Random thoughts on last night's debate

Didn't live blog, but there are still some points to make.


1. Obama obviously did way better than the first debate, and to this observer he won both on style and substance.

2. Not sure how the interrupting, which both candidates did, will play.

3. Will someone finally point out the economic illiteracy of Romney's continued harping on small business owners who don't want to add employees because it will make their taxes go up? Businesses are taxed on income, not revenue. Whatever fraction of their increased revenue they spend on new salaries isn't part of income, so it isn't taxed at whatever the higher marginal rate is.

4. Economic illiteracy, part 2: marginal tax rates apply to the next dollar, not to all the earlier dollars. Thus, if Obama gets a higher tax rate for households over $250,000 in income that doesn't increase the tax rate on all the dollars below $250,000. If your pretax income goes up your after tax income goes up, even if a larger share of that next dollar goes to taxes.

5. I wish Obama had said more clearly that on the question of increasing income equality for women the Affordable Care Act prohibits discrimination against women in insurance premiums. 

6. Kind of baffling that Romney went to talking about his desire to represent 100% of the people in his closing. It just opened the door for Obama to talk about Romney's attack on the 47%. 

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