what is good policy

First, we seem to be in good hands. The remaining question: what kind of longer term effect can be produced?

Policy is exactly like driving: there's such a thing as driving too slow, and there's such a thing as driving too fast. What is too slow and what is too fast depends on conditions. It can be assessed by asking what is likely to happen at a given speed, given existing conditions. The other factor is steering.

My comments respond to the Judd Gregg interview an hour ago on All Things Considered, where he argued that the Obama administrations budget overspends. It made me worry, because his comments are designed to influence a portion of the electorate in a particular direction, that is, to oppose government spending - and, more generally, government, or certain kinds of government - and they are likely to have the intended effect, if, at least, they are not effectively countered. Of course, this means the intended effect worries me. In terms of my analysis, what is the intended effect? I suspect it could be called driving fast, and that government, as an activity, can be equated with moderating society's speed. My feeling is we are probably driving too fast, and will benefit greatly from more moderate speed.

These, of course, are very general statements. From here we would want to move towards much more precise assessments. What would be a good way to do that?