President Obama wondered aloud from a White House podium this morning why the economy is so shaky and unemployment keeps rising above his advisors' projections. His own agenda of higher health care and energy costs, higher taxes on corporations, and more labor regulations is a logical place to look first.

While government spending might be providing a short-term "sugar high" for the economy, U.S. private business investment remains in recession, and without new buildings and machines businesses are not hiring workers. At the December summit, the administration should explore cutting the costs of private investment by major reforms to the corporate income tax. That policy should be paired with steep cuts in government spending to reduce deficits and ease fears in capital markets about the banana republic financial mess in Washington.