Businessmen Aren’t Economists

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Set aside the fact that this is, as a friend of mine said “If we can’t put aside our partisan feelings long enough to recognize and embrace positive news that benefits all Americans, then it doesn’t matter who we elect in November.”  This is another example of conservatives lashing out at Obama in any way they can to try to defeat him.  Something bad happens “Blame Obama.”  Something good happens “It’s all lies orchestrated by Obama.”  They decide to sabotage our national credit rating “Look what he made us do!”  It’s sickening.

But aside from the partisan attacks, this now infamous tweet made me think of something else: why do businessmen think they understand the economy better than others?  They’re not economists.  Even if you have an MBA, that means that you took classes in economics, it doesn’t mean you have a doctorate in economics.  Yet these people are the ones who argue with and dismiss Nobel laureates in economics when they try to guide our fiscal policies.  It’s the same thing with the religious right and scientists: “Hah!  Experts!  What do THEY know.”  The answer, of course, is that they know EVERYTHING about that particular subject, especially all of the things that you’re ignorant of because you’re not an expert.

But going beyond that, just look at what’s going on with our economy: corporations are reaping record profits, and yet they continue to lay workers off and the average American is seeing little to no economic upturn despite the profits of these so called “job creators.”  It’s easy to see why, too.  Corporations are ONLY concerned with profit, especially quarterly profits which effect stock prices.  That’s why they cook their books.  It’s also why they lay people off.  Why pay someone to do their job when you can pay someone else to do both jobs?  And if they don’t like it you can just hire someone else since there are so many unemployed people out there who would gladly take the work.  That’s exactly how Mitt Romney made his fortune at Bain Capital, by slashing jobs and outsourcing them.  And that’s the biggest reason why we don’t need a CEO in Chief.  What’s good for corporations is bad for our economy.  But if you listen to Jack Welch, former CEO of a corporation that paid no taxes last year, you’d never know that.

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