The most pernicious of his [Obama] proposals will be the massive Make Work Pay refundable tax credit. Dressed up as a tax cut, it will be a national welfare program, guaranteeing a majority of American households an annual check to 'refund' taxes they never paid. And it will eliminate the need for about 20% of American households to pay income taxes, lifting the proportion that need not do so to a majority of the voting population.

Today, a politician does not just need public support to win elections; he needs it to govern.

The problem: Democrats have to drop their stupid class-warfare rhetoric. With 74 million Americans owning stock in one form or another, anything which helps them can't be derided as a sop to the rich.

Obama has had two raging successes in his term: He has slashed unemployment by persuading millions to give up hope and leave the labor force; and He has cut illegal immigration by casting the United States into a permanent job shortage. Some achievements!

President Lyndon Johnson's administration was known for his War on Poverty. President Obama's will become notable for his War on Prosperity. We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earner's deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent.

The stagnation of the Japanese economy in the past 20 years is eloquent testimony to the fact that government usually gets it wrong. Sometimes it makes the wrong decision because it fails to anticipate the market (as Japan did when it downplayed laptop computers and stressed mainframes).

Nothing works on the campaign trail like attacks on candidates for bad attendance. It alienates people on both sides of every issue and reflects a callous disregard of the work of the people. The feeble argument that "I'm running for president" isn't much of a rebuttal: George W. Bush finds time to be president, and he's running too.