Monday, January 30, 2012

Obama's revengonomics won't help economy

Obama and his political advisers have determined that income inequality, or "fairness" as they call it, is the defining issue of our time. - Conn Carroll/Washington Examiner

"In the last few decades, the average income of the top 1 percent has gone up by more than 250 percent to $1.2 million per year," Obama recently said in Osawatomie, Kan.

"Now, this kind of inequality -- a level that we haven't seen since the Great Depression -- hurts us all."

And how does Obama propose to reverse this income inequality? Through something he calls "the Buffett Rule," which would force all Americans making more than $1 million a year to pay at least 30 percent of their income in taxes.

Defending this tax hike in Nevada this week, Obama said, "This has nothing to do with envy. It has everything to do with math." Which sounds like a nice line until you realize that Obama is refusing to show his work.