The Status of the US Economy

George Will notes about the Obama economy:

First, there will be no significant spending restraint. Democrats — you know: the people respectful of evidence and science — even rejected a more accurate measurement of the cost of living that would slightly slow increases in myriad government benefits. Accuracy will be sacrificed to liberalism’s agenda of government growth.

Second, Barack Obama has as Winston Churchill said of an adversary “the gift of compressing the largest amount of words into the smallest amount of thought.” His incessant talking swaddles one wee idea — raising taxes on “millionaires and billionaires,” including people earning less than half a million. He has nothing pertinent to say about the steadily worsening fiscal imbalance that will make sluggish growth — less than 3 percent — normal.

Third, one December winner was George W. Bush because a large majority of Democrats favored making permanent a large majority of his tax cuts. December’s rancor disguised bipartisan agreement: Both parties flinch from cliff-related tax increases and spending decreases. But neither the increases nor decreases would have tamed the current $1 trillion-plus budget deficit nor made a discernible dent in the 87-times-larger unfunded liabilities of the entitlement state.

 

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