Real Clear Markets
January 21, 2010
[efoods]Laura D’Andrea Tyson, former Chairman of the Council of Economic Advisors under President Clinton, recently praised the virtues of additional massive government spending with an editorial entitled “Jobs Now, Deficit Reduction Later”. Never mind the deficit. Time for that later. We need jobs now! Job creation is all the rage.
The theme rings throughout Washington and the media as a talking point for Congress and the Obama administration. Spend now, pay later. Green jobs here. Tax credits there. Government micro management run amok. Problem is, they’re misguided and we as a society will be forced to pay the price.
Under the not so thinly disguised veil of economic “justice” (code for redistribution), this administration and leaders in Congress have created a toxic environment where precisely those individuals in our society who have the ability and willingness to create employment for others – the dreaded “wealthy” – simply refuse to do so. And it’s easy to understand why.
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