Politics always involves uncertainty, but less so when predicting President Barack Obama’s economic actions. Sadly, those of us who said that his jobs speech wouldn’t call for the two things that could most help job creation – real regulatory reform and a pledge not to increase taxes – were correct.
But the speech, and a $450-billion price tag for the American Jobs Act, did contain a lot of fluff and rhetoric. As Ronald Reagan said, “It’s not that liberals are ignorant. It’s just that they know so much that isn’t so.”
1. The president emphasized that his speech was not political. Ignore that, several hours before, his campaign sent an e-mail to supporters (Subject Line: “Before I head to the Capitol) with a request for donations. Obama’s rhetorical formulation “Pass this jobs bill” was designed to take the focus off of his own terrible three-year economic record and imply all can be repaired if this bill passes. He is desperate to blame Congress for his deplorable record. He wants us to forget his $800-billion stimulus, $4 trillion of cumulative debt and reckless passage of Obamacare. In fact, this was a totally political speech – the first to use the grand majesty of a Joint Session of Congress as backdrop.