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The President also talked at length about how well the American economy is doing. Apparently, he got his information on this topic from his millionaire supporters. For the average working family, these are trying economic times.

Barack Obama likes to point to General Motors as the poster child for the job creation success of his economic policies. However, whatever your sentiments about the government's bailout of General Motors, for every job Barack Obama 'saved-or-created' in the U.S. there were two jobs off shore.

The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.

As the U.S. did during the Space Race, we must invest in our businesses and intellect to ensure America leads the clean energy economy of the future. As we all know, the best way to reduce our deficit and bring down our debt is by putting Americans back to work.

President Barack Obama talks about the need to 'invest' in alternative energy sources. But the reality is that he is not investing his money - he's spending yours.

We cannot win the future, expand the economy and spur job creation if we are saddled with increasingly growing deficits. That is why the president's budget is a comprehensive and responsible plan that will put us on a path toward fiscal sustainability in the next few years - a down payment toward tackling our challenges in the long term.

Of course, presidents are always blamed or rewarded for the state of the economy.

Presidents in both parties - from John F. Kennedy to Ronald Reagan - have known that our free-enterprise economy is the source of our middle-class prosperity.

When the economy is growing, there's a lot that can be done to deal with the deficit.