New York Times Editorializes on Budget Policy in Pension Article

The New York Times used an article on Rhode Island's pension system to denounce "the nation's profligate ways," which it warns will catch up with us. Newspapers are supposed to leave such editorializing to the opinion pages.

In fact there is good reason to believe that the nation's obsession with frugality is now catching up with us. The country lost close to $1.4 trillion in annual demand due to the collapse of the housing bubble. In the short term this can only be replaced by larger...