Economic Priority: Stop the Bleeding

The important economic message from tonight’s State of the Union address is the renewed promise to wind down the wars in Asia. Not that domestic economic policy questions are unimportant, but the U.S. economy can’t seriously be expected to get back on its feet as long as it is bleeding 2 percent of GDP in wars halfway around the world. That’s money that’s leaving the country with little chance of returning. As soon as we can stop the bleeding, any domestic initiative to restore economic health will start to look a little more brilliant.