Edwards' out of touch campaign

Larry Kudlow:

So, John Edwards has thrown his hat into the presidential ring.

Unfortunately, he has a losing message.

His ultra-liberal approach will elicit only a small niche of support among the ultra lefties in the Democratic Party.

Democrats know (or at least, I think they know) that their success in the 2006 midterm election was largely a function of their best efforts to imitate Republicans. It was the conservative Blue Dog Democrats who were the tail successfully wagging the entire Democratic dog.

That said, if John Edwards somehow managed to reverse this tide and win his party's nomination, he would lead his party to a crushing defeat in 2008.

For starters, he wants to cut and run from Iraq. Such an ill-conceived policy would leave this budding nation in shambles, with terrorists following us back to the United States. It would extinguish the candle of Iraq's democracy experiment -- an experiment that could still pay enormous dividends if the United States follows through with a bold, new troop surge strategy and a refurbished plan of economic reconstruction. These are the actions that will stabilize Baghdad and their democratically elected government, not cutting and running.

On the domestic side, Edwards fares just as badly. He's recycling an old page from the liberal Democratic playbook, saying that he wants to make fighting poverty the great moral issue of our time. He says he'll accomplish this by taxing the rich in order to help the poor. Oh, really?

Tax capital in order to create new jobs? Huh? Haven't we learned that you can't create new jobs (for the poor or anyone else) without healthy businesses and plentiful new business creation? And that businesses require capital in order to expand? And haven't we learned that punishing success through higher tax rates that make it pay less to work, save and invest will only reduce investment, jobs and prosperity?

Well, Edwards forgets that entrepreneurs, not government, create long-lasting jobs and growth. Rather than government spending, it is economic freedom, through a strong incentive structure inside a market economy, that opens the door to new opportunities so that the non-rich can get rich.

What's more, Edwards has failed to consider that poverty has fallen steadily for decades.

...

Edwards appears to be aiming for the 4.5 percent unemployed demographic. That is a pretty small base, to waste all of those trial lawyer campaign contributions on. The trial lawyers look to this demographic for lotto type verdicts and consider themselves the friend of the little guy. But the reality is that about as many in this group win the legal lotto as those who become professional athletes.

It is the entrepreneur who creates jobs to pull them out of the category that is the real hero and it is the entrepreneur that Edwards is aiming to take capital from.