Skip to comments.Obama Chamber of Commerce Speech
Posted on 02/08/2011 11:47:14 PM PST by lowbridge
This is not "proving that America can compete." This is proving that President Obama and state governments can lavish subsidies on some favored businesses using tax dollars taken by force from other, less-favored businesses and individuals.
If there's competition involved, it's the competition for the taxpayer money as much as competition in the marketplace for products and services.
Such a system may be good for politicians they get campaign contributions because they are in a position to dispense tax breaks or grants, or to pick industries to subsidize. But it's bad for the country, because it breeds corruption, and because experience has shown government officials aren't particularly good at picking which businesses to subsidize. Also, it leads to bidding wars, in which states and national governments compete for factories not by setting low taxes across the board but by cutting special deals for bigger players, entrenching established players in a way that penalizes would-be new entrants.
Not only is it bad on those utilitarian grounds ("it doesn't work"); it's also bad on libertarian grounds ("it's unjust"). Even if government were better than individuals at allocating capital to private businesses, it'd be unjust to take money from some businesses in taxes and use it to subsidize their competitors, because doing so is basically taking the private property that belongs to one business (or its owners) and giving it to the other business, without fair compensation.
(Excerpt) Read more at futureofcapitalism.com ...
Isn’t it about time for Obama to go on another vacation? I just want him to go away.
I get the feeling that those who attended his speech werent taking him seriously.
To anoint someone with complex knowledge and experience in anything and everything just because he/she won a personal popularity contest for President of the US is sheer madness. It is simply a charade and has the potential for totally destroying our country. It is the elephant in the room..It is a Trojan Horse..It is so many things which insult the intelligence of any thinking person..
He may not know much about running a business but he knows how to consolidate power in Wash.