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Legacy? Does anyone really think that...

President Obama is by all accounts more confident than ever since his re-election, telling everyone he sees that he's certain he can pound Republicans enough to get his way on taxes and spending. And if he can't, well, then he can always go over the fiscal cliff and blame Republicans next year for whatever happens to the economy.

And maybe he's right. If nothing else, he's been expert at dodging responsibility. The line he's taking so far in budget negotiations could hardly be tougher. House Speaker John Boehner was decidedly downbeat Thursday after a phone call with the President Wednesday night and a Thursday meeting on Capitol Hill with Treasury Secretary Tim Geithner and White House aide Ron Nabors.

Our GOP sources say the President is insisting on about $1 trillion in new tax revenues immediately by raising tax rates, plus another $600 billion in net new revenue as part of tax reform next year. He also wants $150 billion in new public works "stimulus" spending, $50 billion of it next year, and another extension in unemployment benefits (one year cost: $30 billion).

In return, Mr. Obama will only promise some $400 billion in entitlement savings next year, details to come later. Keep in mind this negotiation is supposed to reduce the deficit. We're told Mr. Geithner also demanded a permanent increase in the debt limit, meaning that no future action would be required to raise it again. There's more, or shall we say less, but you get the idea. As one senior Republican told us, "This was almost insulting."

This doesn't come close to an offer that Mr. Boehner can accept, not least because it couldn't get through the House, and maybe not even the Senate. If Mr. Obama really does want to force the GOP over the cliff, he's well on the way to doing it.

But if we may offer the President some friendly advice, his real challenge in a second term isn't the Republicans. He's beaten them like the Washington Wizards. His real problem is illustrated by the nearby table. It's his economic growth deficit.

...

Without 3%-4% growth, Mr. Obama will never get middle-class incomes back to what they were even in 2007. Without faster growth, he'll never raise enough tax revenue to reduce his trillion-dollar deficits, much less finance ObamaCare. Without faster growth, he'll be forced to choose between cutting entitlements, raising taxes again, or facing a debt crisis that may not wait until 2016.

With that in mind, Mr. Obama might want to think twice about those Democrats who say don't worry about raising taxes or going over the tax cliff because he and they can always blame the Republicans. The truth is that any recession, even a short one, would steal another year of growth from an economy that is barely growing as it is. And once a recession starts, no one can predict how deep it would be or how long it would last. To adapt Jack Kennedy's famous phrase, an ebbing tide strands all politicians.

The great mistake of Mr. Obama's first term was putting his social and political agenda above nurturing a faster economic recovery. It nearly cost him re-election, even against a weak opponent. Mr. Obama won by telling voters he only needed more time. Without faster growth, his second term ambitions will vanish faster than he and his preternatural self-confidence imagine.
Click to expand...
http://online.wsj.com/article/SB10001424127887324205404578147733746228610.html?mod=rss_opinion_main
 
RobDownSouth said:
We're still waiting for the last recession you promised us as a result of QE! :mad:
Click to expand...

They just keep predicting a recession, without a specific "when", so that when one eventually happens, and it will, they can start with the back slapping and "I told you so!"

Tomorrow! Tomorrow! It's always, tomorrow! :rolleyes:

My 'Doom and Gloom' thread has been going for years now, the opening post is STILL true, and they're still hoping for failure. Pathetic. :cool:
 
I already had my bath.


The Mopar needs a bath, too, but she's gonna hasta wait.
 
We hit 60 today, so we can haz a few Injuns here, too.


I have some more concrete to place this weekend, too.


Workin' for Mom ain't go no end, either, so I hope it's right/good.
 
I plan on expanding the garden, growing your own might come in handy in the not-to-distant future.


:)
 
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