By IBD STAFF

For decades, politicians around the world have deferred tough decisions. But Europe's debt crisis and rich nations' welfare-state woes show that this is no longer possible. The 2012 presidential election will go a long way to determining how America will address fundamental issues of the size and scope of government. Meanwhile, the U.S. economy tries to avoid a global slowdown, investors hope for direction, and dictatorships teeter while Iran's nuclear clock is ticking.

Read in Investors Business Daily.