President Obama argues that the economic solutions put forth by Republicans simply don’t work.
The market will take care of everything, they tell us. If we just cut more regulations and cut more taxes, especially for the wealth, our economy will grow stronger.
It’s a simple theory, and we have to admit it’s one that speaks for to rugged individualism and our healthy skepticism of too much government – that’s in America’s DNA. And that theory fits well on a bumper sticker.
But here’s the problem. It doesn’t work. It has never worked.
For anyone with a working knowledge of basic economics it’s clear that Mr. Obama’s argument is nothing more than an empty soundbite.
Specifically, President Obama is targeting ideas like less regulation and tax cuts for wealthy Americans. The problem, of course, is that the economic solutions in both theory and practice put forth by both parties are in many cases the same strategy. Despite what politicians have said for the last 30 years, we have continued to tax the American public, print obscene amounts of US dollars to cover our debt, restrict liberty in commerce, and our regulatory agencies under control of both parties have failed to stop the rampant fraud on Wall Street and other corporate sectors by punishing criminals under existing regulations and laws.
Here’s the real problem: Rugged individualism, minimizing government expansion, and maintaining the rule of law has never been given the opportunity to work. There is always a politician, bureaucrat, corporate insider or regulatory agent standing in the way.
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