The political left-wing in America and most Democrats are hopeful, even gleeful, that “Obamanomics” might “vanquish” Reaganomics, [1] that tax-hiking, pork-dispensing schemes aimed at boosting consumption and government (a la John Maynard Keynes) [2] will displace tax-cutting, supply-side policies devoted to boosting production and profitable entrepreneurship (a la Jean-Baptiste Say). In the process, Obama’s allies are unfazed about plunging stock prices, or, absurdly, blame the plunges on past tax-cutting. Conditions only worsen with each new intervention, but interventionists don’t really care about improving the economy.[3]
In response, conservative critics insist that Mr. Obama’s $787 billion “stimulus” plan (enacted by Congress on February 17th), his $275 billion ‘foreclosure mitigation’ plan (proposed February 18th) and $3.6 trillion budget for 2010 (submitted to Congress on February 26th) “won’t work.”
Oddly, these “critics” bestow undeserved compliments on their political opponents – and thus provide them with crucial political cover.