The Profit, Obama

We can all agree that the first presidential debate’s main takeaway is that Mitt Romney is the lyingest liar that ever lied. If America got a nickel for every lie he told in that debate, the deficit would have been closed by the time he dropped that guillotine on Big Bird.

Stunned by such rampant dishonesty, President Obama had to do everything in his power not to lapse into a southern dialect and start ranting about how George Bush doesn’t care about black people. The president must also have been woozy from inhaling the billowing smoke from Romney’s on-fire pants, because he let loose the single dumbest line of the night, which betrayed a complete ignorance of the role of incentives and what profit actually signifies in a free economy.

But first, here’s the line he set it up with:

Jim, if I — if I can just respond very quickly, first of all, every study has shown that Medicare has lower administrative costs than private insurance does, which is why seniors are generally pretty happy with it.

As Avik Roy has helpfully laid out, this is so false Mitt Romney could have said it. Here’s one reason: Continue reading