June 15, 2011

A Truth Inartfully Stated

President Obama cited ATM's as a reason for continued high unemployment.

Proving once again that without a teleprompter the guy is not a good speaker. I have to give him half credit here. His point is not about ATMs per se but rather about technology creating dramatic increases in worker productivity. That frequently leads to lower employment. One reason workers have been resisting technological change since the invention of the loom.

In the past, when we were a manufacturing economy rather than a service one, recoveries were simpler. Demand for durable goods increased so did the economy. Now we're a service economy and we're globalized. Being so tightly integrated into a global market things are much more complicated.

That said, the President has thrown billions at the economy in an effort to prime the pump. It hasn't worked because it never works. Since it didn't work he's out of ideas. I honestly believe he was certain that throwing a trillion dollars into the economy would create a roaring boom. It also explains the continual flow of "top economic advisers" who flee back to academia where the Keynesians models work perfectly.

Posted by Duffy at June 15, 2011 02:33 PM | TrackBack

Comments  (We reserve the right to edit and/or delete any comments. If your comment is blocked or won't post, e-mail us and we'll post it for you.)

Only one problem with the post. The first stimulus was primarily to prop up friendly union's and state employees. Justified by calling it stimulus.

Posted by: JimGl at June 16, 2011 12:41 PM

oh, he ment baning machines... I thought he was speaking against the Alternative Minimum Tax.

oh never mind.

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