“Deficit could turn a crisis into a catastrophe”
During the first prime time news conference of his administration, President Barack Obama told Americans that the federal government was the only power that could save the nation at this time of crisis, with huge spending outlays and targeted tax cuts, which he argued could save or create up to 4 million jobs.
“At this particular moment, with the private sector so weakened by this (inherited) recession, the federal government is the only entity left with the resources to jolt our economy back to life,” he said.
So it was that he tried to sell the bloated and pork-filled generational tax burden, previouslyreferred to by Democrats as the “stimulus” bill but now magically rechristened the Recovery and Reinvestment Plan.
We also learned that Obama’s administration was reviewing its policy toward Iran “looking at places where we can have constructive dialogue,” adding that it was time for Iran to change its behavior.
And the moon is made of green cheese.
Using the press corps as a prop, Obama demonstrated his propensity for lecture, taking excessive time to answer most of the few questions he acknowledged, when they could have skillfully been addressed in far less time.
And while Obama faulted the way the first $350 billion of the $700 billion bailout program was spent, he repeated the new liberal phrase which has been getting quite a workout these days: “We didn’t get as big of a bang for the buck as we should have,” he said.
The full text of his remarks (minus the press questions) can be read here.