Mr. Obama is now taking credit for 2014’s job gains that his policies inhibited, much as he is for the boom in oil and gas drilling that his Administration resisted. Thus comes the opportunity for a late-term “Seinfeld” economic epiphany. Imagine the possibilities if the President realized that everything he thought about economics is wrong.
A President Costanza would cut the tax rate on capital, not raise it; reduce the incentives to go on disability, not increase them; and reduce regulatory costs on business, not add to them. Whatever economic instincts you have, Mr. President, do the opposite.