Obama's Economic Plan - Misplacing Blame (9/14/10)
Last Monday President Obama signaled what his theme will be during the last nine weeks of the election. It was a real disappointment, for two reasons.
First, making business the villain has the downside consequence of making business more uncertain about the administration's next action. This uncertainty of regulation, punishment, and tax increases is holding back job creation. It literally makes the economy worse.
Second, the redistribution economic model of punishing the successful and redistributing the wealth has failed everywhere it's been tried. The U.S. is the best example of what does work: people creating a better mouse trap, risking capital, selling products, and creating jobs. Making our population less focused on what it takes to compete in a global market place is a horrible idea.
Yes, the president inherited a mess. But business wasn't the only cause of the housing meltdown. Consumers weren't forced to buy homes, only enticed. Consumers weren't forced to falsify information in the loan applications. And government made possible 3% or less down on housing by using the F.H.A., Fanny Mae and Freddie Mac as social justice tools to extend loans to low income earners.
To cast business as the "bad guys" is incomplete and disingenuous.
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I'm Bill Lamb, and that's my…Point of View.