THE DAILY TELEGRAPH: When Barack Obama won a second term in office last November a tiny, guttering flame of hope was observed in the breasts of many hard-pressed Americans who wanted common sense to prevail in Washington.
That hope centred not on any naive expectation that Democrats and Republicans would suddenly learn to love each other, but that Mr Obama, freed from having to run for office again and in search of a personal legacy for his presidency, might start to show some leadership.
Last week, sad to report, those hopes flickered and died when Mr Obama delivered a State of the Union address that showed he has absolutely no intention of getting serious about arresting America's long-term financial death-spiral.
This was an infuriatingly dishonest speech. Mr Obama spelled out very clearly America's impending demographic crunch – too many baby-boomers, not enough money to pay for their benefits – but then falsely pretended the problem could be solved by tinkering around the edges.
"Medicare must embrace the need for modest reforms," he allowed, warning that failure to fix America's unsustainable entitlement system would "crowd out the investments we need for our children, and jeopardise the promise of a secure retirement for future generations."
All true, except for that one word, "modest". There is nothing modest about the size of America's financial problems, as Doug Elmendorf, the director of the non-partisan Congressional Budget Office, explained last week when he was up on Capitol Hill spelling out budgetary home truths. » | Peter Foster, Washington | Saturday, February 16, 2013
