David Frum  We're Cutting the Deficit too Quickly  Jed Graham
scolds deficit hawks for ignoring historical examples for
setting fiscal policy:  Outside of the demobilization from WWII,
the only time the deficit has fallen faster was when the economy
relapsed in 1937, turning the Great Depression into a decadelong
affair. Other occasions when the federal deficit contracted by
much more than 1 percentage point a year have also coincided
with a recession, including 1960 and 1969.  A long-term deficit
problem needs to be addressed, but we're going about it the
wrong way, at an unnecessarily high cost. Even if the automatic
spending cuts did not go into effect this year, the deficit of
5.5% of GDP would still show by far the biggest three-year
improvement since World War II.