Dripping Drivel

Here come old flattop he come grooving up slowly
He got joo-joo eyeball he one holy roller
He got hair down to his knee
Got to be a joker he just do what he please
--Beatles

Speaking to a group of Chinese officials, Treasury Secretary Geithner pledged that US deficits will be down and savings will be up in four years. It's doubtful I'll encounter another missive more worthy of a personal Laugh of the Day Award.

The Chinese are smart cookies. They know to focus on actions rather than words. And U.S. actions demonstrate little fortitude for saving. We've become a borrow and spend society, with debt now so gargantuan that we're spinning the hampster's wheel of borrowing more just to pay interest on what we owe.

Mr Geithner also discussed the administration's intentions to invest in domestic energy, education, and health care in order to improve productivity. You can't invest with no savings. You can only borrow more and make a leveraged bet that things work out.

And the particular leveraged bets we're making require high levels of government prowess in order for the wagers to turn into winners.

Winning the lottery looks more probable in comparison.