Economic illiterate?
“What 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?” Michael J. Boskin writes in the Wall Street Journal.Cite: The Washington Times Weekly, August 4, 2008, p. 8
“The first name that came to mind would probably not be Barack Obama, possibly our nation’s next president. Yet despite his obvious general intelligence, and uplifting and motivational eloquence, Sen. Obama reveals this startling economic illiteracy in his policy proposals and economic pronouncements,” said Mr. Boskin, a Stanford University economics professor and chairman of the Council of Economic Advisers under President George H.W. Bush.
“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.”
Labels: economics, mendacity, politics
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