Hillary Clinton may be behind, and she may lose. But she is now widely seen as the tougher of the two candidates, the one who is more resolute, who will fight harder and longer (and, yes, more unscrupulously) to achieve her desired ends. An edge in toughness is hardly a good quality to cede to your opponent.

Some Democratic officials who were worried about having Senator Clinton at the top of the ticket in November are now expressing concern about Mr. Obama. Mrs. Clinton’s bar-brawl tactics have raised her negatives sharply, but they’ve also raised doubts about Mr. Obama. Is he a fighter? Is he tough enough to take on the G.O.P.?

One of Senator Obama’s favorite phrases is “the fierce urgency of now.” There is nothing more fiercely urgent for him right now than to reassure voters and superdelegates that an Obama candidacy will not lead to a Democratic debacle in November.

Hanging the worldwide economic recovery on reigniting consumer spending is like investing in used fireworks.  The pizzazz is already gone. 

How are Americans planning to spend their stimulus checks?  According to a new poll, fully 41 percent of Americans plan to pay down their debts.

Debt is crowding out consumer spending.  A family that is paying 18.9% on a balance of $8000 has a lot less money left over for basic purchases, much less any money to buy anything new.

Alan Greenspan thought that it was great for Americans to continue spending in the 1990s and early 2000s because it kept the economy healthy.  But it didn't keep the economy--or the family--healthy. Instead, it meant that we had a false boom, growth that was financed out of tomorrow's earnings.  Now the bills are coming due.