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My advice on debt and deficit, Mr. Obama
1. "I recognize that, under the 14th amendment, neither Congress nor any other body has the authority to disregard America's debt. Since Congress has already authorized previous years' and the current year's spending, no debt ceiling limitation is constitutional. The fight on this issue is over. We will borrow as needed."
2. "The Bush tax cuts, all of them, are set to expire in 2012. I will not permit the extension of any of them, for rich and poor alike. The deficit crisis that looms over the coming decades is equal in amount to the Bush tax cuts. This has been a case of borrowing to cut taxes, which is nonsense. The Bush tax cuts have not resulted in prosperity, and seeing government reliably funded would restore confidence to business, and give business the faith to resume investing in this country's future."
3. "I will not seek the Presidency in 2012. I've been the weakest leader since Millard Fillmore, and it is a disservice to my party, my country, and to liberalism itself for me to pursue re-election. Plus, given that my assertion of the unconstitutionality of the debt ceiling will be sure to come to the Supreme Court, and the Supremes lately have been an arm of Republican interests, it is more likely my decision will be upheld if there is a chance of a Republican President enjoying the authority I seek, instead of me."
All big problems solved, in one simple speech! Except for the financial industry. That sucker still needs some major fixing. But breaking up the big banks and designing a short leash for them requires a President with much more nerve than the current guy.