OUR REPUBLICAN NOMINEE:

Take her apparent belief that balancing the federal budget is a good way to "revitalize" an economy stuck in persistent hard times. Nostalgia might indeed suggest such a course, because that's what Bill Clinton did in the golden 90s, and those were happy days. But more recent events have taught us a different lesson. Europe's turn toward budget-balancing austerity after the financial crisis is what made their recession so much worse than ours. President Obama's own quest for a budget-balancing "grand bargain" is what destroyed his presidency's transformative potential. There is no plainer lesson from the events of recent years than the folly of austerity and the non-urgency of budget-balancing.

And deregulation! Before I watched the video of that Hillary Clinton campaign event, I had never heard someone denounce deregulation and hail the economic achievements of Bill Clinton in the same speech. That kind of mental combination, I've always assumed, puts you in danger of spontaneous combustion or something. After all, Bill Clinton is America's all-time champion deregulator. He deregulated banks. He deregulated telecoms. He appointed arch deregulators Robert Rubin and Larry Summers to high office, and he re-upped Ronald Reagan's pet Fed chairman, Alan Greenspan. He took some time out to dynamite the federal welfare system, then he came back and deregulated banks some more. And derivative securities, too.

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