I tried to read through Obama’s speech this morning, even though I knew what he was going to say. I am amazed that anyone watches this stuff–the same old attempts at salesmanship, the same old faulty interventionist ideas designed to increase government power and devoid of any real effectiveness. Here’s what I took from the first part (I didn’t make it all the way through):
The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before.
Wait, is he saying alternative energy will be cheaper?
The cost of health care eats up more and more of our savings each year, yet we keep delaying reform.
So health care costs are why our economy is in a shambles?
Our children will compete for jobs in a global economy that too many of our schools do not prepare them for.
Our economy is in a shambles because our schools fail to prepare our children properly? Here I would agree in part, but not for Obama’s reasons, I’m sure. Our schools fail to teach children to think and to be able to see through empty rhetoric and government manipulation. They fail to teach them the real laws of economics. They cannot teach them responsibility and virtue, and this is a crisis of character.
And though all these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before.
In other words, we have lived through an era where too often, short-term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election.
I agree.
A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations were gutted for the sake of a quick profit at the expense of a healthy market.
Then he sneaks in his socialism. Wrong. In fact the opposite is true. Intervention caused the present crisis, and intervention always weakens the economy.
People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway.
The banks were forced (by the government) to loan to people who could not afford it. And now Obama wants banks to do more of the same.
Now is the time to act boldly and wisely – to not only revive this economy, but to build a new foundation for lasting prosperity. Now is the time to jumpstart job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do, and that’s what I’d like to talk to you about tonight.
And that’s what government action cannot do, and will not do. It will make it worse. Who says we need the government to save us? Obama says.
As soon as I took office, I asked this Congress to send me a recovery plan by President’s Day that would put people back to work and put money in their pockets. Not because I believe in bigger government – I don’t. Not because I’m not mindful of the massive debt we’ve inherited – I am. I called for action because the failure to do so would have cost more jobs and caused more hardships. In fact, a failure to act would have worsened our long-term deficit by assuring weak economic growth for years. That’s why I pushed for quick action. And tonight, I am grateful that this Congress delivered, and pleased to say that the American Recovery and Reinvestment Act is now law.
Keynesianism is wrong. The economy will recover on its own (if Obama can stop messing with it).
Over the next two years, this plan will save or create 3.5 million jobs. More than 90% of these jobs will be in the private sector – jobs rebuilding our roads and bridges; constructing wind turbines and solar panels; laying broadband and expanding mass transit.
This is nothing more than a redistribution of money–it cannot create wealth… or jobs.
I know there are some in this chamber and watching at home who are skeptical of whether this plan will work. I understand that skepticism. Here in Washington, we’ve all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right.That is why I have asked Vice President Biden to lead a tough, unprecedented oversight effort …
That’s why there are thousands of earmarks on the new spending bill.
You see, the flow of credit is the lifeblood of our economy.
Wrong. Productivity is the lifeblood.
But credit has stopped flowing the way it should. Too many bad loans from the housing crisis have made their way onto the books of too many banks. With so much debt and so little confidence, these banks are now fearful of lending out any more money to households, to businesses, or to each other. When there is no lending, families can’t afford to buy homes or cars. So businesses are forced to make layoffs. Our economy suffers even more, and credit dries up even further.
Banks were not allowed to be careful with lending. That’s why we are in this mess.
But that does not mean we can afford to ignore our long-term challenges. I reject the view that says our problems will simply take care of themselves; that says government has no role in laying the foundation for our common prosperity.
Wrong, the freer the markets, the stronger the economies.
For history tells a different story. History reminds us that at every moment of economic upheaval and transformation, this nation has responded with bold action and big ideas.
Damaging actions, faulty ideas.
In the midst of civil war, we laid railroad tracks from one coast to another that spurred commerce and industry.
The government laid the railroad tracks? Though they did provide subsidies, those were damaging, not helpful. And I though burning fossil fuels was bad?
From the turmoil of the Industrial Revolution came a system of public high schools that prepared our citizens for a new age.
Turmoil of the industrial revolution? Were public schools created to boost the economy? Rather they were a conspiracy of the rich and elite to sujugate the citizenry (see John Gattos books).
In the wake of war and depression, the GI Bill sent a generation to college and created the largest middle-class in history.
The GI Bill created the middle class? He thinks we’re stupid.
And a twilight struggle for freedom led to a nation of highways,
And greater and greater use of fossil fuels, don’t forget.
an American on the moon,
And why was it important to go to the moon?
and an explosion of technology that still shapes our world.
Which wouldn’t have happened without the moon shot?
In each case, government didn’t supplant private enterprise; it catalyzed private enterprise.
He was right the first time. It replaced it and hindered it.
It created the conditions for thousands of entrepreneurs and new businesses to adapt and to thrive.
How? The only way the government can do that is to stay out of the way.
Snake oil. Fuzzy thinking. Government power grabbing. I’ve heard enough. (Boy, this guy is windy. )