One of his best. From NRO Online:

Had I been asked to deliver the State of the Union address, it would not have delayed your dinner plans:

"The State of our Union is broke, heading for bankrupt, and total collapse shortly thereafter. Thank you and goodnight! You've been a terrific crowd!"

I gather that Americans prefer something a little more upbeat, so one would not begrudge a speechwriter fluffing it up by holding out at least the possibility of some change of fortune, however remote. Instead, President Obama assured us at great length that nothing is going to change, not now, not never. Indeed the Union's state - its unprecedented world-record brokeness - was not even mentioned. If, as I was, you happened to be stuck at Gate 27 at one of the many U.S. airports laboring under the misapprehension that pumping CNN at you all evening long somehow adds to the gaiety of flight delays, you would have watched an address that gave no indication its speaker was even aware that the parlous state of our finances is an existential threat not only to the nation but to global stability. The message was, oh, sure, unemployment's still a little higher than it should be, and student loans are kind of expensive, and the housing market's pretty flat, but it's nothing that a little government "investment" in green jobs and rural broadband and retraining programs can't fix. In other words, more of the unaffordable same.

The president certainly had facts and figures at his disposal. He boasted that his regulatory reforms "will save business and citizens more than $10 billion over the next five years." Wow. Ten billion smackeroos! That's some savings - and in a mere half a decade! Why, it's equivalent to what the government of the United States borrows every 53 hours. So by midnight on Thursday Obama had already re-borrowed all those hard-fought savings from 2017. "In the last 22 months," said the president, "businesses have created more than three million jobs." Impressive. But 125,000 new foreign workers arrive every month (officially). So we would have to have created 2,750,000 jobs in that period just to stand still.

Later, Steyn boills it all down to an essential phrase: "It's not just that American government has outspent America's ability to fund it, but that it's outspending the planet's."

Read the whole thing.