You cannot spread wealth that has not been created in the first place.Ah, too true. What's that old saying about trying to squeeze blood from a turnip? Now read this analysis by Harvard economics professor Martin Feldstein. Opening salvo:
The barrage of tax increases proposed in President Barack Obama's budget could, if enacted by Congress, kill any chance of an early and sustained recovery.Well, DUH! This is blindingly obvious to anyone who has a shred of common sense, but apparently you don't need common sense to go into politics.
You'd think that any ideologue wanting to redistribute wealth would encourage wealth producers to make more of it, so the ideologue would have more to spread. But no, the ideologue in question seems determined not only to sap currently existing wealth, but also to destroy all wealth-producing capabilities. In storybook terms, this is called killing the goose that laid the golden eggs. And then wondering why you have more new golden eggs to take by confiscatory taxes. (Well, I always thought Obama's economic policies were a big goose egg -- ha ha ha -- *groan.*)
Note also what Feldstein has to say about that colossal idiocy known as "cap-and-trade."