Obama’s economics lesson

posted by
June 19, 2011
Foundation for Economic Education
by Sheldon Richman  
Posted in Commentary

"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. These days foreigners get the blame for lost jobs. Obama has dredged up a real oldie but not-so-goodie. As Henry Hazlitt wrote long ago, 'Destroyed a thousand times, [the fallacy] has risen a thousand times out of its own ashes as hardy and vigorous as ever.' Does Obama really believe what he said or is it just a convenient way to deflect blame for the jobless 'recovery?'" (06/17/11)


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