Argument: Obama believes govt knows better than comps how to invest
- Debate: Does Obama deserve a second term? - con argument.
John Tamny. "Economic Illiteracy, Though Art Obama's Defense of Solyndra." Real Clear Markets. October 11th, 2011: "what's continuously forgotten by our federal minders is that they have no resources. For the Obama administration to guarantee a $500 million dollar loan is for it to ultimately extract $500 million from the private economy where it might have actually funded a real, economy enhancing concept. Unseen is what Microsofts, Intels and Facebooks (the latter's initial funding $500,000 - Facebook supposedly now worth $75 billion) will never see the light of day thanks to the political class's hubristic belief that it knows better than private markets disciplined by success and failure about where capital should be allocated."
"'Spreading The Wealth' To 'Spreading The Misery.'" Forbes. October 10th, 2011: "This plan puts hope over experience. If government spending could produce jobs, Greece would be a booming economy instead of the basket case of the Eurozone. For every dollar spent by government, a dollar has to be taken from the private sector. Only if it is at least as productive as the private sector can government spending lead to an increase in employment. Otherwise, government spending reduces the resources of the economy by imposing involuntary, one-sided exchanges. But, real jobs are created and society’s wealth is increased when individuals are free to discover exchanges that are mutually beneficial."