Obama Shows He Doesn't Understand Capitalism

With these words Barack Obama admitted he is completely and utterly ignorant about job creation, economics, and capitalism:  “There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate."

Unfortunately too many  people will agree with him because they lack the vision to see the whole picture.  Like Obama they see less bank tellers and more ATMs and presume this must mean higher unemployment. This myth, and it is a myth, is older than even the great lament that cars put blacksmiths on the unemployment line by getting rid of the need for horse shoes.

Creative destruction is a necessary and vital feature of a healthy and free capitalist economy. Business people intuitively know and embrace it (or at least they should). Smart workers anticipate it.

Creative destruction is the mechanism by which labor and capital are redeployed to more efficient uses. It’s how a healthy capitalist economy reinvents itself, rewarding the flexible and efficient while penalizing those who say “But this is how it’s always been done”.

Obama and the socialist Democrats don't see or even understand that it takes new businesses and employees to make the ATM's and kiosk's.  He does not see new IT workers at the bank to manage the ATM who are higher paid than the tellers. He does not see the computer programmers. He does not see the manufacturers of the machines and their component parts.

Obama doesn't understand anything about job creation, economics, and capitalism.  He only knows he hates capitalism.  His agenda is socialism and the destruction of a free America and capitalism.

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