Obama Needs a Course in Economics 101

By:  Sam Blumenfeld
07/26/2011
       
Obama Needs a Course in Economics 101

Judging from President Obama’s lack of knowledge of basic free-market economics, I suggest that he invite Professor Walter E. Williams and author Thomas Sowell, two of America’s most eminent economists, to the White House to teach the President a course in basic economics — not the economics of Karl Marx, Nicolai Lenin, or Saul Alinsky, but the economics of Adam Smith, Frederic Bastiat, Jean-Baptiste Say, Milton Friedman, Ludwig Von Mises, and Friedrich Von Hayek, on which our free society and capitalist system are built. And since both Williams and Sowell are black Americans, he will see that free-market economics is not racially biased toward whites. Indeed, he will discover that two and two are four no matter what color you are.

That our President is economically illiterate can be proven by his strange assertion that the way to increase jobs is by raising taxes. Yes, higher taxes will create jobs but only in government. But government jobs do not create wealth, they consume it. The more money you give government, the more money government has to spend and the bigger government becomes. By taking more money out of the private sector, fewer jobs will be created by private business. None of this is so terribly difficult to understand.

Judging from President Obama’s lack of knowledge of basic free-market economics, I suggest that he invite Professor Walter E. Williams and author Thomas Sowell, two of America’s most eminent economists, to the White House to teach the President a course in basic economics — not the economics of Karl Marx, Nicolai Lenin, or Saul Alinsky, but the economics of Adam Smith, Frederic Bastiat, Jean-Baptiste Say, Milton Friedman, Ludwig Von Mises, and Friedrich Von Hayek, on which our free society and capitalist system are built. And since both Williams and Sowell are black Americans, he will see that free-market economics is not racially biased toward whites. Indeed, he will discover that two and two are four no matter what color you are.

That our President is economically illiterate can be proven by his strange assertion that the way to increase jobs is by raising taxes. Yes, higher taxes will create jobs but only in government. But government jobs do not create wealth, they consume it. The more money you give government, the more money government has to spend and the bigger government becomes. By taking more money out of the private sector, fewer jobs will be created by private business. None of this is so terribly difficult to understand.

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Sam Blumenfeld (photo)

 

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