'Obamanomics,'the GOP Version

First there was "voodoo economics," then "Reaganomics," and now a Democrat finally has his own economic label.

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First there was "voodoo economics," then "Reaganomics," and now a Democrat finally has his own economic label: "Obamanomics." And as with the previous two, it's the critics who are coining the phrase, in this case the No. 3 Senate Republican, Tennessee's Lamar Alexander. Addressing Democratic presidential candidate Sen. Barack Obama's energy plan, which emphasizes conservation over new supplies, Alexander grins: "Obamanomics . . . would be when you repeal half of the law of supply and demand, the supply half. That's a new form of economics." Alexander adds: "The law of supply and demand's lasted a long time, and just to repeal half of it, I think Obamanomics is a good word for it." And it might not end at energy policy. "It could have other applications," Alexander says. "Senator Obama is a very creative person. He may be able to create more new rules of economics."