As Ezra Klein suggests, all economic conversations should begin (and end) with this graph. If we do nothing, the budget comes basically into balance:

But nothing is hard to do. This nothing, for instance, includes three crucial elements: (1) All the Bush tax cuts expire, as they’re currently scheduled to do; (2) The Medicare doc fix is either implemented or its repeal is paid for over the next 70 years; and (3) the Affordable Care Act is implemented, and all of its spending targets are met and all of its taxes are collected.

I’ll wager 1 million dollars that this topic or any discussion even remotely resembling it comes up exactly zero times in Obama’s Wednesday remarks.

It’s short, it’s simple, it’s understandable, and it’s true. All good reasons it won’t be used to bludgeon the GOP in the run-up to 2012.