Feb 13 2013
President Obama’s State of the Union Address provided some solace to progressives on some issues, but left a lot to be desired on others.
He was right to point out that we can’t keep “drifting from one manufactured crisis to the next”—a good, clean shot at Republican obstructionism on the fiscal cliff and sequestration.
But for the longest time in the first part of his speech, he focused on deficit reduction, which is an exaggerated problem. He said that “economists” say we need $2 trillion more in deficit reduction “to stabilize our finances.” Which economists was he talking about? Not Nobel Prize-winners Joseph Stiglitz and Paul Krugman, who have urged him not to focus so much on deficit reduction but rather on job creation.
And in his discussion of deficit reduction, Obama hinted that most people are going to suffer. “We can’t ask senior citizens and working families to shoulder the entire burden of deficit reduction while asking nothing more from the wealthiest and most powerful,” he said. That doesn’t sound like he’s making a good bargain to me. Instead, it sounds like he’s going to ask “senior citizens and working families” to shoulder a big part of the deficit burden, which they can’t afford to do.