President Obama’s job speech reacted to by Heritage Foundation scholars (Part 3)

I love going to the Heritage Foundation website because of articles like this:

Heritage’s experts watched President Barack Obama’s jobs speech delivered to a joint session of Congress. Here are some of their immediate reactions:

The Absurdity of Obama’s Spending Offsets

It is absurd that this President — who ignored the recommendations of his own fiscal commission, and then sought to raise the debt ceiling without a nickel of spending reductions — now demands the super-committee created in the debt-ceiling negotiations to come up with additional savings to pay for his jobs proposal.?? ?

– Patrick Knudsen

And When, the Rest of the Story, Mr. President?

In giving his big jobs speech this evening before a rare Joint Session of Congress, also gave us a classic “Paul Harvey” moment.

Paul Harvey was a famous radio commentator and personality with one of the longest running national radio programs in history.  His trademark was to tell the audience the big lead into a big story and then break for a commercial.  When he came back he would then announce, “And now, (pause) the rest of the story”.  We’re still waiting for Barack Obama to give us the rest of the story.

In his jobs speech, the President laid out a bunch of retread policy ideas that two years after they were first tried managed to create an arithmetic novelty – exactly zero job growth in August.  In total, the President is calling for more new spending on proven policies that are proven failures, and he says these will all be paid for with budget reductions elsewhere.

But he refused to give his proposals for offsetting the cost of his proposals.  Desserts only, no spinach?.  We’re still waiting for “the rest of the story”.  Was he unable to decide in time on what to propose?   Did he think perhaps no one would notice?  Why put out what is literally a half-baked plan?

– J.D. Foster

Rising Deficits Drive U.S. Debt Limit Higher, Faster

Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.

Congress first placed a statutory limit on total federal debt in 1917, in the Second Liberty Bond Act. Since 1962, Congress has altered the debt limit through 74 separate measures, raising it 10 times since 2001. Since 1990, the debt limit has been raised a total of $10.1 trillion, but nearly half of that increase has occurred since September 2007.

U.S. DEBT LIMIT

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Rising Deficits Drive U.S. Debt Limit Higher, Faster

Source: Congressional Research Service and White House Office of Management and Budget (Table 7.3, Historical Tables).

Chart 26 of 42

In Depth

  • Policy Papers for Researchers

  • Technical Notes

    The charts in this book are based primarily on data available as of March 2011 from the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO). The charts using OMB data display the historical growth of the federal government to 2010 while the charts using CBO data display both historical and projected growth from as early as 1940 to 2084. Projections based on OMB data are taken from the White House Fiscal Year 2012 budget. The charts provide data on an annual basis except… Read More

  • Authors

    Emily GoffResearch Assistant
    Thomas A. Roe Institute for Economic Policy StudiesKathryn NixPolicy Analyst
    Center for Health Policy StudiesJohn FlemingSenior Data Graphics Editor

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