The new grand bargain the president offered yesterday in his speech in Tennessee isn’t completely pointless, but it is destined to go nowhere fast. Whatever the specific details of the proposal might be, they don’t really matter. However, it is almost comical that the president is supporting corporate tax reform that would actually raise taxes, a notion that is DOA in Congress. Anyway, the problem today is that nothing the president says is any longer connected to the gears of politics, governing and deal making in Washington. President Obama is like a streaker who appears on the field of a football game. He momentarily draws the eye and everyone takes notice for a while, but then the game quickly goes on without him. Nothing has changed and the president’s antics don’t impact the outcome.
It would be easy to shrug and accept the president’s lame duck status as mostly harmless, but today’s GDP report reminds us that the low-growth Obama economy is actively corrosive for American families and workers. First quarter GDP growth was revised down to 1.1 percent from 1.8 percent, and second quarter GDP growth was a measly 1.7 percent. This type of anemia eventually leads to terminal problems that won’t self-correct. Real harm is being done. We need growth and this president is against it. If this weren’t true or if things were going to be different we would know by now.
Obama is committed to punitive taxes and classic big-government spending and is content to leave the U.S. economy running in neutral at best, unable to add jobs and curb the escalating dependency that the president must find acceptable — if not preferable. We need an election and we need it fast.