What will likely be absent in the inevitable debt debate before the election is any consideration of the relationship of debt to the requirement for perpetual economic growth and its role in the dramatic increase in economic inequality.
The Obama administration is already on the case here, requiring agencies to come up with plans to revisit old rules and identifying outdated regulations for the chopping block. This strategy represents the most robust effort of any president to clean out cobwebs in agency rules.
Tim Geithner recently said the "critical risks" facing the American economy this year were a worsening of Europe's chronic sovereign debt crisis and a rise in tensions with Iran that could stoke global oil prices. What about jobs and wages here at home?
I know we're all up to our necks in the spectacle of the Republican candidate debates and the last gasps of the super committee, but it's the job market that matters most -- and not just jobs, but earnings.
The GDP assumptions -- on which the deficit deal is based -- are grossly inflated. Growth slowed to 1.8 percent in the first quarter and 1.3 percent in the second quarter, and it heading toward zero. CBO had predicted 3.1 percent growth for the year.