Obama: What We Need Is “Bottom-Up” Economics
Because, you know, it’s all those people with no freaking money who make the economy run, create jobs, and open businesses. After his Typical Whining about Republicans, mischaracterizing the proposals, we get
(UPI) “I believe we should do everything we can to help our entrepreneurs succeed,” the president said. “I want our companies to be as profitable as they can be. But that alone is not enough. Because the central challenge we face right now — the challenge that we’ve faced for over a decade — is that bigger profits haven’t led to better jobs. Bigger profits haven’t led to higher incomes.”
The president said American prosperity has always come from “a strong and growing middle class, and all those people who are striving and working to get into the middle class.”
“We don’t need more top-down economics,” he said. “What we need is some middle class-out economics, some bottom-up economics.”
What we need is more money flowing down to the middle and lower classes, yet, Obama’s own policies and proposed policies keep money from getting into the hands of the middle and lower classes. Trickle down is not perfect, but money and prosperity comes from those who have the money. They provide seed money for business ventures that those in the lower and middle class might start. When those with money are confident in the policies coming from the government, they spend money and invest money. When the job market isn’t in the crapper, salaries rise. Money flows around the economy.
As Bluegrass Pundit points out “Obama thinks if you give low income workers tax credits, extend unemployment and otherwise redistribute some of this countries wealth to lower income individuals, the economy will take off.” Yet, his massive stimulus programs haven’t produced more than temporary jobs which disappeared the minute the money dried up. Take a guy like Mitch: he was got a job painting bridges for minimum wage thanks to the Stimulus. It lasted a couple months. He was able to buy some groceries. And then the job ended. Mitch is not taking the money and really spreading it around the economy.
Then we can take a guy, let’s call him…John Kerry. He buys an expensive yacht. Because John is one of those evil rich. Someone made a lot of money building and selling John the yacht. The salesperson made a nice commission, and now can go buy a new BMW. The salesperson who sold the Beemer makes money, and can now afford to take the family to Disney World instead of taking a staycation. People at Disney make money because the salesperson is spending it. They now have money to spend on other goods. John has to berth the yacht, and a company makes money doing that and maintaining the yacht. Money flows around the economy. Oh, and tax money is flowing into the State coffers along the way. Mitch is not the guy who starts the chain, but Mitch now works at a hotel at Disney, and gets a lot of tips because people are now coming to Disney because money is flowing. But, Obama’s policies, which create too much uncertainty within the market place, stop all that.
Obama is right on one point, we do need a strong middle class, one that sees the possibility of moving up into the upper class. And then those same middle class people have to worry about being demonized, insulted, and taxed for achieving.
Obama cautioned supporters that Republicans will “spend more money than we have ever seen in the history of the Republic” on political ads “telling you that the economy is bad, it’s all my fault, and I can’t fix it because government is always the answer, according to me.”
“Or because I didn’t make a lot of money in the private sector, or because I’m in over my head, or because I think everybody is doing just fine,” the president said, eliciting laughter from the crowd.
“And that may be their plan to win an election, but it’s sure not a plan to create jobs,” he said.
And what’s Obama’s plan? More blue collar workers repaving roads with money we don’t have because the economy stinks. I’d call Obama a one trick pony, but that would probably be deemed raaaaacist.
Second place looms large and it is quite an honorable — or maybe onerous — award on our top ten
The Politico’s CARRIE BUDOFF BROWN and SEUNG MIN KIM have a breathless piece up featuring that headline, minus the “bummer.”