It was the most important question of Wednesday's press conference on the fiscal cliff: How will you control spending? And the president refused to even answer. He still doesn't get it.

 'That's a great question," Obama said, "but it would be a horrible precedent for me to answer your question just because you yelled it out."

And with that, he left the room.

Obama spent most of the event vowing to hike taxes on the "top 2%" of income earners, as well as on capital gains and dividends — which sent stocks tumbling an additional 128 points.

This appears to be the cornerstone of his deficit-reduction plan.

The president is convinced raising taxes on the most successful members of society will raise some $1 trillion in revenues and help close gaping holes in his budget.

Meanwhile, he completely ignores the other side of the ledger — government spending — which is the main source of his record deficits. Obama has boosted government spending from its postwar average of about 20% of GDP to an estimated 24.3% of GDP this year — with little decline expected in years to come.

He dodges because he wants to spend even more. He actually admitted he intends to take money he collects from the rich and "invest" in things like "research," which he insists is "key" to growing the economy.

Ponder that: Obama actually believes government can do a better job of investing than the wealthy.

Did he learn nothing from the bath he forced taxpayers to take on his boondoggle $500 million Solyndra investment?

Read More At IBD: http://news.investors.com/ibd-editorials/111412-633489-obama-stays-wedded-to-tax-spend-policies.htm#ixzz2CFVT3myJ