Sheldon Adelson and the perverse incentives of the Obama presidency

October 24, 2012

(Jerome Favre/Bloomberg News)

If you wanted to sum this election up in a single sentence, you could do worse than to choose this one:

Under Obama, Adelson has achieved a larger increase in his wealth than anyone else in the country.

And yet Adelson considers Obama a socialist and is spending hundreds of millions of dollars to defeat him.

This is the perverse challenge the Obama presidency has created for Obama's reelection campaign: Obama's policies have helped guys like Sheldon Adelson -- and, in particular, Sheldon Adelson -- become richer than they've ever been before. But that makes Obama's proposed tax increases all the more threatening. After all, the more money you have, the more you're going to get taxed. So these rich guys have more at stake because Obama has helped make them richer, which means they have more money with which to try and elect someone who won't raise their taxes.

Much more on Adelson here.

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