How Obamanomics left the middle class behind

One reason: Obamanomics leans heavily on trickle-down economics. How does Obama promise to create jobs? With more loan guarantees to sell jumbo jets and more subsidies to make solar panels — taxpayer transfers to the big companies with the best lobbyists, with some crumbs hopefully falling to the working class.

Also, Obama’s regulations crush small businesses, protecting the big guys from competition. This hurts Mom & Pop and would-be entrepreneurs, but it also hurts the working class. New businesses are the engine of job growth, but new business formation has accelerated its decline in the last few years, hitting record lows.

This gives Republicans an opening to explain that they can deliver on Obama’s promises of helping the middle class and the working class, but they can do it by reversing Obamanomics — cutting everyone’s taxes, undoing the most onerous regulations, ending trickle-down corporate welfare and so on.

Call it free-market populism, or libertarian populism.