Most major corporations are making record profits with fewer employees, but they’re facing higher costs, like the rest of us. Housing, banking, and the auto sectors are improving, but the economy is still struggling with many problems: high unemployment; massive deficits; high food and gasoline prices; European and global debt crisis; and emerging markets are in a slowdown, too.

America and Europe must get their acts together by balancing growth of the private sector, without overspending, while reduce deficits without hurting people and the economy too much. It’s tricky, but it can be done, like it was achieved during the Clinton Years. In fact, Bill Clinton credited his deficit-reduction plan for strong economic growth, but it was achieved carefully with expert advice and pro-business policies — not with a sequester; not with EU/IMF austerity; and not with quantitative easing!