"Obama: The CliffsNotes."

Obama: The CliffsNotes
Decoding the president.
By KIMBERLEY A. STRASSEL

Any high-school kid with a set of CliffsNotes knows Moby Dick is so much more than just a whale. Any American watching the new administration might wish for a similar study guide.

Thirty-nine days, one press conference, one congressional address, and one budget into this presidency, Barack Obama is finding his groove. Out of the early chaos has emerged an administration with a set of talking points. The president is now honing these explanations of what went wrong, and how he will make it right.

Yet, as with any complex character, what Mr. Obama says isn't always what he means. (Even Melville would've found Washington a bit deep.) So here's a handy guide to the larger meaning beneath Mr. Obama's more frequent lines. Hang it on the fridge for easy reference.

- "We are not going to get relief by turning back to the very same policies that for the last eight years doubled the national debt and threw our economy into a tailspin." Translation: Blame Republicans, and tax cuts.

Mr. Obama inherited a deficit, though it wasn't caused by letting Americans keep more of their paychecks. It was caused by a need to rebuild the military to fight two wars (at least one of which he supported), and by that worn-out old idea known as spending, which lost the GOP its majority, and which Mr. Obama is now touting as economic elixir.

He also inherited a recession, though no economist with an IQ above 60 would suggest tax cuts caused the housing bubble. That came courtesy of easy money and loose lending standards, the latter of which Congress encouraged. Presumably, if tax cuts were responsible for the deficit and the recession, Mr. Obama wouldn't be constantly boasting that he wants tax cuts for 95% of Americans.

The wider goal is to vaguely link everything conservative with everything gone wrong, the better to present liberal ideas as a cure. Besides, it's useful to have a GOP to keep blaming, if the cure doesn't work.

- It's time to "make hard choices to bring our deficit down." Translation: Hello, higher taxes.

The thing about cutting deficits is that there are only two choices, one hard for politicians, the other hard for Americans. Government can reduce spending, or government can raise taxes. Mr. Obama made clear with yesterday's budget he has no intention of cutting back. So the hard part now falls to Americans, who are being told they have a patriotic duty to their children to pay more, and cover Washington's costs.

- "The only way to fully restore America's economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world." Translation: Big government. President Obama loves the word "invest." (He used a form of it 11 times in his congressional address on Tuesday.) It sounds so modern and free market, and, most important, not like what it really is -- "spending." The administration is aware that the deficit is now the story. Thus Mr. Obama's suggestion that blowing out hundreds of billions for health care, energy and education somehow isn't Washington as usual -- but will instead yield American riches down the road.

Of course, no country has ever made good on such a promise. Washington, D.C.'s return on investment for investing $14,000 a year per student is a 40% high-school dropout rate. Government can create industries, though only those, like corn ethanol, that can't cut it without perpetual government aid. We're still waiting for Medicare to turn a profit. Nevertheless, investment is a catchy term. House Speaker Nancy Pelosi recently described her giant $410 billion 2009 omnibus spending bill as a similar "investment." Never mind that it contains 8,500 earmarks and the largest increase in discretionary spending since Jimmy Carter.

- "We need to make clean, renewable energy the profitable kind of energy." Translation: Your utility bills are going up.

Electricity from solar power costs, about, 15 cents per kilowatt hour. Electricity from natural gas costs, about, four cents. The only way to make solar power "profitable" is to further subsidize it down to the price of natural gas, or to make natural gas as expensive as solar. Mr. Obama's cap-and-trade plan does the latter, placing a tax on fossil fuels, which companies pass along to consumers. Sen. Jim Inhofe (R., Okla.) reminded Congress on Wednesday that its most recent climate bill, Lieberman-Warner, would have cost Americans $6.7 trillion. Fortunately for the president, he will not have to include that sum in his new, more transparent, budget.

- "If your family earns less than $250,000 a year, you will not see your taxes increased a single dime." Translation: For now.

The president's budget proves he intends to tax the top 2% of earners at effective rates much higher than under Bill Clinton. Still, even if he taxed 100% of this group's income, it wouldn't come close to covering his budget costs. Nor will winding down Iraq. If Mr. Obama is committed to his agenda, much less his deficit reduction, the middle class will have to give it up.

At least he didn't say "read my lips."

Write to kim@wsj.com