December 10, 2013

Quote of the Day

Can anyone think of a more boring, banal, irrelevant, or stale speech than the one [President Obama] gave this Thursday in Washington D.C.? The speech was allegedly on the economy, but more likely it was to divert attention from the Obamacare catastrophe. Whatever the motive, his idea that the defining challenge of our time is to reduce income inequality is completely wrong. In truth, the defining challenge is to restore more rapid economic growth, create substantially more jobs, and significantly reduce unemployment. -- Larry Kudlow
UPDATE: On the Other hand, Richard Epstein loved it!
No one, not even the United States, can be that good. In fact, our present national status will only become worse if we do not understand that the American position has eroded from its glory days, in part because of the very policies that the President champions as the solution to our issues. But where to begin? The President manages to pack so many economic and historical falsehoods into his speech that it is nearly impossible to take them all on at the same time.

In one of his illustrative sentences, he says: "The truth is we'll never be able to compete with other countries when it comes to who's best at letting their businesses pay the lowest wages, who's best at busting unions, who's best at letting companies pollute as much as they want." For the President, each of these goals represents the ugly end of an economic "race to the bottom" that the U.S. should do its best to avoid. Unfortunately, his statement is wrong on every point.

Quote of the Day Posted by John Kranz at December 10, 2013 1:00 PM

The United States once enjoyed a period of prosperity that some might refer to as "glory days?" Huh. I thought that was just some cruel Republican myth.

Posted by: johngalt at December 10, 2013 3:11 PM

Well, yeah, after FDR rescued us from the Great Depression! Did you never read of the "New Deal?" It was in all the papers...

Posted by: jk at December 10, 2013 4:04 PM

Oh, look... you're right!

Posted by: johngalt at December 10, 2013 5:07 PM | What do you think? [3]