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!