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"President Bush reaffirmed his commitment to giving younger workers a better deal for their Social Security taxes and allowing all Americans to own real assets as their retirement security. I hope he will make that a key element of his reelection agenda.
"Unfortunately, his proposal for real retirement investments may be the only thing in his program that will reduce the long-term fiscal obligations facing the federal government. Once again, the president has called for fiscal restraint while presenting a laundry list of spending programs and recommending no spending cuts. It doesn't look like there's any real intention to cut back on the fastest spending pace since the Lyndon Johnson administration.
"President Bush declared that 'the American people are using their money far better than government would have'--but in fact his administration has taken 24 percent more of our money than the Clinton administration did. The most striking hypocrisy during the evening was members of Congress giving a standing ovation when Bush called for limiting federal spending and cutting wasteful spending. Congress and the president have cooperated to produce a 24 percent increase in spending in just three years. And the president praised Congress for 'great works of compassion' in creating a huge new prescription-drug entitlement--but it's not actually compassionate to spend other people's money.
"I support the president's tax-reduction agenda, and I applaud his call to make the tax cuts permanent, but tax cuts must be matched with spending cuts, not new spending initiatives from energy subsidies to community colleges to expanded subsidies for political parties through the National Endowment for Democracy.
"President Bush delivered a strong and confident defense of his foreign policies, refusing to acknowledge the American lives being lost every day in Iraq, the unlikelihood of real democracy there, and the growing opposition to U.S. policies around the world that threatens to isolate us from our allies. The administration should be looking for a graceful exit from Iraq, not planning a worldwide crusade for democracy that flies in the face of everything our Founders knew."
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http://www.cato.org/new/01-04/01-20-04r-state.html