When I was back there in liberal arts schoolSee today's ABC News story on (only) the latest "green energy" jobs fiasco. Another $535 million simply down the drain.
There was a person there
Who put forth the proposition
That government can effectively allocate capital
Effectively allocate capital
Effectively allocate capital
Government cannot effectively allocate capital!
Can you find me soft asylum
I can't make it anymore
The Man is at the door.
- with apologies to Jim Morrison and The Doors
("The Soft Parade")
The disturbing thing about the White House positioning of its upcoming so-called "jobs speech" (now scheduled for Sept.8, before the NFL game, more deference than the White House originally gave to the Sept.7 Republican candidates debate) is the focus on jobs, not to mention the contorted avoidance of the S-word (stimulus). This is nutty. If the goal is economic growth (and it should be), then the strategy should not focus on "jobs" but rather on the efficient and effective allocation and use of capital, which can then create jobs and lead to growth. Open markets do this quite well, while central planning has never worked and will never work.
Where will The Man lead us next Thursday? Alas, undoubtedly more big government ideas, centralized allocation of resources, taxpayer backstopping of politically selected corporate risk-taking, and more obstacles and denigration laid on corporate management.
