Our Economy Stinks, But at Least We Get to Be Fiscally Responsible!

Fareed Zakaria sees a silver lining in our economic woes. Individuals, the feds, and, yes, state and local governments, will suddenly have to show some fiscal restraint.

Amid the financial chaos and economic uncertainty that has rocked world
markets, I can see one silver lining. This crisis has forced the United
States to confront the bad habits it developed over the past few decades.
If we can kick those habits, today's pain will translate into gains in the
long run.

...

But the average American's behavior was virtuous compared with government
behavior. Every city, county and state has wanted to preserve its
proliferating operations yet not raise taxes. How to square this circle? By
borrowing, using ever more elaborate financial instruments.

Somehow, I can imagine a lot of elected officials (who don't tend to like to raise taxes or cut spending) responding, "That is the good news!?!"