In the fog of commentary that will come out on the release of the president’s FY 2011 budget today, you can look for two simple optics. The administration and its allies will argue that this budget combines short-term job creation and demand stimulus with the first steps towards long-term deficit reduction. Republicans will shriek about every spending and deficit number. Their biggest challenge is to figure out how long to pause between demands for balanced budgets and demands for deficit-boosting lower taxes.
All in all, it’s a spectacle you can safely ignore.