A Very Bad Idea

This is a very bad idea:

Senator Evan Bayh, an Indiana Democrat, said there is a “fighting chance” that President Barack Obama will call for a freeze in most federal discretionary spending in his State of the Union speech next week.

Unemployment is at 10% for the U-3 rate. The real rate of unemployment and underemployment is probably double that. There are close to 600 "problem banks". There are roughly six applicants for every job opening (the ratio was about 1.2 to 1 when Clinton left office).

This recession is by no means over. The recovery, such as there is, is tenuous. A lot of state governments are in serious trouble. If Obama cuts spending now, he risks repeating FDR's mistake of 1937.

Somebody needs to flog Evan Bayh with a chain.

(H/T)