This is an excellent, MUST READ aarticle by Paul Krugman, the Nobel Prize winning, liberal, economist, writing in his op-ed NYT blog. Check it out!
via The Arithmetic of Fantasy Fiscal Policy – NYTimes.com.
Of course, the situation in Europe is probably worse, with both the UK and the Eurozone constrained by the austerians in both London and Berlin.
For me, the fiscal policy in Washington, London and Berlin since 2008 has been like the medical profession going back to blood letting with leaches.