Barnes: Obama's an 'Economic IIliterate'

By Harry Kimball,  Newser Staff
Posted Jul 25, 2009 2:00 PM CDT
President Barack Obama.   (AP Photo)
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(Newser) – President Obama has big plans for the economy, and that’s too bad because he knows nothing about it, Fred Barnes writes in the Weekly Standard. All of his proposals and angry jabs at Wall Street are counter to his professed interest in growth and job creation. “Obamanomics pays lip service to a free market economy,” Barnes writes. “But Obama hasn't a clue what makes it work.”

Obama wants to tax “‘risky’ ventures by Wall Street investors,” Barnes writes, but “it's the lack of any risk-taking at all by investors that's holding back the economy.” Likewise, “strong profits may foreshadow an economic recovery. But the president's opinion of profits ranges from ambivalent to hostile.” And his plans for green industry will “stifle” the existing economy. “You can't get much more uneconomic than that. But maybe Obama can.”