So why, under Obama, do we get — at best — trickle-down economics? Why are corporate profits at record highs while median wages, unemployment, and new business formation stagnate?

Presidents, of course, don’t control the economy, but when the economy redistributes wealth upward, and Democrats hope for it to trickle down, it’s worth considering the President’s policies that act through trickle-down mechanism.

Obama wants export subsidies to create jobs — through taxpayer loan-guarantees to major exporters, who in turn might hire more workers. Green-energy subsidies are sold on the same promise. Obama bails out auto companies in the name of the worker. Meanwhile, he lets the payroll tax cut expire.