Obama's address long on audacity, short on hope

Commentators both left and right agree that Barack Obama's second inaugural speech Monday was highly partisan, with shoutouts to his constituencies on the left and defiance of his critics on the right.

Obama quoted the Declaration of Independence and the Constitution and made brief reference to Lincoln's sublime second inaugural ("blood drawn by lash and blood drawn by sword"). But there was not much in the way of "with malice toward none, with charity for all."

There were more references than in many inaugural speeches to specific programs and policies. One interesting question is what the practical effect they will have in the next few years.

"We reject the belief," Obama said, "that America must choose between caring for the generation that built this country and investing in the generation that will build its future." Later in the paragraph, he specifically mentioned Medicare, Medicaid and Social Security.

Practical effect: No entitlement reforms in the next four years. House Republicans can pass budgets with long-term Medicare fixes, but they aren't going anywhere.

That's quite a difference from 16 years ago, when Bill Clinton pursued serious entitlement reform with Newt Gingrich.

"I see the current American Left as rapidly losing what it once knew about the need for entitlement reform," economist Tyler Cowen writes on his Marginal Revolution blog.

"I see it happening right under my nose, day by day, article by article, blogpost by blogpost." And in Obama's second inaugural.

"We will respond to the threat of climate change," said Obama, citing anecdotal evidence of unusual weather. Put this in the category of soothing a constituency that's not going to get what it wants. ...

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