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From George Bush's speechwriter, Michael Gerson, RCP, WaPo:

In normal circumstances, these moderate, small-scale proposals would be promising. In my political past, I pushed for similar ideas in Bush's State of the Union addresses. But this isn't the moment for Clintonism. Economic stagnation and the prospect of inflation caused by massive debt overwhelm this kind of political approach.

The need of the moment is job creation, which has nothing to do with the typical priorities of Democratic jobs legislation. In December, the White House held a "jobs summit" to which the main small-business groups were symbolically uninvited. The House passed a "jobs bill" that reprised the stimulus package -- more public spending on roads, unemployment benefits and teachers' salaries. Said Democratic Rep. Dan Maffei of New York, "The bill we passed in the House, I don't think was real. It was all spending, no tax cuts."

More. WSJ, with chart above. The Obama Fisc. Spending religion arrives a year, and trillions of dollars, too late.

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