UPDATE: Check out Pawlenty’s announcement video. Incredibly well done.

Finally a Presidential candidate not named Donald Trump took Barack Obama to task hard-core on his embarrassing and bad record on the budget and economy as President.

Minnesota Governor Tim Pawlenty announced he is running for President with a fiery speech that ripped Barack Obama and, in an indirect but still very direct kind of way, pimp slapped Newt Gingrich and the pansy wing of the Republican Party.

Looking at you, Newt:

“I’m going to Florida to tell both young people and seniors the truth, that our entitlement programs are on an unsustainable path and that inaction is no longer an option.”

From his speech:

"We've tried Barack Obama's way — and his way has failed. Three years into his term, we're no longer just running out of money. We're running out of time. It's time for new leadership. It's time for a new approach. And, it's time for America's president — and anyone who wants to be president — to look you in the eye and tell you the truth.  

The changes history is calling on America to make today cannot be shouldered only by people richer than us, or poorer than us – but by us, too. Politicians are often afraid that if they're too honest, they might lose an election. I'm afraid that in 2012, if we're not honest enough, we may lose our country. If we want to grow our economy, we need to shrink our government. If we want to create jobs, we need to encourage job creators. If we want our children to be free to pursue their dreams, we can't shackle them with our debts. This is a time for truth."

Not only did he take on Obama and pansy Republicans, but he challenged ethanol subsidies in the heart of corn country. For a candidate who needs to do well in Iowa, that takes some serious guts, and some big names in conservatism sat up and took notice, including Mitt Romney's personal tormentors over at the Wall Street Journal editorial page:

One of the immutable laws of modern American politics is that no candidate who wants to win the Iowa Presidential caucuses can afford to oppose subsidies for ethanol. So it's notable—make that downright amazing—that former Minnesota Governor Tim Pawlenty launched his campaign for the Republican Presidential nomination Monday by including a challenge to King Corn.

And all we can say is, we love it!