Slapping a catchy acronym like the JOBS Act on a piece of legislation makes it more difficult for politicians to oppose it - and indeed that's what happened with the Jumpstart Our Business Startups Act.

Picking winners among the many young companies seeking money is a tough business, even for the most sophisticated investors. Indeed, most professionally run venture funds lose money. For individuals, it's pure folly. Buy a lottery ticket instead. Your chance of winning is likely to be higher.

To be sure, India has achieved enviable success in business services, like the glistening call centers in Bangalore and elsewhere. But in the global jousting for manufacturing jobs, India does not get its share.

Most troublesome is the legalization of 'crowd funding,' the ability of start-up companies to raise capital from small investors on the Internet.

Increased revenues, meaning higher taxes, will be a central element of any successful long-term budget plan, and President Obama is right to insist that the wealthy - the slice of America that has come through the recession in by far the best financial health - should provide those funds.

The weak economy, widening income inequality, gridlock in Congress and a presidential election: Those were perhaps the dominant economic and political themes of 2012.

China has lunged into the 21st century, while India is still lurching toward it.