"It's your policies, stupid!"
Here is a report from The Hill on the subject. An excerpt from the report:
In his weekly address Saturday, Obama said that Democrats and Republicans not only agree on middle-class tax cuts but the need to rein in spending, and used this to try to drive his position on the tax cuts.There he is, in the same breath as he acknowledges the need to "rein in spending" (is this a Democrat code word for "raise taxes"?), telling us that we'll have to borrow money from other countries to make up for the shortfall in revenue if the tax cuts are extended. How about extending the tax cuts (which has proven to raise government revenue every time it's been tried)....and, uh, well....reining in spending? (i.e., cut a lot of government programs, eliminate a few bureaus and other regulatory agencies, vote down or halt almost all of the current spending proposals in Congress now, and NOT print more money?)
"At a time when we are going to ask folks across the board to make such difficult sacrifices, I don’t see how we can afford to borrow an additional $700 billion from other countries to make all the Bush tax cuts permanent, even for the wealthiest 2 percent of Americans," the president said. "We’d be digging ourselves into an even deeper fiscal hole and passing the burden on to our children."
"Turner", you say, "You're not an economist. How could you possibly know that printing more money is a bad thing?" Well, right, I'm not an economist, but I do know that US currency is not backed by any objective value (i.e., gold and other precious metals), and that the current price of paper per ton is $972.33 (as of Nov 2), and that a ton of currency is a lot of paper..worth less than $972.33 a ton, since after it is made into currency, it can't be used for anything else. Any currency unbacked by objective value eventually declines to the approximate value of the paper it's printed on, and yet this is one of the strategies of this administration to improve the economy. They call it "quantitative easing". I call it just another tax.
And that's just it. Another tax.
The answer is, extend the Bush tax cuts. Perhaps even give people more of a tax cut. Then, repeal ObamaCare (did you know that it is a Federal law that hospitals must treat you, even if you are penniless and have no insurance? This was the law before ObamaCare, and as far as I know, it's still the law). After ObamaCare is gone, then let's start eliminating a few bureaus here and there. Get rid of a few burdensome regulations on small businesses. Let the politicians hash out the detail. The point is rein in spending for real. For real! Slash and burn, baby!