Wrapped up as I was in the desperate efforts to protect the President from terrorist grannies, I missed this gem from his speech in Quincy, Illinois:
Excerpt via Ed at Hot Air:
We’re not, we’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money. But, you know, part of the American way is, you know, you can just keep on making it if you’re providing a good product or providing good service. We don’t want people to stop, ah, fulfilling the core responsibilities of the financial system to help grow our economy.
Is there any clearer expression of the statism at the heart of this administration? Not only do Obama and the (Social) Democrats claim the power and the requisite wisdom to regulate broad swathes of the economy, but the President himself claims to know better than you when you’ve earned enough money, beyond which, we assume, one enters the realm of “unfair.”
It also shows (again) that he just doesn’t “get” capitalism or market economies. The promise of possibly earning more money is what encourages people to start a business, hire more people (Remember jobs, Mr. President?), and take risks. That incentive system, coupled with a relative lack of government interference, is why our economy has been phenomenally successful. By saying “you’ve made enough,” you take away any incentive for people to work harder. Why should I or anyone risk capital in an investment, or take a job that eats up most of my time, if you are going to tell us we can only make so much from it? What’s next, wage and price controls a la Diocletian and Nixon?
And the arrogance! That a man who has never worked in private business, whose whole adult life has been in academics, non-profit, and government work should think that he knows how much a businessman or an investor should make in return for their effort and risk? A man who knows next to nothing about economics? How is this even in Washington’s purview?
How about trying to do the jobs the federal government is assigned, rather than everything it isn’t?