The “Inconvenient Truth” was of course his adoption of Elizabeth “Fauxcahontis” Warren’s stated belief that no one can create a product or service without the benign assistance of Government. In both Obama’s case and Warren’s case, they clearly have cause to believe this as their life histories are replete with unearned accolades and advancement via entitlement. Both are the antithesis of advancement via merit, and demonstrate just how little value there is to advancement via quota.
Government creates nothing of value. It takes resources from those who do produce, and reallocates those resources elsewhere after lining its members pockets.
Government regulation weighs more heavily on small and medium business than on large business. Many large businesses survive long past their innovative prime because government regulation acts as a bar or impediment to smaller challengers in the market. When government tries to pick winners in emerging markets, they fail far more often than they succeed, and skew the markets against other competitors in the process.
Both are blind to this reality, a reality well known to anyone who has worked in a small or medium business, or who has started their own.
Obama has built nothing, and projects that personal reality on the world around him.
The Lie, which he surely knows to be a lie. is his accusation that tax cuts and de-regulation have been tried and didn’t work.
A key attack line in President Obama’s campaign stump speech these days is to claim that the country has tried Mitt Romney’s economic policies already, and they were a dismal failure.
Romney, he says, wants to do two things: Cut taxes for the rich and massively deregulate the economy.
“The truth is,” Obama says, “we tried (that) for almost a decade, and it didn’t work.”
Bush-era tax cuts and deregulation, he argues “resulted in the most sluggish job growth in decades” along with “rising inequality, surpluses turned into deficits, culminating in the worst economic crisis in our lifetimes.”
There’s just one problem. Obama’s got his history wrong.
Not a little wrong, dead wrong. Wrong on the effects of reduced tax burden. Wrong in labeling Bush a “de-regulator” and describing the actual impacts of regulation and de-regulation.
Financial and Banking de-regulation were products of the Clinton Administration. SOX a product of the Bush Administration.
You can tell a lot about a man by what he lets slip, and what he goes to lengths to prevaricate about.
Oh, read the whole IBD article, it’s enlightening.