Instead we got was a deeper commitment to attack profitable businesses, with new regulations, taxes, wage controls and penalties, while expanding the government to try and replace there role in the economy.
The Congressional Budget Office had this to say;
“A day after the White House announced it would seek a three-year freeze in "non-security" spending, the head of the non-partisan Congressional Budget Office called the move a "small step" toward fiscal discipline.
CBO Director Doug Elmendorf also released his agency's 10-year budget projections, which include a deficit for this fiscal year of $1.3 trillion or 9.2% of the nation's gross domestic product (GDP).
The CBO also projects 10-year federal deficits under current law will exceed $6 trillion.
"In sum, the outlook for federal budget is bleak," Elmendorf said.”
The nation is on the path to hyperinflation, and the President is committed to leading us down that path for as long as he remains in power.
The President said; why should we wait any longer to tackle the major problems that have plagued America for so long, like higher health care costs and college tuition. His solution is government run health care and more government subsidies for higher education.
What he does not seem to realize is that the rising cost of health care and higher education is primarily because of government intervention in those industries.
The solution we need is to dismantle government and get them out of health care and higher education subsidies and let the market drive down costs.
President Obama clearly does not trust the market, which are the people that know best how to reduce costs in these industries. The only thing he seems to believe in is bigger government. Why I don’t understand, when big government has repeatedly failed to solve anything.
Then he tried to buy some Republic support for his agenda, proposing a 1 percent spending freeze, while expanding the budget deficit by 1.35T. Who is he kidding? This is a joke?
The nation is already broke. We need to cut the deficit to zero, and that means cutting the government that he has expanding in half.
In summary, President Obama want to increase taxes, increase spending, print money by the trillions to expand government into every industry that he feels is not improving and to top it off, he wants use the power of the government to go after the profits of successful businesses, like banks and oil companies (which is unconstitutional).
This is a disaster in the making. I cannot believe that a President of the United States has this little education about economics. He should read, "Economics in One Lession", by Henry Hazlift.
The real solution to our deepening economic collapse is to dismantle government, cut taxes and encourage savings (increase interest rates), so that profit-minded people can begin building new businesses and creating new jobs.
President Obama’s agenda is about as opposite as it could be from creating an economic recovery and for that reason the recession can only continue to deepen.