Friday, August 22, 2008

Obama's Socialist Economics

Mark Hemingway points readers deep into the text of Sunday's New York Times article, "How Obama Reconciles Dueling Views on Economy":

Buried in that 8,000 (!) word NYT magazine article about Obama's economic plan that I mentioned yesterday, is this bit flagged by Geraghty at Campaign Spot:

“If you talk to Warren [Buffet], he’ll tell you his preference is not to meddle in the economy at all — let the market work, however way it’s going to work, and then just tax the heck out of people at the end and just redistribute it,” Obama said. “That way you’re not impeding efficiency, and you’re achieving equity on the back end.” He continued by saying that he thought there was some merit in Buffett’s argument.

Now, over at Investor's Business Daily, the newspaper discusses its recent opinion poll on markets and economic redistribution:

Candidate Obama is proposing higher taxes for those with incomes above $250,000 and lower taxes for those below that line. He has also proposed more spending for social programs. Assuming the social programs would be aimed at lower-income people, do his proposals not amount to redistribution?
Here's IBD's graph detailing the findings:

IBD Socialism

IBD's poll bolsters Gallup's earlier finding that an overwhelmingly majority of American opposes economic redisitribution, "Americans Oppose Income Redistribution to Fix Economy."