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VICTOR DAVIS HANSON: What If the President Liked Businesspeople? – National Review Online

August 11, 2011

What If the President Liked Businesspeople?

Barack Obama should be encouraging the engine of American growth.

VICTOR DAVIS HANSON

AUGUST 11, 2011 12:00 A.M.

The U.S. stock market has nose-dived. Congress just approved the highest debt ceiling in American history, allowing the government to carry over $16 trillion in national debt, and prompting the credit-rating agency Standard & Poor’s to downgrade America’s multitrillion-dollar debt for the first time in 70 years.

Unemployment is still over 9 percent. Private-sector businesses may have more than $1 trillion in cash, but they will be scared away from hiring or buying for as long as they fear new taxes, new regulations, new entitlement obligations, new plant shutdowns — or a new harangue.

America’s Gross Domestic Product is almost static. Every classical Keynesian remedy — massive government borrowing and spending (“stimulus”), near-zero interest rates, public works, expanded federal entitlements — has been tried and has failed; together they are turning a modest recovery into another recession. Neither the example of the socialist European Union nor that of big-spending blue-state America suggests that massive government spending and entitlements lead to collective prosperity.

In response to this depressing news, President Obama still offers the same predictably stale sermons: George W. Bush did it. The tea-party fiscal reformers are to blame. Government will fund “millions of green jobs.” Obama’s political opponents want to destroy Social Security and Medicare.

via What If the President Liked Businesspeople? – Victor Davis Hanson – National Review Online.

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