President Obama’s concern about “middle class economics” is justified. But as I pointed out in a previous post, his prescriptions would do almost nothing to solve the problems. According to a private sector estimate, the benefit for families in the middle from all of the Obama proposals would be a paltry $12 a year. According to the Treasury Department, the benefit would be closer to $150. Either way, it’s small potatoes.

If you don’t understand the problem—or won’t acknowledge it even if you do understand it—you are unlikely to find a solution that works.