Cass SunsteinItem: In the Wall Street Journal for May 26, Cass Sunstein (photo at left), the President’s top regulator, wrote: “A 21st-century regulatory system must promote economic growth, innovation and job creation while also protecting public health and welfare. Earlier this year, President Obama outlined his plan to create such a system by adopting a simpler, smarter and more cost-effective approach to regulation. As a key part of that plan, he called for an unprecedented government-wide review of regulations already on the books so that we can improve or remove those that are out-of-date, unnecessary, excessively burdensome or in conflict with other rules.”

Britain's leading financial newspaper, the London Financial Times, now believes that the U.S. economy may be headed toward a Japanese-style "Lost Decade."

President Obama commenced his weekly address on Saturday by subtly blaming sluggish economic growth and high unemployment on his predecessor — the Bush administration. In prototypical Obama fashion, he reminded the American public that the economic plunders of today did not strike on his watch, and that his administration inherited "the worst recession since the Great Depression."

The city of Prichard, Alabama, is the best proof that more states need Governors such as New Jersey’s Chris Christie, who is willing to take on a pension crisis. For years, Prichard was warned that if no changes were made to its pension fund, the money would be gone by 2009. The warnings went unheeded, and now the pension funds have disappeared.

When the monies dried up, Prichard stopped sending pension checks to its 150 retired workers — a violation of state law. Meanwhile, those who once collected pension checks found themselves struggling financially.

General Motors and Chrysler, so the story goes, have repaid the dollars the federal government loaned them to keep them from going belly up. Therefore, it is said, every American should ignore the nagging constitutional and ethical questions and applaud the government’s efforts to turn these companies around. After all, what is more important: some yellowed piece of parchment or, as President Barack Obama put it, “millions of jobs [that] wouldn’t have been around anymore” if Uncle Sam hadn’t stepped in?

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