Link to Sept. 23 Forbes blog

President Obama had the opportunity Thursday night to propose short- and long-run steps to promote economic growth. He instead gave a loud and aggressive campaign speech. In the midst of this political circus, the President called for a stop to the political circus in Congress.

Given the summer-long debate on the deficit and debt ceiling, the President’s calls for a half trillion dollars in additional spending and selective tax relief now – with undefined cuts in spending and higher taxes later – had an Orwellian flavor. His spending targets include extended unemployment benefits, teacher hiring (unions), and construction projects (unions). He promised that shovel-ready construction projects will be shovel-readier this time. While proposing temporary incentives for small business hiring, the President continued his onslaught against larger businesses and higher income individuals, who he accused again of not paying their fair share of taxes. He paid lip service to reducing excessive regulation, while making it clear that he favored most regulation.

The President acknowledged that Medicare spending growth was a problem. His proposals for additional, temporary payroll tax cuts and small business hiring incentives might have some merit. Be that as it may, the President’s speech displayed no understanding that economic growth requires less rather than more uncertainty, real regulatory relief, and a predictable, pro-growth tax system.

Performance in tonight’s debate:

• Perry:  Came across as tough, sincere, and reasonably thoughtful.  Willing to state his case on the need for transforming social security, despite the risk.  Generally handled questions that were designed to make him look bad.
• Romney:  Appropriately tough on the President.  Continues to inspire confidence in his ability to lead on economic issues.
• Bachman:  Not a good night.  Overshadowed by a majority of the debaters.
• Huntsman:  Came across as sincere and articulate.  Inspires some confidence on ability to lead.  (Has a good economic plan.)
• Gingrich:  Superb on policy, delivery, and stressing the importance of defeating President Obama.  Put him in the Cabinet if Republicans win.
• Cain:  Impressive performance true to his basic principles, which are very sound.  Put him in the Cabinet if Republicans win.
• Santorum:  Passionate, sincere, and thoughtful.
• Paul:  A true believer whose frequent flakey responses detract from the proceedings, apart from their entertainment value.  Risks helping reelect the President.

Post-debate assessment:  Romney and Perry remain at the top, with Huntsman still alive.