Barack is confused

So, a couple nights ago I, like usual, decided I would watch the democratic debate to see if anything was worthwhile. (It was not.) My favorite portion of the debate came when the traditionally cottage cheese soft, Charles Gibson began asking about capital gains. Barack Obama had previously stated that he would raise the capital-gains tax to 28% from its current level of 15%. Gibson then asked, "But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent,” Mr. Gibson said. “And George Bush has taken it down to 15 percent. And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?”

Mr. Obama's response reflected his complete and utter incompetence. He responded by stating the need "finance health care for Americans who currently don't have it”

Hold up-- Does he not understand that revenue went up when the capital gains tax was reduced to 15%. That means less of a tax burden on tax payers and greater revenue. I don't think that he understands the concept of the laffer curve or common sense in general.

If he wanted to attack the statistic, he could. It is a pretty simple argument to suggest that changes in capital gains rates drove an increase in the realization of investment profits, but he didn't even make an effort. It concerns me that he seems so unwilling to invest the necessary time to understand the concepts.