There is a grave fiscal cloud gathering on the horizon. Like most economists who do not have their heads in the sand, I have for many years warned of a pending fiscal crisis driven by excessive debt and unrealistic government commitments.
In concert with the president's address, the "Be Your Best Buddy" seating arrangement for the State of the Union address swept away any doubt that American politics has become a single-party system devoted to militarism and corporate interests.
Free trade doesn't work, the global economy is a myth and the U.S. has been duped during trade negotiations for the past 40 years according to Ian Fletcher, author of Free Trade Doesn't Work: What Should Replace It and Why.
It's time to start separating the real economy from the casino economy. And to make sure that with all the talk in Washington about "jobs," we don't let the platitudes become a substitute for urgently needed policies.