President Obama met with his Cabinet yesterday and afterward delivered some remarks. He said, among other things:
Since that time, we’ve passed a Recovery Act that’s put a middle-class tax cut into people’s pockets, that has invested in infrastructure all across this country and put people back to work, and something that isn’t noted often enough, has helped stabilize state budgets at a time in which we could have seen hundreds of thousands of layoffs in teachers and police officers and firefighters. (Read President Obama’s full remarks.)
I suppose that you could say stimulus funds “stabilized the budget” here in Washington if you consider a one-time infusion of funds to be stabilization. Actually it might have worked quite nicely if Washington’s budget difficulties were a one-time concern rather than being largely the result of chronic over-spending. Unfortunately, Washington D.C. just acted as an enabler for the spending-addicted cash junkies in Olympia, allowing them to avoid making meaningful cuts in a bloated, unsustainable budget.
Now Washington faces a monstrous $2 billion budget deficit. Even if taxes are raised, cuts are coming and they will be deep and painful. As things stand here right now, I’d have to say that “budget stabilization” hasn’t worked out so well.
President Obama also vowed not to rest until “until businesses are investing again and businesses are hiring again and people have work again.”
How nice. It’s good to know he’s on the job, but honestly, I’d feel better if he’d vowed to give up golf. Maybe then we could expect him to pay some serious attention to actual job creation.