BEDFORD: The top 10 stupidest points in the State of the Union

3) “Instead of cuts, let’s raise taxes to pay for more spending…

The president’s speech went like this:

It’s not a bigger government we need, but a smarter government that sets priorities and invests in broad-based growth …

We’ll work with local leaders to target resources at public safety, education, and housing. We’ll give new tax credits to businesses that hire and invest.

When a private citizen says “invests,” he typically means a free expenditure that may reap losses or returns, depending on market forces and quick thinking; when the government says “invests,” it means “spends” — on their favorite new project.

Oh, and remember how Mr. Obama plans to close the loopholes on “the well-off and well-connected”? Well, “new tax credits to businesses that hire and invest” is a fancy way of saying tax loopholes for “the well-off and well-connected.”

But exactly what projects does the president plan to start with?

4) “Instead of cuts, let’s raise taxes to pay for more spending on projects that are shovel-ready…

The president’s speech went like this:

Tonight, I propose a “Fix-It-First” program to put people to work as soon as possible on our most urgent repairs, like the nearly 70,000 structurally deficient bridges across the country. And to make sure taxpayers don’t shoulder the whole burden, I’m also proposing a Partnership to Rebuild America that attracts private capital to upgrade what our businesses need most: modern ports to move our goods; modern pipelines to withstand a storm; modern schools worthy of our children. Let’s prove that there is no better place to do business than the United States of America. And let’s start right away.

Folks shouldn’t spend one more second wondering where they heard “Fix-It-First” before: They first heard it over 50 months ago, when Mr. Obama told “Meet the Press,” “When I met with the governors, all of them have projects that are ‘shovel ready’ — that are going to require us to get the money out the door, but they’ve already lined up the projects and they can make them work. And now, we’re going to have to prioritize it and do it not in the old traditional politics first wave.”

But let’s not get ahead of ourselves.