My mom is a very warm, typical sort of Jewish-mother type. And my dad has a somewhat, um, different personality.

Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.

For example, I was privileged to be working at the White House under the Clinton administration and had not finished my Ph.D., and I thought I was the cat's meow.

Social Security faces a long-term actuarial deficit, yes.

Well, I think what we need to remember is that budget deficits can impede economic activity.

The government could either raise $100 by selling allowances and then give that amount in cash to particular businesses and individuals, or it could simply give $100 worth of allowances to those businesses and individuals, who could immediately and easily transform the allowances into cash through the secondary market.

Something that's unsustainable, like a dysfunctional relationship, can go on longer than you expect, and then end faster and messier than you think.