Skip to comments.President Obama’s changing economic problem definition & deficit strategy
Posted on 01/23/2012 8:00:22 AM PST by PhxRising
In advance of tomorrows State of the Union address I have been rereading President Obamas major economic speeches. I had hoped to show a progression of argument, but that didnt pan out. Instead two things jumped out at me: the Presidents primary economic problem definition has varied widely over time, and his deficit message has changed even more. I will attempt to summarize each in chronological order.
Here is how President Obama has defined Americas primary economic problem and his policy response. In each case the language is my paraphrase of the Presidents message.
[2009-10] I inherited a mess an economy in freefall. My actions prevented a depression. [early 2009] We had a bubble-and-bust economy. I am moving the economy from one built on financial bubbles to one built on a new foundation of financial reform, education, renewable energy, health care, and deficit reduction. [2009-10] Health care costs hurt families, businesses and the federal budget. My bill will slow health cost growth and solve the deficit problem while insuring everyone. [spring 2010-present] For decades the middle class has been squeezed, owing more and making less. My new foundation and tax increases on the rich will fix that. [fall 2010] The rich dont pay enough in taxes. Lets raise their taxes. [early 2011] International competition: China and India have better new infrastructure than we do. Lets spend money on infrastructure, education, health care, and green jobs. [summer 2011] I want to fix the long-term deficit. [fall 2011-present] Income inequality is a huge problem and has been for decades. The rich are sticking it to the middle class. Im for the middle class, so lets raise taxes on the rich.
In contrast the Presidents policy and message on the deficit has ranged all over the map.
(Excerpt) Read more at keithhennessey.com ...
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