This morning The Wall Street Journal publishes an amazing attack on Barak Obama, America´s next President. "Obamanomics Is a Recipe for Recession", by Prof. MICHAEL J. BOSKIN from Standford.
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?I am amazed by that (1) the center of American capitalism has been sleeping till now. I for one, thanks to Steve Sailer's outstanding research work, discovered the appaling "World Bank" appropiate technology economic outlook in Obama about a year ago. (2) the violence of the attack on a popular candidate, that could end badly, because lets be realists, a few words from Obama and the people of United States will be torching Wall Street and its bankers.
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.
To be sure, Mr. Obama has been clouding these positions as he heads into the general election and, once elected, presidents sometimes see the world differently than when they are running. Some cite Bill Clinton's move to the economic policy center following his Hillary health-care and 1994 Congressional election debacles as a possible Obama model. But candidate Obama starts much further left on spending, taxes, trade and regulation than candidate Clinton. A move as large as Mr. Clinton's toward the center would still leave Mr. Obama on the economic left