Gingrich smears Romney on income – again

Newt goes for the soundbite at the expense of the facts, again (National Journal, emphasis added):

“I think you have to live in worlds of Swiss bank accounts and Cayman Island accounts and automatic $20-million-a-year income with no work to have some fantasy this far from reality,” Gingrich said, jabbing at some of the details of Romney’s self-released income taxes this week.

It’s just abundantly clear that Newt doesn’t get it.

Mitt Romney’s income is far from automatic. There is risk involved in every investment. Sure, risk can be mitigated or minimized in various ways, but it never goes away. Even the “risk-free” T-Bill was downgraded last year.

I mention this because a certain fellow blogger has focused on Newt’s economic policies as friendlier to the supply-side school of economics. From a policy perspective, this is true. However, statements like this make it clear that Gingrich has none of the underlying respect for investments and upper-income earners that are at the heart of supply-side economics. For Gingrich, the private sector exists to fuel his various government schemes; it has no value of its own.

In short, when it comes to economics, Gingrich may know the words, but not the music.

Cross-posted to Virginia Virtucon

P.S. and Non-Seq: Read the whole piece (here it is again); Gingrich’s “guest-worker permit” plan reads a lot like full-blown amnesty to me.

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