A new column for the Financial Times on US fiscal incompetence--or should that be paralysis, or recklessness, or dishonesty...? The prospects for getting it right (by which I mean maintaining or increasing fiscal expansion the near term, while moving now to lock in fiscal retrenchment later) look slim. The political problem can be simply stated:

Democrats have no fiscal plan, and Republicans have a fiscal plan that not even they like and whose details they would rather not discuss.