In fairness to the President Obama, SOTUs are typically speeches of broad political themes with a spate of nationalism liberally sprinkled throughout the text.  Yet, last night seemed particularly disappointing given the United States’ serious problems over the debt that has been created since Mr. Obama came into office ($10.6 trillion to $15.2 trillion) and the budget deficits that have been the largest in the country’s history (FY2009 $1.4 trillion, FY2010 $1.3 trillion and FY2011 $1.3 trillion). 

At this point, the United States remains firmly on the Japanese path to fiscal hell with the pathway paved by both parties.  However, both parties have a blueprint for addressing the problem that the President’s deficit reduction committee created (Simpson-Bowles).  Sadly, there was no mention of that last night.  Nor will there be any mention of a budget blueprint from President Obama for 2012 nor will the Senate propose a budget for 2012.  As a matter of fact, the Senate hasn’t presented a budget for almost 3 years.  This is not the blueprint for addressing the serious fiscal issues that face the nation.  Remember, the country is losing between 0.5-1.0% of GDP per year because of the debt (Rogoff and Reinhart). 

If both parties truly want to create growth, the fiscal and debt situation must be addressed.  The candidate that shows the leadership to get this done will be elected.