An Economy that Rewards

By April 4, 2010Economy, General

Political columnist and preeminent elections analyst Michael Barone argues that a nation that turns increasingly to the government to create jobs will lose opportunities and economic dynamism, so important to the younger generations entering the workforce. From “Under Obama, a diminished sense of opportunity“:

My relatives in Michigan, the nation’s No. 1 unemployment state, tell me a phrase they often hear is “At least I’ve got a job.” Not a satisfying job, not one that it makes full use of their talents and interests, not one that provides a sense of earned success. Just a job, a source of income. The kind of job in which you keep looking at the clock, counting the time before you can leave, counting the hours until the weekend comes.

The economy we enjoyed between 1983, when the Reagan tax cuts kicked in, and 2007, when the housing market collapsed, provided many more jobs in which people could gain such satisfaction. You could make a living as a master carpenter, as an actor or as a sewer of quilts because steady economic growth and low inflation meant expanded markets for custom goods. You could do work you really wanted to do. You didn’t have to settle for a data entry or bolt-attaching job.

The economy we have now doesn’t do that. The programs of the Obama administration and the Democratic congressional leadership will increase government’s share of the economy and will tend to choke off private sector economic growth. We’ve already lost 8 million private sector jobs but no public sector jobs. We’ll probably create more public sector jobs.

Also in Sunday’s The Washington Examiner is the lead editorial, “The takers weigh down the makers,” which asks:

Here’s a question of vastly more than theoretical importance to current and coming generations of Americans: How much longer can the U.S. economy continue to produce enough wealth to sustain a growing class of people who depend on government for some or all of their daily necessities? To pose the question another way: Are we nearing a point when there are no longer enough taxpayers to support all of the tax consumers in America?

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