Barack Obama has finally articulated the kind of change he is going to bring about when he is president. This week he stated that you build an economy from “the bottom up”. Liberals like Obama deride tax cuts for the rich and trickle down economics. This is what has been going on the last eight years and has resulted in employing almost 95% or more of the available workforce most of that time.

            But now that we are down to 96% employment, the misery is so high that America may bet on Obamanomics, where we will apparently take more money from the top, stop the trickling down, and invest in the bottom of the economy. I have to conclude that the bottom is the homeless population. Who is below them on the economic ladder? The homeless now have a vested stake in this election and I can now understand why ACORN has been going to extraordinary efforts to get them to the polls.

            There are some inconsistencies here. Obama says there will be a work requirement for people who do not pay income taxes to get his $1,000 tax credit. I guess it all depends on the meaning of “work”. Obama has been a community organizer and apparently has seen the work ethic of the homeless. Assuming the government can get the $1,000 per year to the homeless, then we will see Obamanomics in action.

            The first action Obama would be assuming is that the homeless stop panhandling which will put more money into the pockets of people above them on the economic scale. These people in turn will put their extra money into the economy. This will generate more demand and activity in the economy. How can it fail?

            Well, it’s an extreme scenario to make a point. The bottom of the economy does not create wealth. In Obamanomics, the people who do create new jobs and expand the economy have money taken away from them and cease to provide new jobs, in fact, probably laying off employees. It takes more than $1,000 to make up for a lost job, even a minimum wage one. But with that, I’m going to shut up, before step 2 becomes part of Obamanomics. Step 2 results in a $10,000 tax credit for non-income tax payers and a return to Jimmy Carter’s top tax rate of 70%. Too many people today do not remember Carternomics and the real misery index.