Fresh from signing a debt-ceiling increase that provides no shelter from the storm ahead, President Barack Obama stepped before the cameras in the Rose Garden last week and vowed to renew his focus on jobs and the economy.
And where will these jobs come from• Supposedly, from key government "investments." In other words, from the same failed government policies that have stifled economic growth and threaten more damage.
"Obama does not have much presidential persuasion left. He is running out of capital," says James Thurber of American University's Center for Congressional and Presidential Studies.
Witness Washington's latest "big deal." It's clear about raising the nation's debt ceiling (spending) by $2.4 trillion in toto . But details get fuzzy on any specific cuts, which are pushed back beyond 2012 -- if they happen at all.
Ditto for any reforms of Social Security, Medicare and Medicaid, which get kicked further down the road despite the trio's trillions of dollars in unfunded liabilities.
So, we have a deficit-reduction plan that pays lip service to unsustainable entitlement spending, which is driving up the nation's debt. Add to that burden all the deleterious diktats of ObamaCare.
Against this rising tide of federal spending and even more debt, Obama and Congress are building castles in the sand. Corporations and investors aren't going to set up their beach chairs, only to see them get swept away.
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