Is it laughable that Barack Obama has set up a "deficit reduction panel"?

What I think he is really doing is just setting up some cover. After all is said and done, he will be able to proclaim himself totally without blame for the economic situation, because after all "The Blue Ribbon panel couldn't come up with a fix. Not to mention that he's laying a political minefield. I'm surprised that he isn't inviting George Bush just to be able to add a few more years to the blame Bush refrain.