money is borrowed in the here and now, not in the tomorrow.
All in all a good read, but better if one was to read the notes first.
Interest rates are set to rise to
8.75% by 2021 for Treasury notes; how does that affect mortgages, loans or savings.
There's lots ot digest in this.
Howevre, Naylors, 'Hot Money and the politics of debt' is also a good companion to this.

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