Skip to comments.Obama: Limited Gov't That Preserves Free Markets 'Doesn't Work. It Has Never Worked'
Posted on 09/03/2012 7:16:24 AM PDT by Son House
In a speech delivered at Osawatomie High School in Osawatomie, Kansas, on Tuesday, President Barack Obama argued that while a limited government that preserves free markets "speaks to our rugged individualism" as Americans, such a system "doesn't work" and "has never worked" and that Americans must look to a more activist government that taxes more, spends more and regulates more if they want to preserve the middle class.
"'[T]here is a certain crowd in Washington who, for the last few decades, have said, lets respond to this economic challenge with the same old tune. 'The market will take care of everything,' they tell us," said Obama. "If we just cut more regulations and cut more taxes--especially for the wealthy--our economy will grow stronger.
"Sure, they say, there will be winners and losers," Obama continued. "But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesnt trickle down, well, thats the price of liberty.
"Now, its a simple theory," said Obama. "And we have to admit, its one that speaks to our rugged individualism and our healthy skepticism of too much government. Thats in Americas DNA. And that theory fits well on a bumper sticker. But heres the problem: It doesnt work. It has never worked.
"It didnt work when it was tried in the decade before the Great Depression," said Obama. "Its not what led to the incredible postwar booms of the 50s and 60s. And it didnt work when we tried it during the last decade. I mean, understand, its not as if we havent tried this theory.
"Remember in those years, in 2001 and 2003, Congress passed two of the most expensive tax cuts for the wealthy in history," said Obama. "And what did it get us? The slowest job growth in half a century. Massive deficits that have made it much harder to pay for the investments that built this country and provided the basic security that helped millions of Americans reach and stay in the middle class==things like education and infrastructure, science and technology, Medicare and Social Security.
"Remember that in those same years, thanks to some of the same folks who are now running Congress, we had weak regulation, we had little oversight, and what did it get us?" said Obama. "Insurance companies that jacked up peoples premiums with impunity and denied care to patients who were sick, mortgage lenders that tricked families into buying homes they couldnt afford, a financial sector where irresponsibility and lack of basic oversight nearly destroyed our entire economy.
"We simply cannot return to this brand of 'youre on your own' economics if were serious about rebuilding the middle class in this country," said Obama.
And slow job growth? What could possibly impede any business wanting to grow? Could it be managing expenses? Expenses like taxes and complying with government regulation.
He doesn't even understand the problem. The media doesn't want to present facts that make reality difficult for Obama. And now Democrat supporters can get exited over this nonsense economics this week. If the implications weren't so serious I'd have a good laugh at some of the locals as they express their anticipation excitement...
Depends on your definition/interpretation of “it worked”.
Obama and his lying thugs are proof that there is a parallel universe — all socialists live in it.
This admission that King Bozo Overdraft is a communist speaks volumes. We must throw him off of the throne.
It always works to the point that these idiots can say how it wasn’t free enterprise that gave them prosperity, but some mythical “third way” that only THEY have just managed to figure out.
Postwar Europe and the Social Democrats are the best example of this.
Off the empty chair.
When somebody does not do the job, we've got to let 'em go.
Move to North Korea or Cuba if you don’t f*ckin’ like capitalism.
This guy heaps on the BS higher and thicker every day. I swear you’ve got to be the Supreme Grand Exhaulted PooBa of the Dumbass Club to believe anything this idiot says.
We haven’t tried free enterprise since the Roaring 20’s. Every downturn can be pinned to massive gummit interference like Fannie Mae.
PRay for America
Yeah, okay there, Barry. The US was a miserable failure until thankfully, you came along to save the day...
“Trickle down” economics was a disaster that created 24 million jobs and 7% growth in some quarters. But we prefer Barry’s legacy of 15% real unemployment and 1% (manipulated) growth...
Is it any wonder he made this speech at a high school? I’d like to see him try to make it at any company that wasn’t heavily subsidized.
I didn't see any satire tags...
If there is ANY doubt that 0bama is a tin pot dictator wannabe that despises personal freedom, that statement should remove any doubt.
How does the affirmative action (in everything in his entire life) moron explain how the USA became the economic giant it did if free markets don’t work?
How does the affirmative action moron explain that China only cranked up their economic engine when they injected a little free market into their system?
How does this half breed explain North vs. South Korea? Seems the central planners are a 100% failure.
How does the dark lord explain E/W Berlin or E/W Germany both perfect examples of the free market over central planners.
More importantly, why does the GOP refuse to use such perfect examples of free market superiority any time these lying SOBs pull this crap?
How could anyone conclude the details of Obama’s economic plan are going to work? Mr Stephanopoulos, please explain, what are the details and how do they work?
high schools, collages etc, always a school where the young are and where he can find a crowd and where his security fees are less.
Empty chair he is
It worked until Super Chair came into office. He just messed it up.
I’m listening to the audio unabridged version of Les Miserables. Those who only know this book from the stage production are missing out on Hugo’s brilliance. He is discussing through plot and sometimes through plain essay style, the roll of government. He analyzes the French Revolution and the situation when he was writing the book which was written in 1862 but he discusses with great interest Communism. Right now I’m listening to I think Book for of the last volume but I get lost when I do audio versions. He is saying that government creates wealth and it redistributes it. He says you have to have both. Fascinating. I recommend it. Great story too.