I also want to mention that while Andy Stern and John Sweeny were in attendance, neither had the good sense to submit written objections to the anti-pension sentiment that prevailed among many attendees. This is in contrast to Barbara Kennelly of the National Committee to Preserve Social Security and Medicare. Dean Baker, that so-called progressive economist, who has often argued that the stimulus was not large enough, kept mum -- confirming that he is a hack of the Democrat party.
Obama:
"And we will reinstate the pay-as-you-go rule that we followed during the 1990s—the rule that helped us start this new century with a $236 billion surplus. In recent years, we’ve strayed from this rule—and the results speak for themselves. The pay-go approach is based on a very simple concept: you don’t spend what you don’t have. So if we want to spend, we’ll need to find somewhere else to cut. This is the rule that families across this country follow every single day—and there is no reason why their government shouldn’t do the same. Now, I want to be very clear: while we are making important progress toward fiscal responsibility this year, in this budget—this is just the beginning. In the coming years, we will be forced to make more tough choices and do much more to address our long-term challenges, from the rising cost of health care—the most pressing fiscal challenge we face—to the long-term solvency of Social Security."
Source: OMB.