In those last moments before the R.M.S. Titanic gutted its hull on a jagged iceberg 400 miles south of the Grand Banks of Newfoundland, her captain ordered a full reverse of all engines and a hard starboard turn. It was – as history records – too little, too late.

Contrast that with President Obama’s announcement today that his administration will ramp up federal spending in the next three months. As the government chugs into uncharted waters of record fiscal irresponsibility, it seems our captain is shouting from the bridge, “Damn the deficits, men. Full steam ahead.”