"I have great respect for each of you individually, but collectively I'm worried that you're going to fail -- fail the country," former Bill Clinton chief of staff Erskine Bowles said last week to the 12-member joint congressional supercommittee tasked with cutting the federal deficit by some $1.2 trillion over 10 years.
If anything good came out of the deal House Speaker John Boehner cut with President Barack Obama to increase the limit on the federal debt by as much as $2.4 trillion, it was that the legislation enacting that increase also provided that by the end of this year both houses of Congress must vote on a balanced budget amendment to the Constitution.
Anyone wondering why the recovery went nowhere and will go nowhere need only look at who was advising president Obama and who has his ear now (Christina Romer and Tim Geithner, respectively).
Whoever takes the oath of office as President of the United States in January of 2013 will inherit an economy facing multiple challenges.
In a budget nearing $4 trillion a year, it strains incredulity to hear members of the so-called "supercommittee" say they're still no closer to finding $1.2 trillion in savings over the next decade.
Candidates running for president can easily wreck their campaigns with one serious misstep. Back in 1976, one Democrat said he favored getting rid of criminal penalties for marijuana use. Can you imagine how Americans of that primitive era reacted to his blunder? They elected him.
The head cheerleader of the Keynesians and NY Times columnist Paul Krugman wrote just last month that "the turn toward austerity (is) a major factor in our growth slowdown."
Once upon a time Political Calculations figured out what it would take per household to have zero deficit.