HolyCoast: Economic Quote of the Day

Tuesday, May 29, 2012

Economic Quote of the Day

Brit Hume looks at Obama's apparent lack of understanding at how the economy actually works:
“The president and his team seem to think that the idea of creating wealth is unrelated to creating jobs,” Hume said. “Every business person who runs a hamburger stand understands you are trying to make a profit, and that the business of making a profit has jobs as a bi-product. Not as if there is a favorite industry called ‘Jobs R Us,’ which is in the business for the purpose of creating jobs.”

Hume went on to explain why that “disconnect” calls into question Obama’s grasp of the economy.

“That isn’t how it works, and I think it makes the president sound to people who are not deeply sophisticated about Wall Street like he doesn’t get how the whole system works,” he continued. “I think it may in fact be true that he doesn’t get how the whole system works.”
If you ask most liberals why corporations and other businesses exist, a surprising number of them will tell you they exist to provide jobs. Not true. Nobody every started a business with the plan to create jobs for others - they start businesses to create jobs for themselves. If they're successful their business will grow and they can add employees along the way. But no one is going to add employees just for the sake of adding employees, and no business should ever feel obligated or pressured by government to add people they can't afford or justify in their business plan.


Larry said...

To say that Obama “doesn’t get how the whole system works” is the same as saying that he doesn't get America. The whole system is America. When Obama said “We are days away from fundamentally transforming The United States of America”, he was saying he was going to fundamentally transform the whole system too.

To Obama, it's not important to 'get' that which he intends to put out at the curb on trash day.

Larry said...

To plagiarize MSNBC's Chris Hayes, Obama is rhetorically proximate to Carl Marx.