Spoken like someone who has little experience in the private sector. (With the exception of a year at Business International Corporation, which “was a small newsletter-publishing and research firm,” referred to by at least one former employee of the firm who worked with Obama as “high school with ashtrays.”) He never worked at a Taco Bell. He never raised capital to make a dream come true. He’s never met a payroll. For an executive who comes from such a world one can understand how he could say that the “private sector is doing fine.” One can understand because it appears that Obama simply has no understanding of the world most of us live in.
So, yes Mr. President, things are just fine. Fantastic in fact. Keep going with that.
It makes me wonder if he actually believes that the unemployment rate is actually dropping and not just people falling off the rolls after 3 years of benefits. (Even with this phenomenon the official rate just ticked up again.) I could actually see how a president who thinks that the “private sector is doing fine” might not understand this. And that is a scary proposition.
Of course things are fine for the big banks which bankrolled your 2008 run and which you and your boys bailed out Mr. President. Yes, things have been quite good for them. And seeing as all of your Chiefs of Staff and many of your advisers come from this world and your lack of business experience, no wonder you think everything is “just fine.”
The presidency has been described as a bubble through which truth has a difficult time penetrating. I fear this might be especially true with this administration.
The mix of lefty populism (mostly about style) and Wall Street cronyism that Mr. Obama embodies is a toxic brew. It is almost a guarantee for macro-economic failure.
Witness his administration’s ham handed attempts at regulating everything but finance.
Earlier this year the Department of Labor nearly issued a reg which would basically outlaw children from doing any farming chores, including the showing of animals.
For children, doing chores on farms is vital to learning how to farm, and if there is an area of the economy where we need young people entering it is in farming. For every one farmer and rancher under the age of 25, there are five who are 75 or older, according to Agriculture Department statistics. Yet the administration bemoans the aging farming force.
Gee, I wonder why so few young people are going into the business? Could it be that they know that they will likely be regulated out of existence one day, with only the biggest of farming operations standing? You know the corporations which lavish money on politicians and then get to run regulatory agencies.
The administration thankfully backed away from the asinine anti-chore position (for now) as rural America voiced its complete exasperation with the policy.
But it shows again just how out of touch this president truly is. He probably does think that the “private sector is doing fine.”
You might remember that Obama recently said, “The president’s job isn’t to maximize profits.” But Mr. Obama, Goldman Sachs has had record profits since you’ve been in office. Clearly you are good at maximizing profits for some folks. Maybe this is the private sector you were referring to. Don’t sell yourself short Mr. President.
But can we really call Goldman Sachs “private sector” anymore?