Democratic National Convention

DENVER — American Prospect editor Robert Kuttner doesn’t just foresee huge new deficits in Barack Obama’s administration. He is cheering for them.

At an afternoon panel in the Big Tent titled, “Take Back America: The Economy,” Kuttner said, “We need deficits.” Kuttner explained that they are necessary when “an economy is about to go off a cliff.”

So where does Kuttner want Obama to funnel his massive new deficit spending? He wants “Apollo scale” investment in alternative energy (no word from Nancy Pelosi if this includes natural gas) and “public investments” to stop the spiraling fall of housing prices (in other words more leftist crony capitalism).