As the U.S. debt crisis drags through next week and then spills over into next month and next year, one thing seems clear. These may well be the last days of Obamanomics and the general idea — adopted around the globe — that governments can tax and spend their way to prosperity via mass redistribution of income and wealth.
Earlier this week, President Obama rolled out one last sales pitch, a prime-time commercial for his bash-the-rich economic program. To control the deficit explosion he helped create, Mr. Obama called for a “balanced approach” that would cut some spending and raise taxes on the “millionaires and billionaires” who are not paying enough to maintain the expanded role he wants for government.
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