fiscal crisis

THE WEEKLY STANDARD podcast, hosted by Michael Graham, with Ken Grubbs on his cover story, Paradise Lost.

Defending himself against charges of corrupting the youth of Athens, Socrates told a story. Chaerephon, one of Socrates’ friends, once visited the Oracle at Delphi and asked, “Is anyone wiser than Socrates?” The reply was unequivocal: “There is none.” The philosopher was puzzled. All he knew for sure was that his knowledge was limited. How, then, could he be judged the wisest man alive?

We have now gotten to the point — as I noted yesterday — where if national defense, interstate highways, national parks, homeland security, and all other discretionary programs somehow became absolutely free, we’d still have a budget deficit.

Is Mitch Daniels going to run for president? It may be a while before we know for sure, but there are a few reasons to believe he’s moving closer to a decision in the affirmative.

New Jersey governor Chris Christie presented his budget for fiscal year 2012, challenging the state legislature to adopt his proposed $29.4 billion plan that would feature business tax cuts, property tax relief, pension reform, and a slight bump in education spending.

Yesterday the Senate voted 85-13 for John McCain's anti-VAT resolution. The lack of any substantial support for a VAT in the Senate would suggest that, even if the president's fiscal commission recommends such a tax when it reports in December, Ross Douthat is right and the chances a VAT will be imposed prior to the fiscal crisis are small. Whew.