"In these tough times, Americans are tightening their belts—and their
government needs to do the same." This bipartisan applause line is pithy, full of populist empathy and easy to
understand. It's also exactly wrong.
On February 23, Libya was convulsed in civil revolt. Oil prices spiked, and stock values plummeted. Meanwhile, in
New Jersey, a dog was euthanized. God
forgive me, but it is this last event that I will remember.
If you want a window into what has happened economically in
the United States the last 30 years, consider the case of Dean Foods, a leading
U.S. dairy company.