3% Solution

If a country wants to join the European Union, often the hardest hurdle is getting its budget deficit under control.

The EU requires a deficit of no more than 3%. That's 3% for the entire government's budget: defense, welfare, health care, education, interest on debt, law enforcement, etc.

[ AP ] President Barack Obama is promising a major investment in research and development, with the goal of spending 3 percent of the nation's gross domestic product on scientific innovation.

Mostly, I'm just stunned by the economic ignorance of the president.