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    Our President Really, Truly Does Not Understand The Economy

    Our President Really, Truly Does Not Understand The Economy

    And they complain that Sarah Palin is “stupid” and unfit to be President? 

    Obama recently expressed a view of the economy in which technological innovation is viewed as a threat to jobs:

    President Obama explained to NBC News that the reason companies aren’t hiring is not because of his policies, it’s because the economy is so automated. … “There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate.”

    This is a perfectly static view, which would have protected jobs in the buggy whip industry by preventing the creation and expansion of the auto industry; would have protected jobs at glass tube manufacturers against the advent of flat screen televisions; would have barred the creation of the cell phone industry because of all the jobs lost in the land line business, and so on and so on.

    This is your modern union mentality at work, in which the preservation of the economic status quo takes priority over innovation and creation.  Job losses in old industries make for good 30-second political ads, while the creation of new and more vibrant industries which create more jobs takes too long to explain on television.

    He really, truly doesn’t understand.  It’s frightening. 

    The reason employers are not hiring is due in large part to fear of Obama’s economic policies which raise the cost of hiring. 

    Anyone who ever owned a business (I did both with others and alone for 20 years) understands how government employment mandates make hiring the last choice.  You don’t have to pay unemployment insurance and workers comp on a computer, and when you fire the computer you are not going to get sued.

    (P.S., someone tell him there were ATMs and kiosks at airports long before he became President, so he can’t blame those innovations for the lack of job growth on his watch)

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    Obama continues to surprise me. Every time I think we've reached the depths of his ignorance, he manages to say something that proves he's even more dull-witted than he previously appeared. The things this man actually knows would fill a thimble. Maybe.

    Railing against Creative Destruction will not improve our standard of living.

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