The Economic Speech - the Choice

President Obama gave what was supposed to be a major address on the economy yesterday in Cleveland. It was a total flop. Even Obama-supporters among the press corps were bored.

This is a sign that the Obama campaign knows that it is in trouble. The standard pattern is that every time the President is in trouble he gives a speech. Unfortunately for him, this has not worked since his inauguration. This speech offered nothing new.

Obama's main point was that this election offers a choice between two economic views. He is correct in this although he is wrong otherwise. He claims that electing Romney would bring about a return to the policies that lead up to the crash. In fact, his administration has done nothing to keep such a crash from happening again. On the contrary, his version of financial reform enshrines the idea of "too big to fail". Knowing that it will be bailed out by the government allows large companies to take risks that would be too dangerous otherwise.

But, back to the choice. Romney has a background in business and will be a business-friendly president promoting growth on the theory that a rising tide lifts all boats. Yes, the rich will get richer but he hopes that the poor will get richer, also.

Obama is for fairness and expansion of government regardless of the cost. He has not advanced a serious agenda for his second term so it would probably consist of entrenching the accomplishments of his first term. At best he has a tepid relationship with business (remember his reluctance to talk with the head of BP about the oil spill because doesn't trust CEOs?). His wants to raise taxes on some but his only justification is punitive. Under Obama, the EPA has taken over powers previously assigned to Congress (i.e. vehicle mileage standards) and his justice department seems bent on redefining citizenship.

If Americans want a poorer country in which the government enforces fairness then they should reelect Obama. If they want a more prosperous country then they should vote for Romney.