Our esteemed President sticks his foot in it once again …
“… -look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own.”
“If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business. you didn’t build that. Somebody else made that happen. “
The idea President Obama is clearly trying to communicate is that success in the private sector is only possible because of the infrastructure built by the government. How he got it wrong is that the only way all that infrastructure could get built was if there were successful businesses already established to provide the tax money needed to fund the government projects!
History is very clear. Western governments in their present form do not create wealth. Instead they forcibly take wealth from those who are successful. Taking honestly earned profits does not create new businesses or generate new wealth. Instead it destroys what has been created by others.
As Arthur Laffer demonstrated with his famously simple economic model, an honest and restrained government can set up conditions which allow private business to thrive. But it still takes the hard work, canny savvy, and desire to risk it all for greater rewards that the entrepreneur embodies to make it happen.
For some reason, President Obama and his ilk just can’t seem to grasp this extremely simple formula.
History is also very clear in that there is only one way that a government can directly add wealth to a nation. That is by conquering other countries, and plundering the wealth created by foreigners while enslaving the defeated.
Let us hope President Obama and his fellow travelers never figure that one out!