Washington, D.C, Oct. 6, 2011 From the East Room of the White House in Washington, D.C on Thursday morning, President Obama delivered his highly touted speech on the employment crisis to members of the press. In a talk that lasted just over an hour, Obama acknowledged that economy is weaker than it was at the beginning of 2011 and warned lawmakers that voters will run them out of town if they do not act. They know we need to do something big and something bold, Obama said.
Does government action and intervention into the marketplace equate to greater opportunities for recovery? The Independent Institute experts maintain that entrepreneurs create economic growth and that barriers to entrepreneurship have impeded economic progress.
Some in the White House think government should do everything. But governments track record is less than exemplary. The president s attempt to go after the wealthy by going after the tax deduction for charitable contributions will have real human costs.
The President claimed that inaction from Congress on pushing forward his budget and debt initiatives is further stifling the recovery effort. Senior Research Fellow and economist Benjamin Powell responds:
Hitting a debt ceiling would force the government to only spend as much as it receives and forces a balanced budget under those parameters. Yet, the President is reluctant to do either.
Another excuse Obama offered for poor growth in the financial markets is the ongoing economic turmoil in Europe. Senior Research Fellow, economist and nationally syndicated columnist Alvaro Vargas Llosa highlights the hypocracy of the Presidents claims:
Europeans are asking, What lessons can we obtain from a country whose government has a budget deficit and debt levels comparable to many European countries? Obama is recommending for Europe the wrong thing (more rescue plans) for the right reasons (so that American taxpayers don“t foot the bill). Unfortunately, we already have.
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