The View From 1776
Sunday, September 14, 2008
The Root of Senator Obama’s Economic Misperceptions
To understand the variety of Keynesian economics that guides Senator Obama, look to the economic doctrine of John Kenneth Galbraith.
Read John Kenneth Galbraith and the Sin of Affluence by Murray Rothbard.
Professor Galbraith’s economic paradigm of nasty private businessmen stealing money from consumers, money that ought to go to the collectivized, socialistic political state, is the platform from which Senator Obama launches his high dive into an empty pool.
Even he has averred recently that, as with so many other of his earlier policy pronouncements, he might flip-flop and pull back from socking it to “the rich.” Apparently someone pointed out to him that higher taxes always clobber business, reducing the GDP to less than it would have been otherwise, and cutting employment, while eliminating the thousands of jobs that would have been created in the absence of higher taxes.
Not a smart move with our currently weak economy, even from the silver-tongued messiah of socialism-in-our time, whose utterances of “hope,” “audacity,” and “change” are fervently believed by his acolytes to have magical power to transform human nature and to produce economic propserity from thin air.