We call the Europeans our "allies." This reference is an increasingly outdated relic of the cold war. The bitter trade dispute now raging between America and Europe merely captures a larger reality: Western Europe is so self-absorbed that it's aggravating the conflicts of the post-coldwar world.
We are now getting a glimpse of Ross Perot's economic thinking. There's a lot of homespun folk wisdom and not much else. It's a mushy mixture of old ideas (the line-item veto), bad ideas (opposition to a free-trade agreement with Mexico), vague promises (balance the budget) and misinformation.
We are still suffering from the legacy of a commencement address given by John Kennedy 30 years ago this month at Yale. The speech was then seen as a daring statement of new economic principles, and, with hindsight, it may rank as the most important presidential pronouncement on economic policy since World War II.