Obama's Plan for the Economy and Deficit

President Barack Obama has been talking a lot about reigniting economic growth and reining in the federal budget deficit. Unfortunately, he has not been saying much that's substantive or helpful on these matters.

Consider his "Plan for Economic Growth and Deficit Reduction." It is claimed in the plan: "Overall, it pays for the President's jobs bill and produces net savings of more than $3 trillion over the next decade, on top of the roughly $1 trillion in spending cuts that the President already signed into law in the Budget Control Act - for a total savings of more than $4 trillion over the next decade."

At first, this might sound impressive. But then the details come into focus...

Read the rest of this SBE Council Cybercolumn by chief economist Ray Keating here.