The President gave a speech tonight. I didn’t watch.
CNN tells me it was about some exciting! new! legislation, the American Jobs Act of 2011. The article was short on details, but I was left with the impression that the Act’s chief purpose is to get Mr. Obama re-elected.
One quote from the speech made me laugh:
And everything in this bill will be paid for. Everything.
Really? In an era of trillion-dollar deficits, where does the President expect to find the $450 billion that his legislation will cost? Simple: by asking the deficit-reduction supercommittee to reduce the deficit a little bit more.
Never mind that the deficit-reduction supercommittee hasn’t met yet, and is unlikely to accomplish anything significant when it does. Reducing the deficit by $500 billion does not mean the nation suddenly has an extra $500 billion to spend.
I begin to suspect that Mr. Obama will be a one-term wonder, like Jimmy Carter and Herbert Hoover – and for much the same reasons.