Sentence:  "The American economic system is beginning to resemble the <WSD>caucus race</WSD> in Alice in Wonderland. Is it not something of a contradiction to cut taxes to facilitate the resurgence of buying power that will increase the demand for appliances and, especially, vehicles —and at the same time enforce a reduction in demand for the petroleum fuels that must drive the cars and power the machines that will manufacture the appliances? 
Meaning of the word marked with <WSD> tags:  A laborious but arbitrary and futile activity; an activity that amounts to running around in a circle, expending great energy but not accomplishing anything.