President Obama apparently thinks that until the latest recession, no business realized it might reduce its workforce by substituting machines and other high-tech devices. When asked by NBC’s Ann Curry why he hasn’t been able to convince business owners to hire more people (as if the question makes any sense), Obama explained:There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate.
It is astounding to hear Obama invoke the old argument that technological advances create permanent idleness among workers. I haven’t heard that one in years.
Read the full TGIF here.
1 comment:
Sheldon, I've been following your work for years, and I feel this is one of your best. Two quotes in particular are ideas that are underrepresented among the general public, and would like to see them presented to more of a mass audience:
"Our desire for goods and services (including leisure services) is essentially limitless."
"...the point of an economic system is consumption not employment."
The implications from these two simple statements alone slays most of the common objections to the notion of a free market. I think if people understood those two concepts we would all be much better off.
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