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President Barack Obama has released his fiscal 2013 budget. Republicans promptly condemned it as irresponsible and merely a campaign document. Since Republicans dominate the House of Representatives, there is little chance that this budget, or anything like it, will pass into law before the November elections, if then. But if this proposed budget is dead on arrival, leaving little reason for investors to adjust their portfolios for it, still the document can instruct, especially on what it ultimately will take to address this nation’s deficit and debt problems. Two matters in particular come clear: (1) overall spending control demands entitlements reform and (2) tax hikes on the wealthy, whatever they mean to fairness, cannot fully answer the deficit question.

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