Austerity measures in Europe have been the topic of a heated and mostly confused debate in the economic world. During the May summit of the leading industrial nations at Camp David, German chancellor Angela Merkel and other European leaders pushed for continued European austerity. Keynesian critics argue that these policies destroy economic growth.

In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.

The defeats of three members of Congress in their bids for reelection indicates that spending is not popular this year and that Republicans must come forward with a bold plan to roll back government spending.

The same money can't be spent twice. ObamaCare tries to do precisely that, and the government will have to borrow the difference.

Here is another good news/bad news column about the 112th Congress.

It's tempting to call the shameful taxpayer subsidy for electric cars - vehicles that are unaffordable for all but a small number of wealthy Americans - this nation's costly little secret.

There are ample reasons to doubt whether a huge increase in government spending is what the economy needs.

The primary drivers of our growing debt burden are the “Big 3” entitlements of Social Security, Medicare and Medicaid. Yet as part of the debt ceiling deal that created sequestration when the Super Committee failed, politicians effectively fenced off nearly two-thirds of the federal budget and the main source of our over-spending.