The WSJ suggests Mitt Romney won in Michigan by focusing on the economy.
In The WSJ, Larry Lindsey rebuts Tim Geithner’s claim that the wealthy should pay more taxes for the privilege of living in America:
If you go further back to the pre-Reagan days, when the top tax rate was 70%, the story becomes even more dramatic. Under the four presidents of that era, the income share of the top 5% was 16.8% and their share of the income tax was 36%. In other words, the share of income received by the top 5% has risen 28% and their share of income taxes has risen 64%.
Stated differently, based on the data provided by the Census Bureau and the Internal Revenue Service, the relative tax burden of the top 5% of American earners compared with the remaining 95% has grown from roughly three-to-one prior to 1980 to almost six-to-one today.
From Alhambra Partners, Joe Calhoun sees inflation undermining the recovery.
At The American, James Pethokoukis introduces the Krugman Curve to compete with the Laffer Curve.
On Zero Hedge, Tyler Durden confirms Iran’s move to accept gold in place of dollars for oil.
The Huffington Post reports the poor struggling with rising food prices.
At RCP, Debra Saunders notes Newt Gingrich’s low gas price advocacy.
On TGSN, Ralph Benko recounts creation of the First Bank of the US.
At Grant’s Interest Rate Observer, James Grant suggests the price of gold for convertibility should be $2,500 (h/t: TGSN).
On The Kudlow Report, former Fed Governor Kevin Warsh critiques Fed policy: