Professor Epstein: Obama is Incoherent and Frightening

Here is what Richard A. Epstein, Senior Fellow at the Hoover Institution, Professor of Law at New York University Law School, and senior lecturer at the University of Chicago, had to say regarding the major speech that President Barack Obama (one-term Democrat) gave at Osawatomie, Kansas:

The painful ignorance that is revealed in these remarks augurs ill for the long-term recovery of America. With the president firmly determined to set himself against the tides of progress, innovation will be harder to come by. The levels of unemployment will continue to be high as the president works overtime to impose additional restrictions on the labor markets and more taxes at the top of the income distribution—both backhanded ways to reward innovation and growth.

The problem, therefore, with the president’s speech is not that it is demagogic in tone. The problem is that it is intellectually incoherent. As a matter of high principle, the president announces his fealty to markets. As a matter of practical politics, he denigrates and undermines them at every step. It is a frightening prospect to have a president who lives in a time warp that lets him believe that the failed policies of 1935 can lead this nation back from the brink. His chosen constituency, the middle class, should tremble at the prospect that his agenda might well set the course for the United States for the next four years.

In Professor Epstein's analysis of President Obama's speech, he echo's some of the comments that I have been making on liberal blogs like Balloon Juice and others- that in spite of his rhetoric and because of his economic incoherence and illiteracy, workers, school teachers, union employees, blue collar employees, the middle class, supporters of Occupy Wall Street, and related groups are going to suffer the most from President Obama's policies.

As Epstein wrote in his article Populist-in-Chief:

It is a good thing when plants can achieve the same output with less labor. Do we really want an America in which thousands of people work in dangerous occupations to turn molten lava into steel bars? Far better it is that fewer workers are doing those jobs. The jobs lost in that industry will be in part replaced by newer jobs created in the firms that build the equipment that make it possible to run steel mills at a lower cost and far lower risk of personal injury. The former workers can seek jobs in newer industries that will only expand by competing for labor.

And what about those ATM machines? Does the president really want people to have to queue up in banks to make deposits or withdraw cash in order to make a boom market for human tellers? Perhaps we should return to the days before automation, when phone calls were all connected by human operators. And why blast the Internet, which has created far more useful jobs than it has ever destroyed?

You see, if President Obama had his way, we would return to the Great Depression, when people were dependent on government for goods and services because government was in the business of destroying productive business around the world. If President Obama had his way, he would increase taxes and regulations on businesses while giving out subsidies and tax breaks to favored businesses, favoring those who hire lobbyists and special interest groups who redirect wealth over those who create wealth and make products or sell goods and services. If President Barack Obama had his way- a Congress of Democrats that went along with his ideas and ideals- America would be dragged back to the early 1900's, when we had a low standards of living and shorter life spans, and Obama would happily fill up dangerous and inefficient steal mills with 'workers', he would sign praises to the joy of labor while factory workers worked for low wages (compared to today) in dangerous industries, and the working class would have few goods (like cheap cars coming in from the Far East, cheap electronics built in backward nations around the world, and labor-saving devices everywhere built everywhere) just so that he could burnish his protectionist credentials.

When government gets in the business of redirecting wealth and picking and choosing the winners and losers in society, the only people who win and get wealthy are government officials- this lesson has been demonstrated over and over around the world many times over. And yet, that is exactly what Barack Obama and his Democratic Party are proposing to do- increase the power of the government to control wealth, liberty, and property in our society, and that somehow through this 'workers' and the '99%' will get more wealthy and happier. The logic is not explained, the mechanisms by which wealth is created are not explained- rather, the logic is the same logic that is found in every despotic tyranny throughout history- people have earned things that others want, and the government will get those things by playing one side off the other. Obama's magic act of wealth creation is the same sort of tyranny that the world has seen many times over- and has fallen for many times over as well.

Our nation has not only learned nothing from the Great Depression, we have learned the wrong lessons as well (see my post Lessons from Economic Recessions- Introduction and Great Depression), and are going about repeating the same mistakes that turned a recession in 1930 into a Great Depression that lasted to the 1950's (and included in it the collapse of the world into a deadly World War!). We must not allow this guy to enact those same policies- I don't care who does what with the GOP, and it doesn't matter who they are, anyone is an upgrade over this incoherent ideologue whose mind is so filled with mush and mindless platitudes and liberal bumper slogans that he is now unable to effectively design any policies that have a slightly positive effect on anyone.

President Obama, any Democrat who supports him, and any Republican who agrees with his policies needs to join Herbert Hoover on the unemployment line (or better yet, get a job somewhere in the private economy building or making or doing something useful!).