When Barack Obama talks about fiscal control, the idea he emphasises – often the only one he offers with conviction – is raising taxes on the rich. This gets ovations from Democrats, thrilled that the US president has not sold out entirely. Equally constant is the Republican response: accusations of class warfare and economic vandalism. For all Mr Obama’s fine talk, says the Grand Old Party, Democrats fall back on their traditional job-killing cure-all.

The outlook for US public debt makes the Republican position on taxes – no increases, regardless – grossly irresponsible. Higher revenues will be needed to balance the books. The GOP’s political judgment is questionable too. This president smiles too much to make a convincing class warrior, though you could not say the same of every Democrat.

Misguided as their opponents may be, however, Democrats are wrong to think that “soak the rich” is both good economic policy and a sure-fire electoral winner. It is neither.