This. Should. Scare. You.
What, you ask?
Why, Dear Leader’s Nineteenth Century Luddism:
Both [Director of the National Economic Council Larry Summers and chair of the Council of Economic Advisers Christina Romer] were, in fact, were concerned by something the president had said in a morning briefing: that he thought the high unemployment was due to productivity gains in the economy. Summers and Romer were startled.
“What was driving unemployment was clearly deficient aggregate demand,” Romer said, “We wondered where this could have been coming from. We both tried to convince him otherwise. He wouldn’t budge.” […]
The two economists strained their shared memory of dozens of meetings: had they said something he’d misconstrued? At one point, Summers had mentioned how Keynes once wrote in a 1938 letter that the labor movement depressed productivity, and maybe Obama saw that the disruptions in the economy from the Great Panic gave employers an opportunity – an excuse, actually – to harvest latent productivity gains.
After a month, frustration turned to resignation. “The president seems to have developed his own view,” Romer said.
That your president holds a philosophy this ossified, discredited and–in application–reactionary, anarchic and murderous, just about beggars commentary.
If you haven’t already, please grab your nearest e-reading device and review Sophisms of the Protectionists, by Frederic Bastiat (free version available).
That’s right. This classic poisonous nonsense was put to rest about one hundred and fifty years ago.
Dear Leader likes it so much he won’t hear otherwise.
A level-3 heart-stopper–