James Pethokoukis –
Great catch by Hot Air’s Erika Johnsen of President Obama elaborating on his economic philosophy:
He told his audience Republicans, including presumptive presidential nominee Mitt Romney, “believe that we should go back to the top-down economics of the last decade.”
“They figure that if we simply eliminate regulations and cut taxes by trillions of dollars, then the market will solve all of our problems,” Obama said.
“They argue that if we help corporations and wealthy investors maximize their profits by whatever means necessary — whether through layoffs or outsourcing or union-busting — that it will automatically translate into jobs and prosperity that benefit all of us. …
“We don’t need more top-down economics,” he said. “What we need is some middle class-out economics, some bottom-up economics.”
Johnsen helpfully points out that the president somehow misses the point that his soft command-and-control economics is itself “top-down economics.” Government mandates, subsidies, and regulation are all examples of Washington trying to direct the economy from above. There’s nothing “bottom-up” about Big Government colluding with Big Business and Big Finance to create a false crony capitalist prosperity for the well-connected, rent-seeking class.