Daniel Rose comment:
America’s economic problem has short term aspects (which Tea Party types ignore) and long term aspects (which Occupy Wall Street types ignore).
When America again consumes less and invests more in education, scientific research and in public infrastructure, when it eventually borrows less and saves more, when an appropriate balance between "public goods" and "private goods" is restored, and when "equality of opportunity" again becomes a major American goal, we will resume our momentum toward a positive and constructive future.
Successful Keynesian programs can lessen the pain of the first and successful Hayek (or Milton Friedman) goals can bring sustainable well-being and balanced growth in the second. Prudent, rational transition steps are obviously required in the interim period.
Until our fiercely partisan, dysfunctional Congress adopts some rational program of compromises along the lines of the Simpson-Bowles plan, we will face unnecessary pain in the short run and economic chaos in the long run.