When the G8 major economies convened at Camp David last weekend, the continuing crisis of the euro, common currency of 17 European Union (EU) members, dominated the economic discussions. The agonies of Greece, badly divided in recent parliamentary elections, and forced to vote again on 17 June, were at the forefront.

For several years now, President Obama and his allies in the environmental movement have promised to usher in a green economy that will create millions of new green jobs that “can’t be outsourced.”

While devout Keynesians such as Paul Krugman have argued that the slow recovery is due to the insufficient sizeof Obama’s plan, a new study by the National Bureau of Economic Research provides the strongest evidence yetthat the Obama stimulus was doomed to failure.

There are many reasons to fear that 2012 will be a highly challenging year for the US economy. This is not only because the economic recovery will face considerable headwinds and could be hit by a European financial shock, but also because the US appears to have run out of fiscal and monetary policy space to counter any renewed economic downturn with an additional stimulus.

We are learning a basic truth. Fiscal stimulus produces a temporary positive impact on growth and perhaps on employment after it is enacted. This is followed by a drag on growth when it is withdrawn.

At this event, our panel of experts will share their thoughts on Bubble Trouble.

Political dysfunction. Partisanship at record levels. Attack politics run amok. And public approval of Congress scraping the single digits (Sen. John McCain is fond of saying it's down to blood rlatives and paid staff).

The U.S. is in need of constructive suggestions as to how it might fashion a credible medium-term fiscal adjustment program that would allow the US to regain fiscal sustainability--as the Obama stimuli have provided little more than transient support to the US economic recovery.