Obama Understands Economics in Spite of Himself

It turns out that Barack Obama understands the economic good sense of the so-called “tax cuts for the rich.” How do we know this? From reading the following in today’s New York Times: “President Obama is considering whether to push early next year for an overhaul of the income tax code to lower rates and raise revenues in what would be his first major effort to begin addressing the long-term growth of the national debt.” Did you catch that? “[T]o lower rates and raise revenues.” It is the reality of that negative correlation — and not a desire to comfort the rich at the expense of the poor — that lies behind the proposal to keep the Bush tax cuts in place on higher incomes. Lowering tax rates does not mean lowering tax revenues.

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Obama Understands Economics in Spite of Himself

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