Obamanomics. Wikipedia has a really long drawn out view about what it is. I didn’t read it. I figure it would be a bunch of propaganda.
If you think I’m joking, look at the definition of Obamanomics in Investopedia:
A buzzword that describes the economic philosophy of U.S President Barack Obama. Obamanomics calls for lower tax rates for companies that meet certain criteria, such as providing decent healthcare and maintaining a U.S. workforce and headquarters. Obama’s economic platform also calls for higher taxes for high-income families and investment in education, healthcare and the sciences.
Here is how I would define it.
An economic philosophy that
- discourages the ability for business to save and invest in the future by championing higher taxes
- encourages higher gas prices by limiting oil drilling on public lands so that we can modify our behaviours to use less energy
- champions for a Buffet rule which would effectively tax capital gains tax at a much higher rate and discourage investment
- burdens small businesses with the need to deal with Obamacare