America’s fiscal fire will not put itself out

There is an old admonition, courtesy of Justice Oliver Wendell Holmes, that no one has the right to falsely shout “fire” in a crowded theater and cause a panic. The abused part of that line is obvious. The neglected part is just as important: When the danger is real, responsible people do not stay silent. They sound the alarm before the smoke fills the room and the flames become impossible to ignore.That is where the United States is today.The fire may not yet be visible to everyone, but it is a...