STEPHEN MOORE: The OBAMA Promise—Then and Now – WSJ.com
The Obama Promise: Then and Now
The president’s own economic words are coming back to haunt him.
OPINION SEPTEMBER 16, 2011
By STEPHEN MOORE
Barack Obama now faces perhaps his most politically crippling deficit of all: a credibility deficit.
That observation is reflected in the latest Bloomberg poll, which finds that on the heels of his big jobs speech last Thursday night, more than half of Americans (51%) do not believe the president’s claim that this latest $447 billion spend-and-tax-or-borrow scheme will create new jobs.
“As the economy has gotten worse, people have stopped listening to Obama and his speeches are no longer an asset, they’re a liability,” concludes Kellyanne Conway, president of the Polling Company. That is because the gulf between three years of rhetoric and reality is so gigantic.
WSJ Editorial board member Steve Moore on President Obama’s plan to pay for temporary tax cuts by hiking income and business taxes over the long haul.
It is hard to make a persuasive case for a $447 billion economic stimulus plan that looks and sounds so much like the $830 billion plan that Americans were sold two-and-a-half years ago. That first plan didn’t “create or save” the 3.5 million jobs the White House promised, and most Americans don’t agree with Vice President Biden that it worked beyond his “wildest dreams.” Tell that to the 14 million Americans—two million more than when all the spending and borrowing began—who are still out of work, or the tens of millions who do have jobs but have seen their income drop in the last two years.
American voters can’t conceive of how $447 billion of more debt and spending will create jobs when the last three years have already given us $4 trillion of new debt with no jobs. What is even harder to believe is the president’s assurance that the new American Jobs Act “will not add to the deficit. It will be paid for.” How can this plan be paid for when the first, $830 billion, plan has never been paid for?
While running for president Mr. Obama promised “pay as you go budgeting,” and in February 2009 during his “fiscal responsibility summit” he sounded like Ronald Reagan when he said that “this is the rule that families across this country follow every single day, and there’s no reason why their government shouldn’t do the same.” But the Obama government isn’t doing the same. It is doing the opposite.