Those who do not read history are doomed to repeat it. And those who repeat failed policies of the past are doomed to failure themselves, and the definition of insanity is trying the same thing over and over again and expecting a different result. We can apply all of these proverbs to what the Washington Post reports as the next phase of Deadbeatonomics, in which Obama will try the old populist “soak the rich” policies in order to close a deficit that he himself exploded in the past two weeks: President Obama is putting the finishing touches on an ambitious...