Page-2 | Obama could use a lesson in economics 101 | Commentary | NewJerseyNewsroom.com -- Your State. Your News.

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"With all the other budgetary pressures we have — with all the Republicans' talk about wanting to shrink the deficit — they would have us borrow $700 billion over the next 10 years to give a tax cut of about $100,000 each to folks who are already millionaires. And keep in mind wealthy Americans are just about the only folks who saw their incomes rise when Republicans were in charge. And these are the folks who are less likely to spend the money — which is why economists don't think tax breaks for the wealthy would do much to boost the economy."

President Obama has repeatedly said, "we are all in this together." So if he wants to reduce the budget deficit with tax hikes shouldn't all Americans have to sacrifice and pay higher taxes? The only sound way to reduce the budget deficit is to cut spending. See above for suggestions.

"Now, I'll be honest — I refuse to cut back on those investments that will grow our economy in the future — investments in areas like education and clean energy and technology. I don't want to cut those things. And that's because economic growth is the single best way to bring down the deficit — and we need these investments to grow."

Investment in factories and equipment boosts economic growth, not the crony capitalism that Obama wants. The free market determines which investments are viable; the political class in DC does not invest, but spends the taxpayers' money for their politically connected cronies.

"But I am absolutely committed to fiscal responsibility, which is why I've already proposed freezing all discretionary spending unrelated to national security for the next three years."

We don't need a federal spending freeze but massive restructuring of the federal government. See above. We need to phase out the welfare-warfare state ASAP.

"This country is emerging from an incredibly difficult period in its history -- an era of irresponsibility that stretched from Wall Street to Washington, and had a devastating effect on a lot of people. We have started turning the corner on that era. But part of moving forward is returning to the time-honored values that built this country: hard work and self-reliance; responsibility for ourselves, but also responsibility for one another. It's about moving from an attitude that said "What's in it for me?" to one that asks, "What's best for America? What's best for all our workers? What's best for all of our businesses? What's best for all of our children?"

Obama loves to utilize the rhetoric of freedom and self-reliance but continues to govern as a dedicated lover of big government.

"These values are not Democratic or Republican. They are not conservative or liberal values. They are American values. As Democrats, we take pride in what our party has accomplished over the last century: Social Security and the minimum wage; the GI Bill and Medicare; civil rights and worker's rights and women's rights. But we also recognize that throughout our history, there has been a noble Republican vision as well, of what this country can be. It was the vision of Abraham Lincoln, who set up the first land grant colleges and launched the transcontinental railroad; the vision of Teddy Roosevelt, who used the power of government to break up monopolies; the vision of Dwight Eisenhower, who helped build the Interstate Highway System. And, yes, the vision of Ronald Reagan, who despite his aversion to government, was willing to help save Social Security for future generations — working with Democrats. These were serious leaders for serious times. They were great politicians, but they didn't spend all their time playing games or scoring points. They didn't always prey on people's fears and anxieties. They made mistakes, but they did what they thought was in the best interests of their country and its people."

Obama loves big government Republicans, big government programs, Ponzi schemes, and war — which is undermining our prosperity at home. Make no mistake about it, the trillions spend in Afghanistan and Iraq will cause a financial whirlwind very soon. Obama can blame Bush and blind faith in the markets for what is coming, but he has not do anything to restore American values — free enterprise, liberty, individual responsibility, and a peaceful foreign policy.

Murray Sabrin is professor of finance at Ramapo College. He was the Libertarian Party nominee for governor in 1997 and a Republican candidate for the U.S. Senate in 2000 and 2008. Check www.MurraySabrin.com for more of his writings.