Between paying now or paying later, Americans have just about always preferred debt to taxes. Paul Solman talks to Simon Johnson of the MIT Sloan School of Management about his new book "White House Burning," which chronicles the history -- including the whys and whererfores, virtues and vices -- of U.S. debt.

This video is from the Making Sen$e with Paul Solman video series from PBS. Learn more about these videos and view a listing of the most recent videos we have available.

Key Concepts

Aggregate Demand (AD), Budget Deficit, National Debt, Fiscal Policy, Business Cycles, Keynesian Theory, Demand-Pull Inflation

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