Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It is a 2004 book authored by Peter G. Peterson, a prominent American businessman, philanthropist, and former U.S. Secretary of Commerce. The book critiques the fiscal policies of both major U.S. political parties, arguing that their bipartisan irresponsibility in managing federal budgets, entitlements, and deficits is leading the nation toward economic bankruptcy. Peterson details how events like the 2001 tax cuts, the dot-com bubble burst, and the 9/11 attacks exacerbated the shift from projected surpluses to massive deficits, emphasizing the long-term threats posed by an aging population, rising healthcare costs, and global security challenges. He calls for nonpartisan reforms to address these issues and protect future generations.

Structured across seven chapters, the book examines the historical and political roots of America's fiscal woes, debunking partisan myths and proposing solutions such as entitlement reforms, tax policy adjustments, and increased civic engagement. Published initially by Farrar, Straus and Giroux (with a Picador paperback edition in 2005), it spans 242 pages and became a bestseller, reflecting Peterson's broader advocacy for fiscal responsibility through organizations like the Concord Coalition, which he co-founded in 1992. The work aligns with Peterson's lifelong efforts to highlight unsustainable government spending, drawing on his experiences in business, government, and philanthropy.

While not an organization itself, the book has influenced discussions on U.S. fiscal policy and is tied to Peterson's network of influence, including the Peter G. Peterson Foundation established in 2008. It remains a key text in debates on political economy, though some critics viewed its prescriptions as overly focused on deficit reduction at the expense of social programs.