I think we’ve all known for quite some time that President Obama (and the vast majority of Democrat politicians) have no understanding of how economics works in the real world. However, day after day, month after month, year after year, they continue to provide evidence that the most basic tenets of economics simply eludes their understanding. The latest example of their ignorance comes to us from the President himself, who, in his most recent weekly address told America that it was the government’s job to ensure a “fair and competitive marketplace.”
This statement is infantile in understanding and completely illogical in practice. The only thing that government involvement ensures is an UNFAIR and NONcompetitive marketplace.
When the government gets involved they choose winners and losers, not based on merit but based on what the current administration deems to be the “greater good.” Only the free market can offer a FAIR marketplace because it affords competitors the opportunity to present their wares to the consumer free of government chains.
When the government gets involved they LIMIT competition by driving the costs of competing ever upward. It’s the reason that as Obamacare has continued, more and more health insurers have dropped out of the government marketplace, only the biggest and wealthiest can afford to be involved. This same problem can be seen at a smaller scale in other industries that are highly regulate – like Cable television, Internet providers, Telecom industry, Healthcare, Pharmaceuticals, and Banking. The little guys can’t survive in a highly regulated industry, which means the competition dries up (oh, and it also means that prices SKYROCKET).
The free market is the only way to ensure fairness and competition in the American economy.
Anyway, here’s the President speaking as an uniformed debutante on economic policy.
see video HERE