...one of every four dollars produced by the sweat of American private labor is now taxed and redistributed by 535 men and women in Congress

Mr. Obama's major contribution to deficits has been a record spending spree

The tragedy is that Mr. Obama's fiscal conversion is coming a year too late, assuming it is now real. If the President and his party really are serious, they can do more than promise a spending freeze after 2012. They can stop spending more now: Drop the health-care bill, cancel the unspent stimulus spending from last year, kill the $150 billion new stimulus that has already passed the House, and bar all repaid bailout cash from being re-spent. Everything else is marketing.

Printed in The Wall Street Journal, page A14

Read the whole thing: The Obama Fisc