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.
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:
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"...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.