President Obama’s State of the Union address on Wednesday night was a study in unrealistic ambition. He proposed plans to reform the economy, create jobs, fix health care, reduce the budget deficit, improve education – and the list goes on.
Taken individually, many of the proposals put forth by Obama appear to be sound, logical policies. He called for a new jobs bill that would be welcomed by millions of the unemployed. His plans to promote increased loans and tax breaks for small businesses will please those still frustrated with the mammoth firms of Wall Street. Students can rejoice at the president’s intention to provide families with a $10,000 tax credit for college as well as post-graduation debt assistance.
The problem is that – despite his best effort to play the stern teacher – it is doubtful that Obama’s speech will inspire Congress to resolve its internal squabbles and actualize his ambitious goals. Obama set the bar very high; when Congress falls short, it will only increase the “deficit of trust” that Obama stated the American people has for its government.
Moreover, Obama’s agenda also included a slew of tax cuts – including a cut for capital gains taxes. While increased spending and decreased taxes may help to further revive the economy in the short term, if they become more permanent policies they run the risk of crippling America’s youth. If the $12 trillion national debt continues to grow at a breakneck pace, members of the current college-age generation will likely be paying to bring it back under control until they reach the grave.
The only way to reduce the budget deficit and the national debt is to either spend less money or increase taxes in the long term. Either step would be unpopular in the current economic climate, but Obama said on Wednesday that he is prepared to be an unpopular leader. Young Americans can only hope he means it.
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