If the economic policy of Barack Obama is “Obamanomics,” then its practitioners must be “Obamanists.” Interesting.

Here are some articles from opposite ends of the political spectrum discussing Obama’s economics proposals and ideas. I found both of them to be informative and to provide much excellent food for thought. The New York Times one is very long but worth reading, and the Wall Street Journal one is quite short… and also worth reading. (Would I ever recommend that you read anything that wasn’t worthy of being read? Nah.)

But wait, there’s more! As a bonus to those who have endured this post so far, I’m going to throw in a Financial Times article and a huge Tax Policy Center analysis of both McCain’s and Obama’s tax plans—all at no additional charge to you. If you order now, we’ll also throw in a blender!

All told I think I feel more comfortable with Obama’s economic policy than I did before reading these articles. But I am disheartened to see that both he and John McCain are failing to realize the gravity of the looming entitlement crisis. John McCain will make it worse by forfeiting some 4.1 trillion dollars of tax revenue over the next ten years. Obama will exacerbate things by magnifying government involvement in healthcare, which is already the source of untenable entitlement growth over the next several decades.

Alas that both candidates are spending more time thinking about gas tax holidays (McCain’s populist pandering) and windfall profits taxes on oil companies (Obama thinks we should discourage oil production and distribution??? Won’t that cause gas prices to increase, or, at very best, not decrease?) than pondering the fate of the federal budget under the upcoming landslide of 40 trillion dollar welfare obligations.

I’ve really got to go to bed. Can you believe I stay up until almost 3am to think about political economy? Weird!






4 responses to “Obamanomists”

  1. Maria Avatar

    I’m ordering now- when do I get my blender? I think I’m entitled to it, just like I’m entitled to free healthcare and a good job upon graduation. Aren’t those all part of my basic rights written in to the constitution? Also, I’m pretty sure that the right to a blender is in there somewhere, too.
    What’s that you say? I’m part of the problem? What problem?

  2. Josh Avatar

    Wow. Painfully incisive 🙂

  3. Maria Avatar

    So this has nothing to do with Obamanomics, but that Hugh Nibley quote amongst your quotations is most excellent and I like it quite a lot. Also, that avatar by my name is most intriguing. From whence did it come?

  4. Great Britten Avatar
    Great Britten

    Howdy vato

    Financial crisis you say? I agree, ever since I took out those loans I’ve been in a financial crisis. Bean soup for dinner, bean dip for lunch, and we are boarderline beans for breakfast. But hey, they are cheap. Maybe we should take the politician’s approach and speak in hypotheticals: perhaps I will have a financial crisis if I do take more loans?


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