We know that supply-side economics emphasizes serious cuts in tax rates and Keynesianism relies on massive amounts of government spending. But how in the world does “middle class economics” work? After President Obama cited it repeatedly in State of the Union speech, I waited and waited for him to explain how it works. He never did.

Instead, he confused a cause with a result. Middle class economics, he said, “is the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules.” That’s a nice sentiment, but it’s not an economic policy.