On the economic front, President-elect Barack Obama warned last week that the United States could lose millions of jobs next year without quick government action to jump-start the economy. "We do not have a minute to waste," he said.
But at the same time, Mr. Obama said he plans to follow through on his campaign promises to raise taxes on the wealthiest Americans because they can afford to "pay a little more for us to be able to invest and get the economy on track."
Perhaps one of the bright minds on the Obama economic team can explain to the president-elect that the government doesn't create jobs, the private sector does. And one way to ensure that entrepreneurs are willing to invest capital in job-creating enterprises is to leave more of that capital in their hands -- not to seize it and turn it over to beltway bureaucrats to shower on favored constituencies.
There's no doubt that the current economic downturn will force many companies to trim costs and workers to become more efficient -- it already has, and will continue to do so. But if Mr. Obama truly seeks to spur job creation, he'll seek to encourage -- not punish -- those willing to invest their own money in potentially profitable endeavors.