GLOOMY FUTURE AHEAD?

President Barack Obama's budget plan illustrates the degree to which he wants to reconstruct the U.S. economy. So radical are the changes of Obamanomics, and so at odds with historical experience, that the next few months may very well decide the economic future of the United States for a generation.

[...] If the president is wrong, which history and experience tells us he will be, it will mean the waste of trillions of dollars of resources, a massive increase in the nation's deb, and all the negative effects of a slow growing economy: higher unemployment, less job creation, less investment and ultimately less hope for the future.