"We didn’t need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction. That was true last week. That was true last year. That was true the day I took office." --Barack Obama, Aug. 8, 2011.
Barack Obama took office Jan. 20, 2009. That was 972 days ago this morning, almost to the hour when he finally offered his newest full-blown deficit reduction plan. (See full Obama text below.)
Or as he put it, "Good morning, everybody. Please have a seat."
If it's Monday, the campaigning president must be issuing a new plan for something (before another $35,800 per ticket fundraiser in New York City). Last week it was his new Monday stimulus package, which was so urgent it's been delayed, as we discussed right here this morning.
Today, it was how to pay for his new stimulus package plus how to start reducing overspending and paying down the $14,000,000,000,000+ in debt that someone else is responsible for accumulating in recent years.
Here's the Washington Democrat's diagnosis:
During this past decade, profligate spending in Washington, tax cuts for multimillionaires and billionaires, the cost of two wars and the recession turned a record surplus into a yawning deficit, and that left us with a big pile of IOUs.
Everyone remembers his last deficit reduction plan in April. Back then he was determined "to shrink the deficit as a share of the economy, but not to do so so abruptly with spending cuts that would hamper growth or prevent us from helping small businesses and middle-class families get back on their feet."
Which struck many as suspiciously like not much of a shovel-ready deficit reduction program.
Now that it's autumn, it will surprise only children that the Democrat wants to increase taxes because we aren't paying enough and need more to spend. He also details impressive, large-scale cuts that include $1 trillion that we don't have and he says we won't be spending on wars in Afghanistan and Iraq.
According to this line of thinking, our spouse has been informed that we'll be buying a Lamborghini (red) with the cuts we've made in not buying a corporate jet.
"This plan cuts $2 in spending for every dollar in new revenues," the president proclaimed. Reforms to....