The GOP's Tea Party Jacobins

Martin Wolf at The Financial Times explains why most of what we're being told about deficits and spending by the GOP - and some Democrats - is simply false.  We do not have a spending crisis - we have an unemployment crisis and a resultant revenue crisis due to the financial collapse of 2008.

Wolf also notes - as regards the debt ceiling and revenue debates - that we face a crisis driven by some combination of ignorance and dangerously extremist ideology being packaged as "fiscal conservatism":

Exploding fiscal deficits are mainly the result of collapses in (economic) activity and revenue..,