In the next few weeks we will be treated to an endless parade of budget experts who will be yapping about "entitlements" and insisting that middle-income workers are living too lavishly. But while all these highly-paid experts have really impressive credentials, it is important to remember that they still overlooked the largest asset bubble in the history of the world. The deficit hawks are very good when it comes to whining about the deficit and demanding sacrifices from middle-class workers. They just aren't very good when it comes to understanding the economy.