Matt Cooper on some of the economic questions from the debate:
If Americans needed more proof that the media elite are rich and out of touch, Gibson gave them more. In the St. Anselm’s College debate in New Hampshire, Gibson asserted that average professors make $100,000. They don’t. The median household income is around $46,000. For families it’s closer to $68,000. Last night in Philadelphia, he blithely repeated the canard that cutting capital gains taxes yields more revenue. The short answer is that sometimes it does and sometimes it doesn’t. The rooster crows and the sun rises. Just because revenue has risen following some capital gains cuts doesn’t mean it automatically yields a cut. Gibson stated it as fact.[…]
On Social Security, Clinton has wisely not committed to raising the cap on income that falls under the FICA tax. Obama has, either courageously or foolishly, depending on how you look at it, brought up this option repeatedly. I’ve been surprised that this hasn’t been an issue for many months when I wrote a piece called "Is $97,000 Rich?" Obama is essentially calling for a huge tax increase. Last night he seemed to suggest again that he might not tax income between $97,000 and $250,000, which is odd to say the least. As I understand it, President Obama would be smitten with the idea of applying the F.I.C.A. tax on wages from zero to $97,000 and then exempting income from $97,000 to $250,000, and then start taxing it again. That’s both illogical and regressive. There may be a case for raising the cap but there’s no intellectual argument for taxation followed by a pause in taxation followed by more taxation. Clinton’s wisely called for kicking the whole thing to a commission, which is what John McCain has done. Beleaguered, Obama noted that the sainted 1983 Reagan-O’Neill commission on Social Security, headed by Alan Greenspan, raised the retirement age and raised the Social Security tax. Fair enough. But tossing out policy proposals on the fly doesn’t make any sense.
The Dish 