Bush Bashes Obama’s Economic Plan in Erie PA on June 18, 2009

“Government does not create wealth. The major role for the government is to create an environment where people take risks to expand the job rate in the United States”

Former President Bush spoke Wednesday night for about an hour at the annual meeting of the Manufacturer & Business Association in Erie PA.  Obviously the topic was the positive reactions to the market from businesses. The fact of the matter is that the economy is a privately sustained economy rather than a government sustained economy.  Obama told us in his speech on financial reform that we should think about the positive results of government regulations in banks from the FDIC and apply the same logic to government regulations on the private sector.  Here’s the quote:

If a bank fails, we have a process through the FDIC that protects depositors and maintains confidence in the banking system. This process was created during the Great Depression when the failure of one bank led to runs on other banks, which in turn threatened wider turmoil. And it works. Yet we don’t have any effective system in place to contain the failure of an AIG, or the largest and most interconnected financial firms in our country.

The problem with Obama’s plan is that he wants to regulate the risk such that the potential risk is assessed by the government and then it will either be approved or disapproved.  In that case an entrepuner would break the law if he were to go any further with the plans.  The problem is that America became great when the government only regulated failures and not regulate the potential for it.  Now don’t get me wrong government needs to regulate from time to time to protect the interests of the customer.  HOWEVER, the government does not have the right to poke its head into the business of my innovation.  Consider this: if you regulate the potential of a failure then how does and government employee who lives 1000’s of miles away determine what is risky and not?  Maybe Obama should outlaw cars since cars are the number 1 killer of drivers and passangers in cars.  If there were no cars then there would be no auto related deaths.  Death by car would only be a fiction to be told at camp fires.

Bush didn’t come out and bash Obama because time will tell about Obama’s economic policy.  It is going to be a shame that Obama had an opportunity to get the love that he wanted from the US but I am afraid that Obama is going to be the first black American President to single handedly bring disgrace to the oath of the President of the United States and help raise unemployment rates. Another quote from Bush.

I know it’s going to be the private sector that leads this country out of the current economic times we’re in . . . you can spend your money better than the government can spend your money.”

Although the Constitution restricts its citenzery from harming another person it does give wide boundaries for citizens to create the life they want to live.  The rights of man exist even when he himself may not know it or even agree with it but the fact of the matter is that those rights are for him to do with as he pleases.  If he takes advantage of those rights and makes a name for himself in his chosen industry then he should have the right to retain the fruits of his labor.  

What is the use of a right to work if you don’t have the right to keep what you have made?  Consider the question this way: if the government has the right to determine where and how private income is distributed then why cannot the public distribute their private income publicly as they see fit?  Who died and made the government king of the world….of yeah…CAPITALISM.

What Say You?