I’m not so sure, John. Effectively all that Daniel Casse is saying that not *all* the money that was spent down in New Orleans was wasted. That’s good news, I suppose, (and that schools initiative sounds terrific), but I think I’ll limit my applause.

As to Mr. Casse’s point about the deficit, I’d agree that some of the deficit talk has been overdone (FWIW, my own concerns revolve more around the absolute size of government than how it is financed), but we have to remember that the recent positive data comes against a backdrop of low interest rates and fairly rapid economic growth. If the deficit is incapable of falling under such circumstances we really are in trouble…