AP: Yeah, Obama Said His Plan Will Be Paid For, But It Really Won't

Nobody but nobody is buying the president's speech. The AP just ran it through a shredder.

President Barack Obama's promise Thursday that everything in his jobs plan will be paid for rests on highly iffy propositions.

It will only be paid for if a committee he can't control does his bidding, if Congress puts that into law and if leaders in the future - the ones who will feel the fiscal pinch of his proposals - don't roll it back.

Underscoring the gravity of the nation's high employment rate, Obama chose a joint session of Congress, normally reserved for a state of the union speech, to lay out his proposals. But if the moment was extraordinary, the plan he presented was conventional Washington rhetoric in one respect: It employs sleight-of-hand accounting.

That's the intro. A few graphs later they get down to business.

Essentially, the jobs plan is an IOU from a president and lawmakers who may not even be in office down the road when the bills come due. Today's Congress cannot bind a later one for future spending. A future Congress could simply reverse it.

Currently, roughly all federal taxes and other revenues are consumed in spending on various federal benefit programs, including Social Security, Medicare, Medicaid, veterans' benefits, food stamps, farm subsidies and other social-assistance programs and payments on the national debt. Pretty much everything else is done on credit with borrowed money.

So there is no guarantee that programs that clearly will increase annual deficits in the near term will be paid for in the long term.

Indeed. Read the whole thing.