Evan Ringquist and I did not overlap at Texas Tech, as he left a year or three before I arrived. Too bad, as I could have learned much from him. His blog, perhaps in its infancy, is already a model of very clear thinking. Check out his discussion of the US budget deficit and how difficult it will be to get out of this whole we find ourselves in.
The quick take home message is that spending cuts are not going to do it. We will need a combination of tax increases and spending cuts to get out of this problem. With a Republican majority in the House as a result of today's elections, that ain't going to happen. Responsible government and hard choices are not the watch words of these guys.