Morning Bell: State of Denial

Conn Carroll / January 25, 2011

This is only President Barack Obama’s second State of the Union, but his failed economic agenda has already forced him into early reruns. After more than $800 billion in Keynesian economic stimulus spending, our nation is still mired in a post World War II record 20th consecutive month of near double digit unemployment. Our national deficit stands at $14.06 trillion and we may hit the $14.29 trillion debt ceiling as early as this spring. Our country desperately needs a change in direction, but that is not what we will get tonight.

According to The New York Times, President Obama’s speech will describe his “five pillars” for ensuring America’s competitiveness and economic growth. He must be hoping that the American people already forgot about his first “five pillars” of economic growth that he unveiled at Georgetown University in April 2009. The President’s present pillar panel is pretty much the same as the old one. “Deficit reduction” and “investments” in education are completely unchanged. “New Investments in Renewable Energy” has been repackaged to the more centrist-friendly “New Investments in Infrastructure.” Out are “New Investments in Health Care” and “New Rules for Wall Street.” In are “innovation” and “reforming government.” As Charles Krauthammer pointed out almost two years ago, Obama’s rhetoric is a mirror image of President Jimmy Carter’s and his policies are no different either. Tonight’s speech is just old school 1970s tax and spend liberalism in sleek new Obama packaging. (more…)