In typical liberal/progressive fashion, Mr. Obama is once again pushing his disillusioned and misguided agenda that government is the be-all and end-all of all things. “He announced a $500 million project to spur high-tech manufacturing, a sector of U.S. industry that Obama fears is losing ground to other countries.”
Mr. President there are two very important elements here that you appear to be overlooking. First and foremost, the government does not and cannot invest in high-tech manufacturing. The private sector needs to raise the capital and invest in this project or projects if the free market determines that there is a need and a market for their products exist. Second of all, the government does not have $500 million to invest, even if it were their task to do so.
Obama, Harry Reid, Nancy Pelosi, et al continue to insist that the government needs to spend more money in order to boost the economy and spur jobs. This is pure Keynesian hogwash at its most absurd level. Cut corporate taxes and let corporations repatriate trillions of off-shore dollars back into the economy; grant every small business the same Obamacare waivers you granted your union buddies; call off your dogs at the EPA, the FTC and the SEC; and finally shutter Freddie Mac and Fannie Mae and repeal the Community Reinvestment Act, Dodd-Frank and the Affordable Care Act. That’s what government should be doing. That is your role, Mr. President, to get government out of the way of free enterprise so that it can invent, invest, manufacture and sell.
Mona Charen is a syndicated columnist who recently penned an article “How the Democrats Nearly Destroyed the Economy.” In her piece she quoted a work by New York Times reporter, Gretchen Morgenson, and financial analyst, Joshua Rosner called "Reckless Endangerment." In "Reckless Endangerment," Morgenson and Rosner argue “the greatest responsibility for the collapse of the housing market and the near "Armageddon" of the American economy belongs to Fannie Mae and Freddie Mac and to the politicians who created and protected them. With a couple of prominent exceptions, the politicians were Democrats claiming to do good for the poor.”
"Reckless Endangerment" includes the Clinton administration's contribution to the home-ownership catastrophe. Clinton had claimed that dramatically increasing homeownership would boost the economy, instead "in just a few short years, all of the venerable rules governing the relationship between borrower and lender went out the window, starting with ... the requirement that a borrower put down a substantial amount of cash in a property, verify his income, and demonstrate an ability to service his debts."
"Reckless Endangerment" utterly deflates the perceived history of the 2008 crash. Yes, there was greed -- when is there not? But it was government distortions of markets -- not "unregulated capitalism" -- that led the economy to disaster.”
The progressive obsession that the government must invest (or to put it another way, spend) in order to jump start the economy and create jobs is a poor governance and public policy. What’s even more frightening is that millions of people buy into this garbage and support the President’s initiatives. What they do not realize is that he is merely another Pied Piper leading them down the road to total destruction.
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