President Obama’s speech last night was a political measure that will do nothing for the economy, and unless the president has secretly appointed Lady Gaga as director of the National Economic Council, the White House must know it.
The plan only makes sense as a political document. As an economic prescription, it’s absurd.
It’s as if your doctor came in and said, “Well, you still have cancer, and now it’s spreading. So we’re going to continue to give you Tylenol, and see if it starts to work.”
I mean, the man has already pumped into the economy $825 billion in stimulus spending which – added to the $170 billion of stimulus injected by Bush, cash for clunkers, and other junk – makes for more than $1 trillion in various Keynesian measures.
And we’re at no growth and 9.1 percent employment.
The economy is stalled not because there isn’t money around, but because of uncertainty and lack of confidence. Obama needs to provide both in the form of solid long term measures, like permanent tax cuts and the repeal of damaging, business-unfriendly regulations. And he needed to give us, about two years ago, a credible plan to reduce the deficit with SPECIFIC cuts in entitlements.
Only if he had put his own presidency on the line with potentially unpopular long term measures to reduce the deficit could Obama actually have saved the economy.
Tylenol lasts only 4-6 hours.
Obama said he will indeed propose substantive long term deficit reduction. (BTW – a week from Monday. Late with your homework again, Mr. President?) We’ll see. But with the presidential campaign heating up and politics engulfing Washington and the nation, he’s already way too late.
People will immediately see through Thursday night’s speech. They know what hasn’t worked. Obama’s political hacks are contemptuous of Americans’ intelligence.
Americans will see through this because the politics are transparent. Obama issued his proposals without consulting Republicans about what he should offer, and then he demanded they approve all of it.
And then he threatened them.
You should pass it. (Applause.) And I intend to take that message to every corner of this country. (Applause.) And I ask — I ask every American who agrees to lift your voice: Tell the people who are gathered here tonight that you want action now. Tell Washington that doing nothing is not an option. Remind us that if we act as one nation and one people, we have it within our power to meet this challenge.
Congress was told last night to “stop the political circus” by no less than the ringmaster himself.