Some economists doubt President Obama will be able to meet his goal of cutting the nation's deficit in half by the end of his first term.
Harvard economist Jeffrey Miron said it's a good idea for Obama to focus on the long-term deficit, but he said he suspects the proposal to halve the $1.3 trillion deficit is
"wildly optimistic."
"First, tax increases will probably not produce as much revenue as being forecast, and second, he hasn't really touched the two really important programs that account for a huge fraction of our future liabilities ... Social Security and Medicare," ... "Unless he does something about those, he's just kicking a can down the road,"
said Peter Orszag, the director of the Office of Management and Budget.
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Obama glosses over complex realities
WASHINGTON -- President Barack Obama's assurance Tuesday that his mortgage-relief plan will only benefit deserving homeowners appears to be a stretch.(Snip)The president glossed over a number of complex realities in delivering his speech to Congress and a nation hungry for economic salvation.(Snip)THE FACTS: If the administration has come up with a way to ensure money does not go to home buyers who used bad judgment, it hasn't announced it.
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Fact Check: Obama’s words on home aid ring hollow
President Barack Obama knows Americans are unhappy that the government could rescue people who bought mansions beyond their means. But his assurance Tuesday night that only the deserving will get help rang hollow. Even officials in his administration, many supporters of the plan in Congress and the Federal Reserve chairman expect some of that money will go to people who used lousy judgment. The president skipped over several complex economic circumstances in his speech to Congress _
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