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Forgive Us Our Debts



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By Andrew L. Yarrow, vice president and director of Public Agenda's Washington Office

Yale University Press, May 2008

In this immensely timely book, Andrew Yarrow brings the sometimes eye-glazing discussion of national debt down to earth, explaining in accessible terms why federal debt is rising (and will soon rise much faster), what effects it may have on Americans if debt is not brought under control, why our government borrows, and what it will take to pay it all back.

The picture Yarrow paints should concern all Americans. Specifically, he brings to light how rising Medicare, Social Security, and other spending on one hand, and insufficient government revenues on the other, make a mockery of fiscal responsibility. Deficits and debt, Yarrow asserts, are crowding out spending on needed investments in science, environment, infrastructure, and other domestic discretionary programs and could severely harm our nation's and our citizens' future.

But he makes clear that this does not have to be a doomsday scenario. If we act in a bipartisan fashion to restore fiscal health, our legacy to the next generation can be much more than trillions of dollars of IOUs.

Andrew L. Yarrow teaches modern U.S. history at American University. He was previously a longtime reporter for The New York Times. Dr. Yarrow has published extensively during the last 25 years, including "Latecomers: Children of Parents Over 35" (The Free Press, 1991), frequent op-eds, and many popular and scholarly articles. His next book, "Measure of America," is to be published by Yale University Press in 2009. A resident of Bethesda, MD, he also has worked for the Brookings Institution, the U.S. government, and several international organizations. He received his Ph.D. in history from George Mason University and an MPA from Harvard University.

Click here to read an excerpt from the book.


Here's What Some Of The Experts Are Saying:

  • "Andrew Yarrow blends his skills as a journalist, historian, and policy insider to address issues absolutely critical to our future and that of our children. Don't just read it; make sure your neighbor does, as well."

    -Dr. C. Eugene Steuerle, co-director, Urban Institute-Brookings Institution Tax Policy Center, and former deputy assistant secretary of the Treasury under President Reagan


  • "There's good debt and bad debt. Either can be handled responsibly or left for others to worry about. God grant us the wisdom to recognize the difference and to do the right thing. Meanwhile, read Andrew Yarrow's uniquely clear-eyed look at the issue."

    -Jared Bernstein, Director of the Living Standards Program, Economic Policy Institute


  • "Andrew Yarrow''s Forgive Us Our Debts should be mandatory reading for everyone who cares about America''s future economic health. Andrew''s concise, clearly written prose explains why deficits really do matter, for all of us, and for our children and grandchildren."

    -Charles Kolb, President, The Committee for Economic Development


  • "Yarrow uses his journalist's talent for language and his deep knowledge of American history and public policy to show in understandable and lively prose the dangerous economic consequences of America's huge impending tsunami wave of federal debt. And as he explains, we must act now to control entitlements and return our nation's finances to long-term sustainability not just for economic reasons but also for moral reasons - to restore the sacred compact between the generations."

    -Stuart Butler, Vice President, Domestic and Economic Policy Studies, The Heritage Foundation


  • "The budget deficit and the mounting federal debt is such a huge problem facing America today, yet most Americans do not see it that way. Politicians win votes by promising more tax cuts and more government spending-at least implicitly suggesting to the public that these policies come without cost. This book is an overdue "wake-up call," and Andrew Yarrow's writing is captivating and compelling; Yarrow brilliantly overcomes the challenges of making budget policy sound interesting to real people. This book will open the eyes of Americans to the severe reality of our fiscal situation, so that we might be more willing to forgo the instant gratification of deficit-financed tax cuts and spending for the sake of our children and grandchildren. Andrew Yarrow's book is a godsend for fiscally-responsible politicians, who need support for their tough, true talk about necessary choices and tradeoffs, so that they will be appropriately supported at the polls by Americans who care about the future."

    -Diane Lim Rogers, former chief economist for the House Budget Committee



Video And Audio Clips Of Andy Yarrow Talking About "Forgive Us Our Debts"


Selected Op-Ed And Other Articles By Andrew Yarrow


More Resources On The Federal Budget Crisis


Check out the Facing Up to the Nation's Finances initiative, where people from across America are coming together to affect our nation's financial future. View multimedia outlining America's fiscal challenge, find out how you can take action, and air your views on the Facing Up to the Nation's Finances blog.

You can learn more about some of the key choice to be made on planning our nation's financial future in Public Agenda's issue guides on Social Security, Medicare/Medicaid, government accountability and managing the debt.

We also recommend another book from Public Agenda: Where Does the Money Go? Your Guided Tour to the Federal Budget Crisis," by Scott Bittle and Jean Johnson.