Tonight President Obama will deliver his first State of the Union Address. Rumors in Washington are that the President will pivot his messaging to focus on jobs and the economy and will pit the American people versus Wall Street.
Since taking the oath of office just over a year ago, the President passed a so-called “economic stimulus,” bailed out the U.S. automakers, administered a “cash for clunkers” program, and continued the Wall Street bailout program.
Over that time, The Heritage Foundation has been tracking the Obama “jobs deficit” – a measurement of the jobs President Obama said we would have by now versus our actual employment numbers. The deficit now stands at 7.7 million jobs as of December.
At this point, the President’s agenda still includes a tax on banks, so-called “green jobs” from a cap and trade/EPA regulatory plan that would at the same time eliminate millions of current jobs, allowing the Bush tax cuts to expire, and a government takeover of one-sixth of the economy – also known as health care reform.
He did, however, propose a modest “spending freeze” for the next three years. Unfortunately, this freeze will do little to reduce more than a trillion dollars of debt his Administration added with the 2009 “stimulus” and bloated first year annual spending bills.
Be sure to check out Heritage’s blog – The Foundry on Wednesday night and Thursday morning for our complete analysis of the President’s speech.
You can start by reading a commentary from Heritage’s President, Dr. Edwin Feulner, on the The State of Our Union.
If you are on twitter, you can join the Heritage State of the Union conversation by using the hashtag #Heritagesotu.
If you are on facebook, you can join the live chat on our wall starting at 8:30pm. www.facebook.com/heritagefoundation
In conjunction with the Wall Street Journal, Heritage has also just released our 2010 Index of Economic Freedom. The United States fell from 6th in last year’s rankings to 8th this year. We are no longer judged to be “free” when it comes to economic conditions, but instead we are now “mostly free.” (Imagine if our National Anthem would now be sung, “o’er the land of the mostly free.”)
The full text and data associated with the rankings are found on our website here.