The Wall Street Journal complains that Barack Obama is economically ignorant. I completely agree.
What if I told you that a prominent global political figure in recent months has proposed: abrogating key features of his government’s contracts with energy companies; unilaterally renegotiating his country’s international economic treaties; dramatically raising marginal tax rates on the “rich” to levels not seen in his country in three decades (which would make them among the highest in the world); and changing his country’s social insurance system into explicit welfare by severing the link between taxes and benefits?
The first name that came to mind would probably not be Barack Obama, possibly our nation’s next president. Yet despite his obvious general intelligence, and uplifting and motivational eloquence, Sen. Obama reveals this startling economic illiteracy in his policy proposals and economic pronouncements. From the property rights and rule of (contract) law foundations of a successful market economy to the specifics of tax, spending, energy, regulatory and trade policy, if the proposals espoused by candidate Obama ever became law, the American economy would suffer a serious setback.
Here’s a question though – how does Obama differ from George W. Bush? Not much. Bush is economically ignorant too. And we’re already in a recession. Sure, it would get much worse under Obama, but that might be a good thing. Americans need a wake up call.
We aren’t going to learn economics in school, so maybe we need to learn by the hungry belly method. Maybe we need to make government theft so blatant and so oppressive that all those with any talent flee the country.
I think we’re too far down the road to lowest common denominator economics to turn around without some bloodshed and human suffering. I hope I’m wrong but I doubt it. For now, we continue the redistribution programs and the rule books filled with arbitrary stupidity grow thicker and more onerous.
If you disagree with me, I invite you to write me and explain, as succinctly as possible, how you think Mr. Obama is going to fix the nation of obesity, instant gratification and ADD teenagers addicted to porn on the Internets by giving away more free stuff to people who aren’t really starving in the first place. How is the King of Redistribution going to make me any smarter, or more ethical or more productive? Unless he can do that times about 150 million people, he’s worthless before his sycophants have even elected him.