“If there is a reason you don’t believe that this is the time to get off the sidelines — to hire and invest — I want to know about it. I want to fix it.”
In reply, the true and obvious answer gets mentioned by a Chamber member in attendance:
Mr. Obama’s suggestion that businesses can help the economy recover by spending their reserves was met with skepticism by some in the audience. Harold Jackson, a executive at Buffalo Supply Incorporated, a medical supply company, called it naive.
“Any business person has to look at the demand to their company for their product and services, and make hiring decisions,” Mr. Jackson said. “I think it’s a little outside the bounds to suggest that if we hire people we don’t need, there will be more demand.”
In other words, when all the money’s at the top, there’s no reason to stop hoarding it. Obama’s supply-side bailouts and apologetics are on exactly the wrong course.
Straight from the horse’s orifice, but don’t hold your breath waiting for Black Reagan and his moribund political party to get the point.
[Source: The New York Times, February 7, 2011]