This Blog Post Is Dedicated to Stephen Bainbridge

The “moral outrage over tax inversions” is feigned outrage. It is ginned up, fake, astroturfed outrage that will go away as soon as the midterm elections are over. It currently commands (too much) attention because President Obama and the Democratic party are worried that they might lose the Senate in the midterms, because they have no genuine issues with which to limit their possible impending electoral defeat, and because the only tool left to them in the upcoming campaigns is the tool of populist demagoguery. Populist demagoguery is needed to scare people, to make them angry, and to distract them from the fact that their economic situations have not gotten better under this administration. It is also needed to distract people from the fact that the president’s second term has been a disaster, and that he is phoning it in.

And of course, I know that Professor Bainbridge knows all of this, just as he surely must know that the Obama administration’s stance on corporate inversions is entirely hypocritical. But it’s good to repeat all of these points from time to time.