Demonstrating a passing acquaintance with free market ideas and how they might be used to fight the recession--that's not too much to ask.
Recessions are often seen as a gigantic market failure – letting the market decide is not a recipe for restoring full employment anytime soon. Barnes next goes onto confuse long-term issues with Keynesian remedies for the current shortfall of aggregate demand:
Obama endorsed a surtax on families earning more than $1 million a year to pay for his health care initiative. This is no way to get the country out of a recession. Like them or not, millionaires are the folks whose investments create growth and jobs--which are, after all, exactly what the president is hoping for. Another tax hike--especially on top of the increased taxes on individual income, capital gains, dividends, and inheritances that Obama intends to go into effect in 2011--is sure to impede investment.
Yes – another one of these pseudo-supply-side rants that we cannot tax high income folks lest investment will just dry up. I guess Mr. Barnes is not aware of the role of real interest rates on investment in those full employment models that free market types think rule the world. And maybe he is not aware that the current Federal Reserve is currently keeping interest rates low in the hope that investment demand will eventually regain its footing.
Steve Benen has more criticism.