It's easy to question Republicans' born-again fiscal conservatism. After all, when they controlled Congress and the Presidency during the Bush years, they spent like crazy. Economist Simon Johnson argues that despite both parties now talking a lot about cutting the deficit, there aren't any true fiscal conservatives in the U.S.:

The United States stands out as quite different. No one is yet seriously proposing to address our underlying budget problems. Certainly, some people consider themselves fiscal conservatives -- some of the right and some of the left -- but none can yet be taken seriously. The implications for our fiscal future are dire.

Read the full story at New York Times Economix.

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