OMBLOG BEGINS.

His first post on the new OMBlog is here. In it, he makes the "twin trillion dollar deficits" argument I heard at this morning's press conference. There's the first deficit, the one you know, the one where the government is spending more than it's taking in through taxes. And then there's the second, the "output deficit," where the economy isn't producing as much as it could be. That actually has much the same practical effect on the budget as overspending: Low economic production means there's less total income to tax, and thus lower tax revenues.

He also talked with the White House's new media office about the value of blogging. And he's right. Blogging is awesome.

(Bah. Stupid video wouldn't stop auto-playing. Not embeds we can believe in. View it here.)