Indeed, even on the economy alone, what we don't know about the role of markets, big banks, taxes, deficits, financial psychology is as great as what we do know.
Higher tax receipts will cut as much as £15bn off the UK deficit this financial year, from £120bn to £105bn.
It reflects the stark reality of what we've inherited — a trillion-dollar budget deficit, a financial crisis and a costly recession," Mr. Obama said.
Income inequality is indeed a tremendous problem, but one borne of tax cuts amid a deficit, poor financial regulations, a weakened labor movement and bad campaign finance policy.
Hospitals are anticipating a £2.2bn deficit this financial year, and have been ordered to balance their books next year or risk takeover by national regulators.
It reflects the stark reality of what we've inherited: a trillion-dollar deficit, a financial crisis and a costly recession.
He says Spain's three main problems are the public deficit, a financial system burdened with debt and doubts about the euro which hurt the most vulnerable member states most.
Democrats will argue that the figure proves that the tax increases on the rich are a nominal amount that would have little impact on the economy but would signal resolve on the deficit that financial markets are wanting.
But another lesson of 2011 was that America did and does have a choice; Washington may be obsessed with the deficit, but financial markets are, if anything, signaling that we should borrow more.
There isn't: although public finances are a bit less dire than Mr Osborne feared when he fashioned his first budget last June, Britain's deficit this financial year will be equivalent to around 10% of GDP.
