Quotulatiousness

November 9, 2010

The real disconnect between Obama and the economy

Filed under: Economics, Politics, USA — Tags: , — Nicholas Russon @ 13:08

Victor Davis Hanson points out the way in which Barack Obama’s worldview does not reflect economic reality:

[. . .] what troubles me is that the president seems unaware of this old divide — that what allowed the pre-presidential Obamas, respectively, to make quite a lot of money as a legislator, author, professor, lawyer, or hospital representative was a vibrant private sector that paid taxes on profits that fueled public spending and employment or made possible an affluent literary and legal world. All that was contingent upon the assurance that an individual would have a good chance of making a profit and keeping it in exchange for incurring the risk of hiring employees and buying new equipment.

Instead, Obama seems to think that making money is a casual enterprise, not nearly so difficult as community organizing, and without the intellectual rigor of academia — as if profits leap out of the head of Zeus. I say that not casually or slanderously, but based on the profile of his cabinet appointments, his and his wife’s various speeches relating Barack Obama’s own decision to shun the supposed easy money of corporate America for more noble community service in Chicago, and a series of troubling ad hoc, off-the-cuff revealing statements like the following:

As a state legislator Barack Obama lamented the civil rights movement’s reliance on the court system to ensure equality-of-result social justice rather than working through legislatures, which were the “actual coalition of powers through which you bring about redistributive change.” To Joe Wurzelbacher, he breezily scoffed that “my attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody. I think when you spread the wealth around, it’s good for everybody.” When Charlie Gibson pressed presidential candidate Obama on his desire to hike capital gains taxes when historically such policies have decreased aggregate federal revenue, a startled Obama insisted that the punitive notion, not the money, was the real issue: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.” And as President Obama, again in an off-handed matter, he suggested that the state might have an interest on what individuals make: “I mean, I do think at a certain point you’ve made enough money.”

In other words, 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.

1 Comment

  1. Inside every cynical person, there is a disappointed idealist

    Comment by tvguy — November 10, 2010 @ 21:27

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

« « Submarines, and the things they run into, literally| How to create false sympathy for “victims” » »

Powered by WordPress