The Washington Times Weekly - - Commentary -

Pres­i­dent Barack Obama’s fis­cal pol­icy could be sum­ma­rized by St. Au­gus­tine’s fa­mous prayer, “Give me chastity and con­ti­nence, but not yet.”

Af­ter push­ing through a $787 bil­lion stim­u­lus bill, Mr. Obama plans to cut the deficit in half dur­ing the next four years. If this longer-term deficit-cut­ting is such a pri­or­ity, it’s a puz­zle why Mr. Obama cel­e­brated a stim­u­lus bill with $200 bil­lion in spending in 2011 and there­after.

The stim­u­lus was sup­posed to be a mas­sive, short-term boost to the econ­omy but, on the terms of its Key­ne­sian sup­port­ers, is nei­ther mas­sive nor short-term enough. Ac­cord­ing to the Con­gres­sional Bud­get Of­fice, it spends $120 bil­lion in 2009. Even if all this spending is op­ti­mally al­lo­cated to in­crease jobs and get money cir­cu­lat­ing in the econ­omy — i.e.,

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