Bloomberg Blows It

Mike Bloomberg proclaims he can best beat Donald Trump. But he made a blunder that will hurt him badly if he is the Democrats’ nominee this November: He came out for raising economicgrowth-killing taxes on a scale that would ostensibly raise almost 50% more revenue than Joe Biden’s supposedly more moderate schemes. Bloomberg’s nostrums would crush capital creation and business investment and tank the stock market. Economic growth would stagnate, and wage growth would wither, if not decline.

By contrast, the president will be unveiling another round of tax cuts to be enacted if he’s reelected.

Bloomberg and the rest of the Democratic field have forgotten what happened the last time their party standard-bearer so loudly trumpeted raising taxes: In 1984, pro-tax Walter Mondale carried only one state and the District of Columbia against the tax-cutting incumbent, Ronald Reagan.