263,000 more jobs lost last month
Oct 2, 2009 My thoughts on...
Wall Street seemed shocked and dismayed by today’s news that the American economy lost over a quarter of a million more jobs last month, putting the breaks on recent claims that the economy has finally bottomed out and begun to rebound. With a trillion dollars spent on a “stimulus” package and the government virtually taking over the auto and banking industries, one would have expected better – unless one had even a tiny shred of common sense and a basic understanding of history.
Government bailouts and takeovers of private companies have never worked anywhere they have ever been tried, yet somehow President Obama and the Democrats controlling both houses of Congress thought they would give it a whirl anyway. And now they want to socialize the nation’s health care system which amounts to one-sixth of our domestic economy? Give me a break!
The best thing any government can do when its free-market economy takes a slide is to get further out of the way (by lowering taxes and easing regulations) and let the most successful economic system known to man pull its own self up by its bootstraps. Putting our grandchildren into ever-deeper debt by spending trillions on a less than worthless “stimulus” package is no way to boost the economy and create jobs.
Businesses and the investors that finance them create real, long-lasting and high paying jobs, not the army of politicians and bureaucrats in Washington, DC. History has proven that to be the case over and over again. Will our elected officials never learn?
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