With his State of the Union address and this budget, President Obama is trying to define a new problem to be solved. He thinks Americans are at a long-term competitive disadvantage relative to the Chinese because our government isn’t spending enough on infrastructure, innovation, and education. Suppose you think he’s right (I don’t). Is this problem more urgent than restoring short-term economic growth? Is it more important than addressing unsustainable deficits and a federal government expansion that will leave fewer resources for the private sector? The President apparently thinks it is. I strongly disagree.