The Smithian

…there’s one really big reason for the hostility between the wealthy and the White House: Mr. Obama is breaking with the narrative about American capitalism that has prevailed in this country at least since Ronald Reagan. That is the idea that when the rich get richer, everyone else benefits, too. Instead, the president is suggesting that American capitalism isn’t delivering on its promise to the middle class—and that the rich should help fix that by paying taxes at a higher rate.

bold, ours. more, here.