So let's also pretend, for the moment, that an era of widespread deregulation spurred a global recession. What exactly has Obama done to mitigate it?

Instead of exerting his extraordinary political capital to bolster American business, the president was busy targeting the investor class; instead of easing the burden on the middle class, Obama radically increased spending and debt; instead of encouraging market innovation, Washington has bolstered the status quo by bailing out antiquated, poorly run industries and crowding out small businesses.

Obama now urges Americans to be patient on the stimulus package. Yet at the same time, the president exhibits a decisive lack of patience as he sprints forward with generational tax increases, in both cap and trade policy and a trillion-dollar-plus health care "reform."

Not surprisingly, many polls illustrate an increasing skepticism regarding the stimulus package and a growing distrust of Washington's unparalleled meddling in the economy. According to a June Rasmussen poll, a plurality of Americans now want government stimulus spending to be canceled.

This rising unease did not stop White House counselor David Axelrod from recently declaring that a second stimulus might be needed.

Needed to do what, one wonders? "Save and create" another 150,000 imaginary jobs?

One day, we will emerge from recession; we always do. And on that day, Obama almost certainly will take credit.

But one wonders: When will the glorious "new era of responsibility" ever actually kick in?

After all, as of right now, judging solely from the administration's very own promises and timeline, we are left with nothing to show for an irresponsible spending binge.