The secret in a stagnant America is generating wealth from certain markets.

Clinton tapped the IPO machine via stock taxes for enough money to plug the federal deficit.

The result: Deficit plugged by stockholders, companies fold, many out of work, Americans significantly poorer than before.

Bush lowered taxes and encouraged home refinancing with lower mortgage rates. People lived on their newly inflated "home values" and when the values collapse, monthly payments are too high to sustain, houses impossible to sell for a profit, people lose homes and/or are living hand to mouth.

But these techniques effectively masked the problem of lower wages, illegal immigration, failing services, severely limited industrial growth and the wage decreases across the board that accompany every factory that closes or moves overseas.

The next President will have to come up with another technique that throws "virtual" money at the economy and keeps it spinning for a while until it evaporates. The quickie tax rebates will throw a bit of "vaporwealth" at the economy but it will only buy a few months of upturns. The fundamental problems remain - and ever since Mexico's currency crashed by some 30 percent in 1995, the hordes have been coming over non-stop. We are witnessing year 13 of the intense invasion and our economy just can't take it. I proposed one potential start of a solution over at Redstate, but the issue still requires a lot of thought.

It seems the next big thing will be another big stall - possibly socializing large parts of the private sector, generating tons of low paying government job and just shifting the expenses to the deficit, but keeping the people quasi-happy.

We need to get our borders controlled and we also need to spur NEW technologies - not just new government jobs and boosting the pharmaceutical industry. I hate to say it but the video games, television and the rest have taken a huge hit on US productivity and creativity.