Finance professor Michael Rozeff explains here what’s wrong with Obama’s economic plans: they’re rooted in the completely mistaken Keynesian notion that if the economy slows, it must be due to insufficient demand.
Rozeff also notes that in his press conference yesterday, the president once again resorted to the creaky and dogmatic explanation that “tax cuts for the rich” did great harm to the economy. That idea is so fatuous, so indefensible, that it ought to put to rest the idea that Barack Obama is some exalted intellectual. I don’t know whether he is much of an intellectual, but as a politician, he’s just a two-bit demagogue.
