That is the assertion, by me, of course, but I am not an economist. I go to smart folks that are to get my news. See what Michael Boskins has to say and read the whole article here for more than this snippet:
A CLOSER LOOK AT OBAMANOMICSMichael J. Boskin is T.M. Friedman Professor of Economics and Hoover Institution Senior Fellow,
Stanford University, and former Chairman of the President’s Council of Economic Advisers.
If I told you that a prominent global political figure in recent months has proposed abrogating key features of his government’s contracts with energy companies; unilaterally renegotiating his country’s international economic treaties; dramatically raising marginal tax rates on the “rich” to levels not seen in his country in three decades, which would make them among the highest in the
world; and changing his country’s social insurance system into explicit welfare by severing the link between taxes and benefits; the first name that came to mind would probably not be the possible next President of the United States, Senator Barack Obama.
Despite his obvious general intelligence and uplifting and motivational eloquence, Senator Obama reveals this startling economic illiteracy in his policy proposals and economic pronouncements (on this, of course, he is not unique among candidates and Presidents). From the property rights and rule of (contract) law foundations of a successful market economy to the specifics of tax,
spending, energy, regulatory, and trade policy, if the proposals espoused by candidate Obama ever became law, the American economy would suffer a serious setback.
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