And neither political party has the slightest concept of what to do. The Republicans have committed to endless war with endless costs, all the while giving huge tax breaks to oil companies.
From the Democrats come repeated calls to repeal tax cuts "for the wealthy," which would only punish those who make just enough money to buy goods or provide jobs to others.
Unless we create a special "you're-too-darn-rich" tax that forces those like Bill Gates, Warren Buffet, George Soros and Oprah Winfrey to pay taxes at an 80 percent rate, any tax hike on the "rich" will only accelerate economic decline.
Newt Gingrich blasted President Bush this week, saying that Bush and Congress should return from vacation and pass a bill that expatriates illegal aliens who break the law.
That's fine, but not enough. Gingrich is aiming to hit a hot-button issue the public cares about. But he and every other politician who's a slave to Washington consultants and pollsters don't realize that while the public may be angry about immigration, they may be becoming terrified over the economy.
Deal with what really matters, guys. One thousand people this week alone lost their jobs when a non-sub-prime lender went bankrupt.
Consumer spending and confidence are about to crash. The stock market is now artificially supported by infusions of federal cash printed so rapidly that the ink hasn't dried.
Want an issue to bring Congress and the president back from vacation? You just found it.