President Obama continues to “utterly transform” the economy. Even Obama’s own Council on Jobs and Competitiveness thinks Obama is wrong.
The council’s recently released 71-page report documents that only lower corporate taxes (currently the highest in the world), more oil and gas drilling, less government regulation but more government-funded research, and more faith in the free market will revive the economy.
The President, oblivious, ignores the council’s recommendations and continues to seize control over our once free market.
Obama turns down oil from friendly Canada that his own State Department says would create 20,000 jobs, and he blocks off-shore oil development in the U.S. while promoting it in Brazil.
The U.S. becomes more dependent on unreliable sources of oil while enviros prattle on about the coming green energy age. In the real world, gas prices rise, Iran threatens oil supply, Nigerian oil workers go on strike, and Venezuela seizes American oil property. The U.S. imports 300 million barrels of oil each month at a cost of $1 billion a day. Our enemies are tightening the oil noose.
Blinded by the religion of green energy, Obama threatens oil and gas drilling even on private land, launching propaganda campaigns against the hydraulic fracturing method of oil and gas recovery that is creating thousands of new, good-paying, middle-class jobs, and against adding 1,700 miles of oil pipeline to the more than 600,000 miles of existing safe and environmentally friendly pipeline.
Obama’s Environmental Protection Agency, ignoring Congress, announces regulations designed to destroy the coal business in the U.S. and threaten 38% of our electricity supply currently generated in coal-fired power plants. Obama promised in the 2008 campaign that under his energy policy, “electricity rates would necessarily skyrocket.” It’s a promise he’s keeping.
Obama on energy policy is Wrong-Way Corrigan on steroids.
While the jobs council report gives a nod to a green energy future “over the long term,” the report recommends that Obama go “all in” now on oil and gas drilling to create jobs, reduce our reliance on unreliable foreign oil, and thereby increase national security.
Obama and the Reelect Obama media continue to demonize the job-creating and wealth-creating natural resources development while at the same time denouncing the “income inequality” that the Obama energy policies are making worse.
A recent lead editorial in the New York Times accuses Republicans of fearing to talk about income inequality. The fact that some people have more money than others is evidence enough to the Times, as it was to Karl Marx, that those with less money are oppressed. Obama and his media acolytes are openly advocating income redistribution by the force of government.
But there are still places in our economy where innovation and creativity are highly rewarded. The President’s jobs council is right. There are still pockets of the American free market economy generating wealth and jobs.
One such place continues to be Silicon Valley in California.
Take Dropbox, a company that elegantly solves the problem of accessing all your digitally stored stuff—documents, spreadsheets, music, videos, photos or any file—from any device. The company’s name has become a verb, as in “Dropbox me.”
According to the Los Angeles Times, Dropbox is one of the fastest-growing companies of all time. Founded four years ago by now-28-year-old Drew Houston, Dropbox is estimated to be worth $4 billion, and Houston’s share $600 million.
A Pearl Jam fan who played guitar in a cover band in college, Houston left his $85,000-a-year job to stake everything on Dropbox. He was financed by venture capital firms, betting on the future profitability of Houston’s idea. They, and Houston, won big — this time. Not all ideas make a profit. Not all start-ups become a verb. Freedom is like that.
In no other country in the world would Drew Houston be possible. No other country in the world produces the risk-takers this country does.
Do you think Houston’s wealth is unearned? Now that he is the 1%, should his wealth be taxed more to support the “less fortunate”? Was his decision to risk it all, quit his job, and work night and day to invent this company the product of his character and free will or the product also (as Elizabeth Warren would have it) of the government that educated him, paved the roads he drives on, and cleaned the air he breathes?
In my hometown, San Diego, 237 high-tech and biotech companies were launched in the first three quarters of 2011, all of them with the backing of equity partners and venture capital firms such as Bain Capital.
Free-market capitalism produces jobs, wealth and income increases for those willing to risk and work for that success.
Obama’s policies will produce a leveling of outcome at the expense of freedom, dooming us to the fate of too many nations who put their faith in a government-run, politically corrupt economy that produces misery equally for all.
The jobs council has told Obama his policies are wrong. Obama will not hear or change his course.
Solyndra or Dropbox. You make the call. This is what the 2012 election is all about.