Step right up
Mr Obama has set up a commission to look into long run fiscal expenditures. I'm reminded of the infamous "Committee on National Expenditure" set up by that mercurial Welsh elf Lloyd George in 1921, headed by one Eric Campbell Geddes -- he of "We shall squeeze the German lemon until the pips squeak!"
In the event, that most nasty of nasty butcher-boy ops proved a very clear turning point in the then fast-gathering British public senility, recommending drastic cuts that were eagerly followed and effectively crimped any post-war slump recovery, leaving mighty Britain at 10% unemployment for the rest of the decade.
Of course, later in '25 came the far better-known crimp -- the golden pound cake cooked up by Stanley Baldwin and run through the ovens by party turncoat Winston Churchill. But in fact it was Geddes and his axe that done the foulest dirtiest deed, setting the precedent to be so scrupulously followed: all that needless spilling of boob-class blood over a few hollow accounting scruples.
Quite a show really -- 'til upstaged by a little thing called the Great Depression. After that one got in a few licks, everyone and her brother suddenly knew just exactly what manner of ultimo brutality the "profits system" was really capable of inflicting on its overmilked wage bovines, while His Majesty's government -- now headed up by Laborites -- stood stoically in place, adhering strictly to sound fiscal discipline.