Sunday, November 25, 2012

Giving Up on Economic Growth

Growing the economy is no longer an American policy objective.  The Obama Administration rarely mentions the topic.  They talk about the economy but do not seem to think that eononmic growth is really all that important.  Somehow, according to Obama, you can get jobs and full employment with little or no economic growth.  There are no prior historical examples of job creation without economic growth, but maybe Obama knows something that we don't know.

The main focus of the administration is to figure out how to put the economy into a straight jacket.  The political rhetoric that garners support for this absurd economic program is to demonize the rich and successful.  The media helps, of course.  When was the last time you watched a television program where a businessman was anything other than a sleazy crook.  The anti-business mentality not only infects the White House, it permeates our entire culture.

If business is the enemy and economic growth is irrelevant, then the future is clear.  These are exactly the policy plans of Europe.  Europe does not see economic growth as relevant and they are not facing their own fiscal cliff.  There is no hope for Europe and political and economic stability are now unavoidable for Europe.  That seems to be our future as well.

Only going "over the cliff," offers any real hope of facing up to the problems that America faces.  Kicking the can down the road once more is not the solution. The media and the financial press will hail a "solution," but there will be no real solution, just more political rhetoric and a continued march down the path to Greece.  Entitlements are not a "sustainable" economic policy.  That's the true message of the European crisis.