This is the name of Obama’s supposed economic plan for the next four years. If you’ve swallowed something poisonous and are out of ipecac, you can download the PDF here.
There is literally nothing new in it. It’s simply a distillation of the promises he’s made over the last few weeks. If we’re lucky, most of it won’t happen. If we’re unlucky, some of it will and it will make things worse (one of my favorites, bringing the cost of higher education down by spending more).
Oh, and his budget plans?
The Committee for a Responsible Federal Budget (CRFB) explains: “To reach his $4.3 trillion in savings through 2021, the President’s budget counts $1.6 trillion (excluding interest) of already-enacted savings. In addition, it includes two elements which the Fiscal Commission assumed in its baseline – a drawdown of the wars ($740 billion through 2021) and the expiration of the upper-income tax cuts ($830 billion through 2021).” Overall, the CRFB analysis says, Obama’s budget “falls well short of the $4 trillion in savings claimed by the [Simpson-Bowles] Fiscal Commission.” CRFB estimates that it would save a little less than $2 trillion instead.
What about the $2 trillion in deficit reduction the plan can claim to put on the scoreboard? It comes almost entirely tax increases. As James Pethokoukis of the American Enterprise Institute shows, the plan would result in about $1.735 trillion in tax hikes — and just $230 billion in spending cuts, the vast majority of which are cuts to health care provider reimbursements of dubious long-term value.
Honestly, it’s like he’s running for his first term.