The View From 1776

Despite Growth, Still Not Enough Jobs

This Investor’s Business Daily editorial pegs the situation correctly.

Obama’s miserable economic record is second worst to Franklin Roosevelt’s eight-year failure in the Great Depression, and for the same kinds of reasons: relentless hammering of private business with regulations, threats of higher taxes, imposition of Obamacare, support for labor union thuggery, and worship of Keynesian economics.

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  2. Obama, just like Roosevelt's New Deal policies, is crippled by a basic underlying error -- they believe the government creates jobs, stimulates business activity, and that, with enough "direction" from above, the elite at the top can make good things happen.

    In fact, all economic activity comes from the individual activity of the people, and unless they are free to improvise and innovate, within a free and open market economy, and keep the fruit of their toil, they will not be motivated or able to engage in constructive business activity.

    Indeed, every "direction" given by the government from the top only serves to reduce the opportunity for the people to conduct business, invest in new technologies, and build a vibrant economy. Ironically, it is the most educated elites, with their most advanced abstract thinking, a type of brain that got them high SAT scores and admission to the best colleges, that do the most harm because lacking any practical aptitude that would allow them to actually participate in the business world, they seek to direct and control it from the top.

    Such is the failing of all centrally planned, socialist governments. It comes from intellectual arrogance, and overly conceptual minds that have little grasp on the realities of business affairs. Almost all small businesses, the engines of job growth, and the birthplace of the largest corporate employers, are founded and built by the average students who have a sense of reality, practical concrete minds, and the humility to change direction when an idea fails.
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