Obama's Economics

[DWordinger]

From Hurting the Rich Important to Obama:

The debate between the Democratic candidates last week proved beyond a shadow of a doubt that voters face a choice between two starkly different visions. Barack Obama made one particularly startling statement that puts him well to the left of the already leftist Hillary Clinton.

In a discussion over whether and how far to increase the capital-gains tax, ABC anchor Charles Gibson pointed out to Sen. Obama that a 1980s hike in the tax actually saw revenue fall, presumably a worry for a candidate who wants to increase government spending on social programs and "infrastructure" projects. Astonishingly, Obama replied: "I would look at raising the capital-gains tax for purposes of fairness."

In other words, to Barack Obama, soaking the rich and discouraging investment is worth it for its own sake, even if it can't raise more money. The objective isn't to raise revenue, it's to inflict pain on those perceived as relatively well-off.

If Obama had the wrongheaded idea of taking from the "rich" to redistribute to the "poor," that would be bad enough. He wants to take just to be taking, even when it limits growth and job creation. Is this the economic genius to lead us out of recession?