I shouldn't have done it, but this week I read a piece by Harold Meyerson in the Washington Post, titled “Democrats' New Faith.” He's delighted that President Obama is finally doing something about inequality. You know the standard Democratic narrative. Back in the good old days middle-class workers had good jobs at union wages. Then Reagan came and threw U.S. manufacturing jobs onto the scrap heap with his trickle-down economics. So economic inequality has increased as the middle-class has thinned out. But now comes President Obama. He'd addressed inequality before, of course, but this time is different. This time, he had a concrete proposal to diminish the shift from income derived from work to income derived from investment -- by raising the tax on capital gains and using the income to provide a tax credit to help working parents pay for child care. Oh. So now our razor sharp liberal minds are mixing up ordinary investment income like...(Read Full Article)