Friday , June 01, 2012 - 4:20 PM
In many parts of the United States, there are signs of an economic recovery. However, this is a natural recovery, not necessarily one produced by government intervention. A large capitalist economy operating in a free country has an inherent propensity to work its way out of a recession, provided the people in charge of the country don't do anything foolish. The damage to our economy will take time to recover.
President Obama can take little credit for this. He has done little to promote growth and his actions may have held it back. His administration has been so weak, its hesitations so various and prolonged, and changes to frequent, that the White Houses's actual impact on the workings of the economy has been trifling. Had Mr. Obama been a stronger and more determined president, it's likely, given his socialist views, the U.S. economy would now be in worse distress.
The impotence of the White House is obvious. The president's desire on taxing the rich is ill advised. We will see more capital and jobs moving overseas. The well-to-do in this country aren't foolish. They will do whatever is necessary to protect their assets.
Capitalism creates industry and jobs. This government's interference in private business will only exacerbate an already bad economy through overregulation and taxation. Big government requires a major reduction in size. No more talk; just do it.
George P. Fleming
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