Obama's plan to cut $1.1 T over the next decade is a completely worthless gesture. With yearly deficits of $1.5 trillion, we are adding $15 trillion in new debt over the same period. It is sad that Obama's number coincides with Boehner's $100 B in cuts. Because, if either party thinks this puny gesture will put the slightest dent in our debt, they are every bit as stupid as we give them credit for.
Using a simpler example, you cannot hope to pay your credit card off if you simply pay the "minimum". First, you cut up the card, and second, you cut every possible expense in order to pay back what you borrowed as soon as possible, before the interest makes it difficult or impossible to do so.
We simply need to spend less and collect more. We cannot afford to raise taxes during a recessionary period, so we must cut spending to the bone to reduce our deficit, while stimulating growth in the private sector by lowering government restrictions and encouraging productivity.
Once we've paid off our debt, we can begin to operate under a balanced budget. But we've accrued such debt that the interest alone will soon eclipse our GDP. We have, as some say, found ourselves up Schmidt Creek and are quickly losing our grip on the paddle.
As to job creation and the new GOP House, what part of "the government cannot and does not create jobs" don't liberals understand? The job of Congress is to stay out of business, but we can see what happens every time government interferes.
The ugly truth, that our government refuses to acknowledge, is that government meddling is what put our economy into the tank, and that our problems cannot be solved by more government. More spending to engorge our already bloated, useless, and inefficient bureaucracy will only add to our misery.
If Obama works with Republicans to reduce the layers of bureaucracy, stop any new spending, and greatly reduce existing entitlement spending, I see no reason to allow him the opportunity to correct our problems. However, if he keeps harping on his asinine “investment in the future” strategy, then it proves he is as incompetent as he seems to be, and we will have to hang on and wait until he is removed from power in 2012.