Morici: State of the Union Mixes Sound and Foolish Proposals
Despite nearly five years of economic recovery, the fortunes of working Americans have decidedly worsened. The president's policies should carry considerable culpability and bear correction.
Instead, he pronounced upward mobility has stalled when non-partisan economic studies show that's not true and insists the wealthy should pay to balance the accounts.
Thanks to the president's free trade policies, multinational corporations and talented Americans have earned huge income gains selling know-how and services around the globe. Meanwhile, the stuff ordinary Americans make is increasingly shut out of the fastest growing overseas markets.
General Motors boasts some of the best-selling cars in China, but high tariffs, regulations and an artificially cheap currency keep out U.S.-made vehicles. The president refuses to effectively confront protectionism throughout Asia, denying Americans good paying jobs.
ObamaCare is driving up health insurance costs. Along with higher taxes, that curbs domestic purchases, slows economic recovery and destroys jobs. Restrictions on offshore petroleum development, costly new banking and environmental regulations and a shortage of lending by regional banks make it tougher for small businesses to expand and add employees.
No surprise, some 20 million Americans can't find full-time work, and the inflation-adjusted wages of ordinary workers earn are falling. Factoring in higher state and local taxes, most families are much worse off than five years ago, and record numbers of Americans depend on food stamps.
Now Obama wants to double down on failed initiatives. Instead of asking Congress to suspend the mandate that all Americans obtain excessive and expensive health insurance, he is launching an aggressive campaign to persuade young Americans to buy overpriced policies.
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