I actually think this lame-duck session is the first time in his life he has ever had to seriously even try to understand supply-side economics.
Think about it:
(1) Columbia? Harvard? Their economic departments teach Kenysain as gospel, call supply-side vodoo economics, and say Marxism will work if you put the right people in charge.
(2) As a community organizer, his job was centered around govt. redistributing the wealth.
(3) As a senator he voted how he wanted. Nobody every tried to make him compromise.
(4) For the first two years as president, the Democrats had 100% control in Washington, and ignored conservatives.
Now, for the first time ever, he is in a position where he has to actually listen to, and even compromise with conservatives to get anything done. It is the first time in his life he has ever had to take seriously the other side of the economic argument.
So no, he doesn’t understand economics.
http://gregmankiw.blogspot.com/
Greg Mankiw teaches at Harvard and he makes a lot of sense, not that I always agree with him. I never disagree with him about empirical economic issues, however.