When life gives you lemons, at this point make margaritas. Caving on debt could drive one to drink.

This photo of my son and nephew ran in our local newspaper about 15 years ago. I’m betting dollars to doughnuts our president skipped this universal childhood lesson in Economics 101, and perhaps that explains his problem understanding the tragedy to befall us as America drowns in debt. Running a lemonade stand teaches you to progress by the sweat of...