President Obama does not understand economics. All you have to do is watch his press conference of this past Tuesday to understand that. He doesn’t understand how wealth is created. He doesn’t understand how and why people earn and receive rewards. He doesn’t understand how and why employment agreements are made and kept. Of course, this is no surprise to many of us. It was clear during the presidential campaign that Obama did not understand economics. As he talked about the need to “reward work instead of rewarding wealth,” he demonstrated his cluelessness about the relationship between labor and capital...