“It Won’t Work” — Stacy McCain, Dec. 8, 2008.
On Saturday, Victor Davis Hanson wrote, “for most of his life Barack Obama has done quite well without understanding how and why American capital is created, and has enjoyed the lifestyle of the elite in the concrete as much as in the abstract he has questioned its foundations:”
Does he finally see that the threat of borrowing huge amounts to grow government to redistribute income through higher taxes risks greater impoverishment for all of us, despite the perceived “fairness”? That suspicion alone explains why those with trillions of dollars are sitting on the sidelines despite low interest, low inflation, and a rebounding global economy. In short, millions of profit-makers believe not only will it be harder to make a profit, but far less of it will remain their own— and all the while the president will deprecate the efforts of those who simply wish do well for themselves. With proverbial friends like those, who needs enemies?
Until that mindset changes and can be seen by the public to change, the recession will not so easily end.
How out of touch is the White House? So bad that even socialistic Germany has noticed.
Meanwhile, the headline of this Townhall column by Austin Hill asks a great question: “Is The President Learning Economics By Trial-And-Error?”
Good luck with that, given both of the Obamas’ lifelong contempt for business.