“Let’s try common sense,” said the president. For Obama, that means that expanding Medicaid is the way to reduce the deficit. That increasing the price of energy is the way to create jobs. That further socializing medicine is the way to stay ahead of India. Nothing in his speech suggested that the government’s most important economic task might be to create the context of stability in which growth can occur. (Perhaps that thought would have interfered with the theme of “change.”) Beyond a pro forma sentence, nothing in the speech suggested that any positive economic trend could ever take hold without a direct assist from the federal government. Without its help, firms wouldn’t export or get credit. The proposal to forgive student-loan debt for people who go into “public service” typifies this administration’s attitude toward the economy: Producing wealth is less noble than rearranging it. On one of the country’s true economic challenges, runaway entitlement spending, Obama punted to a commission.Read more here.
Thursday, January 28, 2010
National Review on Obama's speech: