The president came out and said nothing new. He needed a bold proposal to change the dynamic and put the onus on Congress:
1> The Super-Committee in Congress should find $4 trillion more in savings, rather than the agreed upon $1.5 trillion, for a total of $5 trillion in deficit reduction over 10 years.
2> If we had come to the $4 trillion grand bargain that I advocated in discussions, we would not have been downgraded by S&P and we would not have lost trillions of dollars in asset values over the past week. We'd have probably had a rally. Perhaps, you should call your member of Congress.
3> With my proposed $5 trillion in savings over 10 years, we can afford $1 trillion of infrastructure stimulus over the next two years. The economy has slowed, in part, as our successful stimulus plan concluded. We need to add more stimulus to the economy until the recovery achieves sufficient momentum to grow on it's own. We have not had a recovery in the past 60 years that did not include stimulus spending.