By Kevin McElroy NEW YORK ( TheStreet) - "Wealth must be produced. It can't be borrowed or printed." -- Ian McAvity I didn't pay much attention to President Obama's State of the Union address on Tuesday night. Most of my colleagues in this business use these types of major news events as a pump-primer for sales efforts. But to be honest, I just can't get myself psyched for this type of marketing opportunity. I see these State of the Union addresses the same way I see the cheerleaders at football games: nice to look at, but really of not much material importance. Our federal government is beyond broke, and it has neither a coherent plan to cut spending enough to allow current taxation to start paying down deficits nor any stated plan to raise taxes to the sky-high levels that would be necessary to fund deficits. So when Obama says something like, "We've already identified $20 billion in savings for next year," and the lawmakers and dignitaries in the audience applaud, I just think of all the pretty cheerleaders saying "rah-rah-rah sis-boom-bah." Twenty billion dollars isn't even enough money to mention in the State of the Union address -- and the fact that people applaud that savings shows you everything you need to know about the address. But then a few seconds later the president said something that tells you that he either knows nothing about the real world, or that he's a liar. "I would have liked nothing more than to start bringing down the deficit. But we took office amid a crisis. And our efforts to prevent a second depression have added another $1 trillion to our national debt." His assertion is that he and the Congress were forced to bail out banks, car manufacturers, insurance companies, and buy other troubled assets in order to help the economy. In order to fund those expenditures, the federal government created money out of thin air. Of course, we know that creating wealth out of thin air is not possible, so the fact that Obama undertook to do so shows that he is either a fool or a liar.