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POPSObama’s Economics Lesson ... Did he really say that? Does he assume the average voter will take him at his word? Unfortunately, the state of economic understanding leads one to think he might be right about that. Structural Changes While there are indeed structural changes that interfere with employment, they are not the ones Obama imagines. In so many deep-seated ways government, hand in hand with political capitalists, has squelched the vitality of the economic process. It’s no wonder unemployment has become an intractable long-term problem. The way out is targeted tax preferences, or even mere tax cuts. We need a radical elimination, at all levels, of subsidies, monopolistic privileges, taxes, and regulations, which restrain entrepreneurship, unorthodox forms of enterprise, and self-employment. Then we can have our high-tech machines and employment too. more... by Sheldon Richman http://www.thefreemanonline.org/columns/tgif/obamas-economic-lesson
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