Obama Mangles Laws of Economics

President Obama proved his lack of understanding of economics when he addressed a group of small business owners at the White House. Of course he was trying to pander to them, but his Marxist understanding* of economics (which mounts to a complete failure of understanding) came through (from Michelle Malkin):

Being a successful small business person isn’t just about collecting a profit or outperforming your competition. It’s about contributing to the success of this country’s economy.
Being a successful business owner is exactly about making a profit ... so you can grow, supply more and better goods and services to customers at a better price, and generally help the economy and provide employment.

This should not be an issue of big government versus small government. This is an issue that involves putting our government on the side of the small-business owners who create most of the jobs in this country.
Absolutely wrong, of course. Government should not be "on the side" of anybody. It should get out of the way of all businesses, large and small.

I want to acknowledge a couple folks before we get started. First of all, we’ve got some special guests who are here from wonderful states. They are doing great work. We’re very, very proud of them — Michigan Governor Jennifer Granholm and Wisconsin Governor Jim Doyle.
He is praising the governor of Michigan, a state that is shrinking in population due to its anti-business, pro-union policies and politics.

The speech would be humorous if not so sad.

* I am not saying Obama is a Marxist per se. I am saying that Karl Marx is where President Obama derives his understanding of economics.

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