Is it, as President Reagan's re-election commercial said, "morning in America"? Back then it was, but not anymore; it is economic evening in America as our nation's spending, government programs and deficits balloon. The federal deficit this fiscal year will be $1.6 trillion, or about 10.6% of gross domestic product. That is the largest deficit since World War II, and even President Obama's optimistic estimates show our deficits will not return to sustainable levels for at least the next decade.

The administration's projection...