Those seeking to understand President Obama’s new budget and what it says about the crushing disappointment Obama has been to a central mode of liberal self-congratulation need look no further than John Steele Gordon’s post from last week about the proposed “Zuckerberg tax.” John wrote about how Facebook creator Mark Zuckerberg was about to make a lot of money from his successful business, and liberals began trying to come up with a new rule that would allow the government to confiscate some of it.
John noted that “the perverse economic consequences of this would be almost without end” and wondered whether anything could “be more revelatory of the utter intellectual bankruptcy of latter-day liberalism” than the economically illiterate squawking parrot it has become. The answer is yes. While the Zuckerberg tax could be written off as one more ridiculous scheme, the president’s budget carries far more significance. And in this way, the damage to modern liberalism continues. Here’s James Pethokoukis at AEI:
