The fascinating thing is that even as Obama unveiled the biggest budget ever (3.8 trillion -- how striking that the T-word has now become commonplace but is still a concept few people can grasp -- one billion minutes ago the Gospel of John was written and a trillion is a thousand times that -- so it becomes meaningless) with the biggest projected deficit ($1.56 trillion) ever, and use the language of fiscal restraint and responsibility. I know, this is supposed to be part of his "I get it" campaign as he tries to convince us that he really-really cares about jobs and the middle class and turning the economy around rather than dabbling with a new open-ended entitlement, but just how dim does he think we are? As this Register editorial points out, it's a bit like the prayer St. Augustine is reputed to have prayed as he was trying to come to terms with what the implications of conversion really are: Lord grant me chastity -- but not just yet. The "freeze is worse than a joke.
Job creation requires capital formation and the confidence to deploy capital in productive or at least promising ways that expand or build a business to the point that one needs more people to help out. The only jobs Obama has "saved or created" so far have been government jobs, which bear a distinctly parasitic relationship to the real economy, and are a deterrent to private job creation. Even aside from the fact that government spending, while it may stimulate a little activity in the short run, is not the key to sustainable economic recovery and growth, the fact that we're in a recession is a lame excuse for not having a plan to control long-term deficits.