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Clearing Up Some Misinformation, Part 2

In Part 1 of my commentary, called Clearing Up Some Misinformation, Part 1 ,I wrote about some of the incorrect characterization’s in President Obama’s speech about free markets and the policies of the 1920s as he addressed Osawatomie High School on December 6, 2011.  I focused on some general terms, such as ‘markets’ and ‘economy’ and I also focused heavily on the government policies of the 1920s and how they were not laissez –faire.  In part two, I will focus on the 1950s and 1960s and see how the President’s characterization stacks up to historical accuracy.  The President said in his speech: 

Now, it’s a simple theory [free market economics]. And we have to admit, it’s one that speaks to our rugged individualism and our healthy skepticism of too much government. That’s in America’s DNA. And that theory fits well on a bumper sticker.  But here’s the problem: It doesn’t work. It has never worked.  It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible postwar booms of the ‘50s and ‘60s. And it didn’t work when we tried it during the last decade.  I mean, understand, it’s not as if we haven’t tried this theory. Read the rest of this entry »

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Posted by on December 13, 2011 in Uncategorized

 

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Clearing Up Some Misinformation, Part 1

President Obama gave a speech at Osawatomie High School on December 6th, 2011 where he declared freedom and free markets a dead idea and that they have never worked before and will not work in the future.  He claims this “theory” of free markets has been tried before and that it has failed.  The President claims that free people making decisions about how to allocate their labor and resources (the free market) is a simple theory that appeals to our rugged individualism, but that it does not work and has never worked. 

… there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. “The market will take care of everything,” they tell us. If we just cut more regulations and cut more taxes — especially for the wealthy — our economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn’t trickle down, well, that’s the price of liberty. Read the rest of this entry »

 
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Posted by on December 8, 2011 in Uncategorized

 

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