6/25/2012

So who really wants a "top down" economy?

It is becoming a constant theme in Obama's talks that Republicans want to run the economy from the top down.  You would think that the press would realize that government mandates and central planning are the ultimate "top down" way to run things.  Obama obviously doesn't understand this, but companies don't dictate to consumers what they will buy.  


I heard another speech today that said virtually the same thing, but here is something that he said on Friday.
The Republicans who run Congress, the man at the top of their ticket, they don’t agree with any of the proposals I just talked about.  They believe the best way to grow the economy is from the top down. So they want to roll back regulations, and give insurance companies and credit card companies and mortgage lenders even more power to do as they please. They want to spend $5 trillion on new tax cuts -- including a 25-percent tax cut for every millionaire in the country.  And they want to pay for it by raising middle-class taxes and gutting middle-class priorities like education and training and health care and medical research. . . .


Here is a similar claim from his big economic address a couple of weeks ago in Cleveland.
Governor Romney and his allies in Congress believe deeply in the theory that we tried during the last decade -- the theory that the best way to grow the economy is from the top down.  So they maintain that if we eliminate most regulations, if we cut taxes by trillions of dollars, if we strip down government to national security and a few other basic functions, then the power of businesses to create jobs and prosperity will be unleashed, and that will automatically benefit us all.  . . . 


UPDATE: Here is what I heard from his speech today (June 25th) at the Oyster River High School in Durham, New Hampshire.
I believe they’re wrong.  I believe their policies were tested, and they failed.  (Applause.)  And that -- my belief is not just based on some knee-jerk partisan reaction.  It’s based on the fact that we tried it.  And you look at our economic history.  In this country, prosperity has never come from the top down.  It comes from a strong and growing middle class.  (Applause.)  It comes from successful, thriving small businesses. (Applause.) . . . 

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