If you judged by how Barack Obama spends his time, you’d think a president’s primary duties are to hobnob with the rich at $32,800-a-plate fund-raisers, and play golf.
During his presidency, “we have seen a rapid concentration of wealth and depressed conditions for the middle class,” said Mr. Kotkin, who teaches at Chapman College. “The stimulus, with its emphasis on public sector jobs, did little for Main Street. And under the banner of environmentalism, green cronyism has helped fatten the bank accounts of investment bankers and tech moguls at great public expense.”
Obamacare has forced millions to pay more for health insurance and cost taxpayers billions. But it’s been a bonanza for Obama “bundlers,” Mr. Schweizer said.
“Renewable” energy firms, which produce little energy at exorbitant cost, profit immensely from federal subsidies.
When you have friends in Washington who’ll write you a check from the taxpayers or sandbag your competitors, it’s easier to make money.
But when businessmen focus more on greasing the palms of politicians than on pleasing consumers, innovation is stifled, prices rise, employment falls, the economy stops growing.
Only the free enterprise system has ever produced wealth for ordinary people. All government need do to restore prosperity is provide a level playing field, with taxes and regulations that are simple, clear, fair and stable.
But it’s when things are complex and chaotic that politicians get rich.
Opposition to crony capitalism has come mostly from the Tea Party, joined by a few lonely voices on the left. For most Republicans and nearly all Democrats, it’s business as usual.
Twice before, when the economy served the vast majority so poorly, “a political prairie fire” was ignited, Mr. Kotkin said. It could happen again, soon, “if the corrupt bargain between the oligarchs and the political class goes unbroken.”
Read more: http://www.realclearpolitics.com/articles/2014/07/06/crony_capitalism_infects_washington_123219.html#ixzz36jyMD6PK
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