But listening to the president speak Tuesday night, one came away with a distinct impression. Either Obama does not believe this country is careening toward a fiscal and financial crisis, or he refuses to pay the political price of imposing the sacrifices needed to lead the country back from the brink.
The day after the president spoke, the Congressional Budget Office estimated the deficit this fiscal year at $1.5 trillion, largest in peacetime history and 10 percent of the entire U.S. economy. Almost 40 percent of the budget will be financed this year by borrowing from our own citizens and foreign countries, China foremost among them.
Did anyone detect in the president's pleasant demeanor that night any sense of urgency, any sense that this time the wolf is really at the door? Did anyone hear a call for sacrifices, and not just small ones, to pull our country back from the precipice of national default?
The disconnect between the Tea Party Republicans and the president could not be greater. He is talking about bullet trains and infrastructure; they are talking of defunding Amtrak and the Washington, D.C., subway system.
They are talking about raising the retirement age for Social Security, which is now sending out more in monthly checks than it is taking in in payroll taxes. Obama is being congratulated by the liberal wing of his party for refusing even to bow in that direction.