"Let's be clear: We can't expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place. We can't rely on a losing formula that offers only tax cuts as the answer to all our problems while ignoring our fundamental economic challenges – the crushing cost of health care or the inadequate state of so many schools; our addiction to foreign oil or our crumbling roads, bridges, and levees," he said. "The American people know that our challenges are great. They don't expect Democratic solutions or Republican solutions – they expect American solutions. Link here.
I guess he thinks tax increases are a revitalized new theory. Of course, his first tax hike was not on the rich. In spite of his campaign promise to not raise taxes on those making less than $250,000 per year, he hikes taxes that mainly affect the poor. He must think only rich people smoke cigarettes. His plan is to tax and spend our way out of this recession. That is hardly a new theory. It is one that future generations will have to pay for. The nonpartisan Congressional Budget Office says his plan won't work in the long run and it will actually damage the economy.
Here is the video of his weekly address.