To Obama, on economics

Put down that moldy old copy of 'Das Kapital' and look at the real world:

Take those megarich he (Obama) vilifies — the top hundredth of a percent. According to a recent Treasury study, three-fourths of them in 1996 fell out of the group by 2005.

Meanwhile, more than half of those in the bottom income group in 1996 moved to a higher income group by 2005, with more than 5% leapfrogging to the richest quintile.

(It's no fluke: The same high degree of income mobility is seen in prior comparable periods, as well.)

Some poor moved up through personal effort, while many rode an expanding economy. Real median incomes of all taxpayers rose 24%, but the poor registered the biggest gains of all.(emphasis mine)

President Kennedy understood that a growing economy is like a rising tide that "lifts all boats." Obama, on the other hand, thinks some are lifted and others lowered, as if the economy were a system of locks operated by a cabal of evil capitalists.

Granted, Obama might not be that ignorant; he may just be playing to ignorant people's fear and greed to get elected...