There's nothing responsible about this so-called balanced approach. By insinuating that Washington can pay down the national debt by squeezing the rich "just a little bit," Democrats are no more responsible than Republicans who have pledged never to increase taxes.
When the economy has recovered fully, I believe that Washington will have to enact tax reform that increases revenues. But first the U.S. economy has to improve.
Obama has no idea how to make that happen. He knows that the private sector is sitting on cash -- more than $1.7 trillion in May, according to The Wall Street Journal. That's why Obama claimed in June that "the private sector is doing fine." But the president has no blueprint for how to instill corporate decision-makers with the confidence they need to hire more workers rather than hoard their cash. Indeed, his remedy scares employers.
So why would Americans re-elect him?