Federal spending is going up. Tax receipts are going down. 2009’s federal budget deficit is now up to $1.27 trillion as a result. That’s about triple what even big-spending George W. Bush could manage. Total federal debt now stands at over $11.66 trillion.

Many other developed countries have built debt loads twice ours and more, and without apocalyptic consequences. So it appears such enormous shortfalls do not pose an existential threat to the economy. At least, not yet. But high long-run deficits…

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In Washington, beware any proposal that attempts to “level the playing field.” What is usually meant is hobbling competition with restrictive rules and regulations that often raise costs for consumers. On the international playing field, such “leveling” can have broader disastrous consequences.

That’s likely to be the case with the House Ways and Means’ misguided proposals to impose carbon taxes on imports from countries that haven’t taken stringent measures to control greenhouse gas emissions.

It turns out that the huge and complex energy bill…

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