Democrats, Republicans and indeed all American citizens are eagerly anticipating President Obama’s State of the Union Address Tuesday evening, hoping for a clearer picture of what he plans to accomplish before 2017 to cement the Obama legacy.
But as we look toward the next four years, we must not overlook the far-reaching consequences of the president’s actions early in his second term. For starters, his refusal to cement a long term fiscal deal with Republicans is a tell-tale sign that the political and economic environment he’s created does not bode well for the legacy he hopes to leave behind.
He has no more excuses on the deficit.
Obama campaigned for reelection promising to reduce the deficit almost exclusively through tax increases and phony cuts, like ending a war that was already over. Despite his tax increases, US debt is still growing as far and fast as the eye can see. The CBO’s midyear forecast shows this year’s deficit will still be $845 billion, over 5% of GDP.
Worse, the public debt is predicted to be 77% of GDP in 10 years, double the average of the last 40 years, and this despite exceedingly optimistic CBO growth targets never achieved during Obama’s time in office.
Read more: http://www.foxnews.com/opinion/2013/02/11/obama-legacy-it-doesnt-look-promising/#ixzz2KhinTMMo
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