There are three key points with regard to spending. Spending more money than you make on a reoccurring basis is irresponsible. Irresponsibly spending someone else's money is unethical; and if you're a fiduciary, a fiduciary breach. And irresponsibly spending someone else's money when they're too young to vote and not born yet is immoral.
He and Paul Volcker will be speaking about this fiscal debacle next month; I wonder if the latter feels disconcerted that his current position gives an undeserved imprimatur to an administration whose behavior is accurately described above.
