Posner lays it all out:

I support the government's efforts to speed recovery from the current depression, including the $787 billion Keynesian stimulus program. I strongly support measures for reducing carbon emissions, though I would prefer a heavy tax to a permit system. I agree that spending on medical care is out of hand (not because of its absolute size, but because so much of it is wasteful) and that we need educational reform. But I fear the Administration is biting off more than it can chew.
 An economist can design a long-run solution to our budgetary problems that would be efficient: the combination of eliminating inefficient government programs and adopting a stiff federal value-added tax would probably do the trick. But a solution that is politically unrealistic is only of academic interest.

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