The President, the Congress, and the Private Sector
Yesterday Wall Street Journal columnist Daniel Henninger notes that Congressional Democrats have bid adieu to the business community, they have become entirely disconnected from any understanding of how the private sector works. He wrote:
"Put it this way: Imagine any of this generation's Democratic establishment taking a job at Procter & Gamble in Cincinnati as a middle-manager responsible for a division of employees and its annual profit and loss. It is wholly inconceivable. Or helping an owner of an auto-parts company manage through a real crisis. They wouldn't have a clue … Some of Mr. Obama's supporters need to reboot their vision. They did not sign on just to him, but to him and his party. That party is creating a world of its own, a world being drained of oxygen for the kind of people who build the nation's economy."
Fred Barnes, of the Weekly Standard, extends this look to the White House with a column on the language of Obamanomics. Barnes says Obama professes to understand the free market, but what he actually says would seem to dispute that. For example, at his press conference on Tuesday, Obama said that prosperity won't return unless we're all working together for a higher purpose than ourselves. Adam Smith and most free market economists would strongly disagree, arguing a strong economy grows out of individuals acting in their own behalf. Obama also said that in recent years prosperity was "fleeting." Barnes says if he's talking about from late 1982 to 2007, we experienced one of the greatest economic booms in the history of the world, interrupted only by two shallow and brief recessions. Obama also argues our economy won’t recover unless we enact his entire agenda at once, an idea history proves is absurd. Writes Barnes:
"David Brooks noted in his New York Times column the near-absence in Obama's White House staff and cabinet of folks with experience as entrepreneurs or business executives. It's a shame. Given the state of Obama's knowledge of free markets, which he says he supports, he would benefit greatly from their advice."
Subscribe today for Free Enterprise Updates
- Latest business trends and best practices
- News about legislation and regulation impacting business
- Business how-to articles from industry experts
- Commentary and interviews with newsmakers in business and politics
