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Obama's "middle class tax cut" will include tax hikes on nearly a million small businesses -- by his own admission.

A while back, I coined the Clinton Rule of Thumb, that any tax hike will generate -- at best -- two-thirds of the expected revenue. Unexpectedly, of course.

Incentives change behavior. And Obama is hell-bent on disincentivising investment and employment. And that's one vicious circle. Suppress investment, and there are fewer jobs created, creating lower demand, reducing employment further. Which, of course, further suppresses investment. And so on.

This, Obama says, is Forward!