Let me briefly outline the insanity of government spending-based "stimulus" in a nutshell. Economies only grow when there is investment in capital and labor to create items of value that people will purchase. Oh yeah ... free trade helps a great deal as it expands markets and possibilities for everyone ... everyone who is competitive, that is (unionized labor exits stage right at this point). Where are the across-the-board tax cuts on companies, the investment credits, the free trade bills, the incentives to entrepreneurs and the accelerated depreciation that provides a real incentive to capital formation and jobs creation?

Our president, though the media will not tell you, is failing. And failing badly. Even if he were spending on the right things — and he's not — he's spending too much. Debt service will lead, in the future, to either crushing new taxes or a round of inflation. It's unavoidable. He's foreclosing the options of presidents for decades to come. But, well, he is charming, his wife has great arms, and he reads a heck of a teleprompter.

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