President Outlines New Poverty Program

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That is, he proposes measures sure to make even more people poor.

The study described below got headlines by revealing that four out of five Americans have been or are in or near poverty.

At this site, we have consistently argued that present economic policies particularly hurt the poor, the young, and the middle class while subsidizing a subset of rich people, those with the right political connections.

The administration recently announced for the 13th time that it was “pivoting” toward the economy and President Obama gave a long speech consisting of a laundry list of proposals. One was to raise the minimum wage. This would strike hardest at the young and the poor. Another was to end tax incentives that encourage the rich to save. The president did not bother to specify what he meant, but he was quite clear that rich people saving was somehow harmful to the economy. This was mind boggling because rich people saving means rich people investing and this is precisely the engine of economic growth and job creation. There have been many economically ignorant presidential speeches in our history but this must go toward the top of the list.

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